摘要
基于市场微观制度视角,以证券市场微观结构理论为基础,比较了中美两国创业板市场上市规则、交易制度及退市制度。经过对比分析发现,我国创业板市场基本运行制度尚不成熟,在市场分层、灵活上市以及严格退市制度等方面仍需进一步改进和完善,同时应注重培养中小机构投资者,适时适度引入做市商制度,建立主板与创业板市场间转板机制。
From the perspective of system,the paper compares the listing rules and the systems of trading and withdraws in GEM between China and US based on the theory of market microstructure.Through comparative analysis,the results show it＇s not yet mature in the system of China＇s GEM and should be improved and perfected in hierarchical market,flexible listing and strict delisting.At the same time,we should focus on cultivating small institutional investors,introduce market-maker system in the appropriate time and set up the transfer board between the main board and GEM.
出处
《特区经济》
2012年第4期107-109,共3页
Special Zone Economy
