创业板风险的形成机理及其防范对策

The Formation Mechanism of GEM Risk and its Preventive Measures

随着金融危机对经济影响的不断深化,创业板的高成长型市场定位和高风险、高波动特性在发展中不断凸显,导致了一系列制度与监管问题。基于此,从创业板企业自身、创业板市场以及二者相互作用等方面,论证了中国创业板高估值、高波动风险的形成机理及其表现特征,提出了基于上市过程的复合实物期权估值方案以及有效的激励与监管制度建设策略,为中国创业板的健康发展提供决策依据。

Along with the continuous deepening of the impact of the financial crisis on economy,the high-growth type market positioning,high risk and high volatility of the growth,enterprise market（GEM） continue to be highlighted in China,resulting in a series of system and supervision problems.On account of the above situation,the paper has argued the formation mechanics and expression characteristics of the high estimated value and high volatility risk of the GEM in China in the aspects of the GEM enterprise itself,GEM and interaction between the two,etc.and proposed a compound real option valuation program based on the listing process,and a strategy for constructing an effective incentive and supervisory system,thus providing a decision-making basis for the healthy development of the GEM.