文档介绍：四川大学硕士学位论文创业板市场法律问题研究法律硕士专业研究生:邢振荣指导老师:王建平中文摘要证券市场是金融市场体系的重要组成部分,它具有筹资、产权复合与重组、资金导向与资源配置等功能,在国民经济发展中的作用越来越重要。高新技术与新经济的出现、中小企业的发展都呼唤建立相应的证券市场,由此,创业板市场就应运而生了。创业板市场,又称第二板市场,即是在主板市场(第一板市场)之外专为中小企业和新兴公司提供筹资途径的新市场,它是资本市场重要的组成部分, 也是风险资本重要的退出途径。相对于主板市场丽言,创业板市场的特点主要有:具有前瞻性、高风险与高收益并存、上市标准低、监管严格、没有统一的交易场所、交易机制灵活、市场创新能力强等。美国、英国等发达国家早在二十世纪六十年代就着手设立了创业板市场, 到了九十年代,创业板市场的发展速度加快,众多资本市场都设立了主要针对中小企业的创业板市场。回顾我国主板证券市场的发展步伐,我们应清醒地认识到,创业板市场的建立与发展同样要充分借鉴海外创业板市场的成功经验, 在纵观各国创业板市场的现状与经验教训之后,我们可以看到创业板市场交易制度的设计,是创业板市场成功与否的关键因素之一。本文首先回顾了创业板市场的兴起与发展,然后深入细致地分析了海外创业板市场的运作机制,并在此基础上总结出海外创业板市场发展的一些经验教训。随后本文重点分析了现今创业板市场两种主要的交易制度——指令驱动制度和做市商制度,并对两种交易制度进行比较分析,进而得出“混合模式”是我国创业板市场交易机制最佳选择的结论。是后根据我国创业板市场引入做市商制度的优势与障碍,笔者就我国创业板市场引入作市商制度提出了几点建议。关键词:创业板市场指令驱动制度做市商制度四门l大学硕士学位论文 The statue problem researching in GEM Major:JuriS Master Postgraduate:Xing Zhenrong Teacher:Wang Jianping Abstract AS ponent offinance market system,the Securities Market plays arole infinancing,mergence and acquisition and resource allocation,it es more and more significant inthe development of national new relevant securities market should be established with the boom ofhi—tech and the emergence new well as the development of small and medium-sized did the Growth Enterprise Market(GEM). GEM,which iSalso called second board market,is a new market that raises money for small and mediam-sized enterprises besides the main board market,alSO named the first board is aimportant part ofthe capital market and one ofthe important methods,which provides the effective way the venture capital withdraws pared to the main board market,GEM has its specialties,such as perspective,high risk and high e,iow 1isting standard,strictly supervise,no unified trade place,flexible trade mechanism,strong innovative ability and SO on. Inthe60’S20th century,the developed countries,such as The . and England,planed to set up to the 90’S,the speed of development in foundation of GEM goes faster,SO numerous capital