【作者】 曹凌枫；

【导师】 倪云虎；

【作者基本信息】 浙江大学 ， 国际经济与贸易， 2006， 硕士

【摘要】 创业板证券市场是证券市场的一种特殊形式,它是随着创业经济的发展而产生一种金融制度创新,创业板和创业经济这两个概念最早诞生于美国,20世纪90年代以来,美国经济能在保持低通货膨胀率的情况下取得持续的高增长,全赖于以信息产业为代表的创业经济的迅速发展,一大批创业企业,如微软、雅虎、INTEL等在短短的几年间迅速成长为全球顶尖的跨国公司,而造就这一个个创业神话的,就是美国的创业板市场——NASDAQ。从那时起,创业板和创业经济就成了国内外学者的研究热点。全球化是创业经济的本质,与传统经济从封闭到开放的发展轨迹不同,创业经济从诞生初始就注定了其全球化的根本属性,因为创业经济的生产要素是“信息”,而“信息”本身的传播就是不存在国界、语言和时间限制的,互联网和软件产业迅速、彻底的全球化发展态势便是最好的例证。因此,创业板证券市场作为创业经济的金融支持体系,国际化也就成为其发展的必然趋势,创业板证券市场本质上就应该是一个开放的市场。 我国于2004年5月正式设立了自己的创业板——中小企业板市场,虽然中小企业板在微观制度和市场结构上离创业板还有一定的距离,短期内管理层也并未有开放的考虑,但是开放是创业板市场的本质,中小企业板要成为真正意义的创业板,开放是其必然的选择。 正是在这样的背景下,本文对创业板证券市场开放的理论问题和我国中小企业板开放的具体策略展开研究。创业板证券市场开放属于证券市场开放的范畴,由于目前国内外主要研究的是主板市场开放,对创业板市场开放还未专门进行过理论研究,因此,本文试图在证券市场开放的理论框架内,根据创业板市场和主板市场的理论差异,分析创业板市场开放相对于主板市场开放的特殊性,并借鉴各国主板市场开放的经验,探讨我国中小企业板证券市场开放的具体策略。这也正是本文的创新之所在。更多还原

【Abstract】 Growth enterprise board is one kind of securities markets, It is financial system innovation with the development of new economy. The first appearance of Growth enterprise board and new economy are both in The USA, In 1990s, the GDP of USA is growing rapidly on a low lever of inflation, this is because the rapidly development of the new economy such as the information industry. Lots of enterprises engaged in new economy become world-famous multinational in a few years, for example, Microsoft, Yahoo, and Intel, etc. The reason of all these enterprise wonder is the growth enterprise board of the USA-Nasdaq. From that time, growth enterprise board and new economy are the hotspot which interesting many local and foreign scholars. Globalization is the nature of new economy,At the beginning of the new economy, globalization is desired to be the fundamental attitude of it. It is different from the developmental process of traditional economy, which is from close to open. Because the factor of new economy is information, and the transfer of information is no restrict on time, space, and language. The rapid, thorough globalization of information and software industry is evidence. Therefor, as the financial support system of new economy, the certain developmental trend of Growth enterprise board is internationalization. Growth enterprise board is an open market on its nature. The medium- and small-sized enterprises market set up on May, 2004, which is said to be China growth enterprise board. Although its system and the market structure is different from the growth enterprise board, and the government doesn’t plan to open the market in a short time. As open is the nature of growth enterprise board, the medium- and small-sized enterprises market must to be an open market in order to be the true growth enterprise board.With this background, this paper try to study the theory of the growth enterprise board open and the detailed process of the openness of the medium- and small-sized enterprises market. Because the openness of the growth enterprise board is one kind of the openness of securities markets, and local and foreign scholars are all focus on the main board, still don’t study on the growth enterprise board. Therefor, Within thetheoretic framework of securities market, this paper try to analyze the particularity of the openness of growth enterprise board base on the differences between the main board and the growth enterprise board. Besides, according to the experiences of the openness of the main board in different countries, this paper will also discuss the detailed process of the openness of China medium- and small-sized enterprises market.更多还原