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?aòa 1
Abstract 2
òy?? 3
μú1?? ?ò1ú′′òμ°?êD3?μ?·￠?1??ê? 4
1.1 ′′òμ°?êD3?μ????? 4
1.2 éèá￠′′òμ°?êD3?μ?òaò? 4
1.3 ?ò1ú′′òμ°?êD3?μ?·￠?1ì?μ? 5
1.3.1í?×ê·????? 5
1.3.2éè??í?×ê??è?êD1??¨ 5
1.3.3êD3??¨??1?·o 6
μú2?? ?ò1ú′′òμ°?êD3?μ???×′ 7
2.1 ?ò1ú′′òμ°?êD3?ò?3???1??￡ 7
2.2?°èy???±???ó1yóú?÷?? 8
2.3é?êD±ê×?2?íêé?￡?é?êD1???μ?3é3¤D?2??? 10
2.4?à1üì???±?è? 11
2.5í?êD???è′??ú?êìa 11
2.5.1í?êD±ê×?è±·|íê??D? 12
2.5.2í?êD3ìDò2?1??ò?÷ 12
2.5.3è±·|íêé?μ???ì×?ú?? 12
μú3?? 1úía′′òμ°?êD3?μ??-?éó??ì?μ 13
3.13é1|μ??é?1′???êD3? 13
3.2·￠?1??o?μ?ó￠1ú′′òμ°?êD3? 14
3.3?Yè?μí??μ?????′′òμ°?êD3? 15
3.4꧰ü1?±?μ?μ?1úD?êD3? 16
μú4?? íêé??ò1ú′′òμ°?êD3?μ???2??D?? 17
4.1 ???¨???§o?àíμ?·￠DD???è 17
4.1.1 íêé??ˉ???ú?? 17
4.1.2òyè?′?á?·￠DD?ú?? 18
4.1.3?ó????í?×ê???ìóy 18
4.2 ó??ˉé?êD±ê×?￡???é?é?êD1???μ???àí?á11 19
4.2.1ó??ˉé?êD±ê×? 19
4.2.2??é?1???μ???àí?á11 19
4.3 ?ó???à1ü￡????¤êD3????è??DD 20
4.3.1?¨á￠??è?·¨?é·¨1? 20
4.3.2 ????·￠DDo?×??? 20
4.3.3?ó????±￡??è?μ??à1ü 21
4.3.4????D??￠???????è 21
4.4 ???¨????μ?í?êD?ú??￡?±￡?¤í?×ê??è¨ò? 22
4.4.1íêé?í?êD±ê×? 22
4.4.2?ò?ˉí?êD3ìDò 22
4.4.3?¨á￠??ì×?ú?? 22
?áê?ó? 23
2??????× 24


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[1??ü′ê] ′′òμ°?êD3?￡?×ê±?êD3?￡?í?3??ú??￡?±￡??è????è


Research about present situation and countermeasures of china's second board market

[Abstract]Since October 30, 2009,the gem market in China formally established, after five years of development, has begun to take shape, but there are also some concerns. On the one hand, the total market value of listed company of the gem market in China, total equity, total turnover rise year by year, on the other hand, the new issue price, p/e ratio, super raise rate is high, further strengthen the risk faced by investors. In addition, the growth enterprise market listing standards, regulatory system, and the shortcomings of the delisting system also has different degree.
In view of the problems existing in the growth enterprise market of our country, this paper draw lessons from foreign successful experience in the development of the growth enterprise market, the failure of the growth enterprise market abroad and lessons and combining our country's special national condition, proposed the feasible solution, hoping to be helpful to the healthy and stable development of the growth enterprise market in China, including the following aspects: making scientific and reasonable distribution system, optimizing the listing standards, improve the governance structure of listed companies, strengthening supervision, maintenance market running smoothly, strict delisting mechanism, protect the rights and interests of investors.


[keywords] growth enterprises market; capital market; exit mechanism; sponsor system