本文選題：中美創(chuàng)業(yè)板　切入點：上市標(biāo)準(zhǔn)　出處：《東北財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月23日我國創(chuàng)業(yè)板市場開始運(yùn)營,這標(biāo)志著我國在發(fā)展多層次資本市場的過程中又邁出了巨大的一步,創(chuàng)業(yè)板市場的建立為投資者和高新科技企業(yè)帶來了新的投資機(jī)會和融資渠道。縱觀海內(nèi)外創(chuàng)業(yè)板市場的發(fā)展,先后成立了75家,其中34家先后關(guān)閉,14家發(fā)展緩慢,成功的創(chuàng)業(yè)板市場不多。其中美國的NASDAQ、英國的AIM、加拿大的TSX-V、韓國的KOSDAQ、日本的JASDAQ和HERCULES以及中國臺灣的OTC發(fā)展較好,其規(guī)模不斷擴(kuò)張,很好的發(fā)揮了對創(chuàng)新的激勵機(jī)制和對企業(yè)的優(yōu)勝劣汰機(jī)制。從這個角度講,美國的NASDAQ無疑是發(fā)展最好的創(chuàng)業(yè)板市場。從失敗的創(chuàng)業(yè)板市場看,社會基礎(chǔ)的不完善和市場運(yùn)作機(jī)制和各項基礎(chǔ)的不匹配是導(dǎo)致其失敗的根本原因。 我國創(chuàng)業(yè)板市場三年多的表現(xiàn)不盡人意,創(chuàng)業(yè)板市場指數(shù)從建立開始經(jīng)歷了兩個月的瘋狂上漲,泡沫不斷增大,首批上市交易的28只創(chuàng)業(yè)板股票首日平均漲幅達(dá)106.23%,靜態(tài)市盈率超過110倍,動態(tài)市盈率約80倍,市場投機(jī)嚴(yán)重。自創(chuàng)業(yè)板指數(shù)建立以來,創(chuàng)業(yè)板指數(shù)僅僅經(jīng)歷了兩個月的上漲之后一路下跌,創(chuàng)業(yè)板市場指數(shù)從2010年12月20日的1239.90點下跌到2012年12月4日的585.44點。創(chuàng)業(yè)板指數(shù)遭遇腰斬,同期美國經(jīng)濟(jì)增長弱于中國經(jīng)濟(jì)的情況下,納斯達(dá)克市場指數(shù)卻從2649.56點一路漲到2982.03點,市場運(yùn)行平穩(wěn),這與我國創(chuàng)業(yè)板市場形成鮮明的對比。從美國創(chuàng)業(yè)板市場的發(fā)展來看,我國創(chuàng)業(yè)板市場表現(xiàn)不佳與創(chuàng)業(yè)板推出時機(jī)、投資者對創(chuàng)業(yè)板市場缺乏理性認(rèn)識投機(jī)嚴(yán)重以及制度建設(shè)不完善有著密切的關(guān)系。本文主要運(yùn)用歷史研究方法和比較分析法,共分為5個部分分析中美創(chuàng)業(yè)板市場的差異,通過對比為我國創(chuàng)業(yè)板市場提出合理的建議。第一個部分闡述了選題背景與選題意義,國內(nèi)外文獻(xiàn)綜述與本文的創(chuàng)新之處。通過創(chuàng)業(yè)板市場三年多的表現(xiàn)分析,尋找與美國創(chuàng)業(yè)板的差距。第二部分回顧了美國創(chuàng)業(yè)板市場的建立背景與發(fā)展過程,同時對其市場特征指標(biāo)進(jìn)行了分析。第三個部分分析了中國創(chuàng)業(yè)板市場現(xiàn)狀,回顧了中國創(chuàng)業(yè)板市場建立的過程,同時對其市場特征指標(biāo)(年均上市家數(shù)、市盈率、發(fā)行抑價率、企業(yè)上市之前經(jīng)營年限和企業(yè)上市次年業(yè)績變臉率)進(jìn)行了統(tǒng)計分析。第四部分,將中美創(chuàng)業(yè)板市場的市場特征進(jìn)行對比,發(fā)現(xiàn)中國創(chuàng)業(yè)板市場與美國納斯達(dá)克全國市場相似,與小型資本市場差距較大,而小型資本實市場恰恰是為中小企業(yè)融資的平臺。通過對其市場建立背景、上市標(biāo)準(zhǔn)、創(chuàng)業(yè)經(jīng)營年限和上市企業(yè)的科技含量的比較,發(fā)現(xiàn)中國創(chuàng)業(yè)板建立之初就是一個成熟市場,不能很好的發(fā)揮為中小企業(yè)提供融資的功能。第五部分,針對我國創(chuàng)業(yè)板市場的缺陷,提出完善創(chuàng)業(yè)板的政策建議,這主要包括促進(jìn)創(chuàng)新,鼓勵創(chuàng)業(yè)投資發(fā)展；降低上市標(biāo)準(zhǔn),為中小企業(yè)提供融資渠道；引入做市商,彌補(bǔ)降低上市標(biāo)準(zhǔn)帶來的缺陷；建立轉(zhuǎn)板機(jī)制,提高資源使用效率。
[Abstract]:In October 23, 2009, China's GEM market began operating, which marked China's multi-level capital market in the process of development has taken a huge step in the establishment of the GEM market has brought new opportunities for investors and high-tech enterprises and financing channels. The development of venture board market throughout the home and abroad, has set up 75, of which 34 were closed, 14 slow development of the GEM market is not much success. The United States NASDAQ, British AIM, Canada TSX-V, Korea KOSDAQ, Japan JASDAQ and HERCULES and China Taiwan OTC development better, the continuous expansion of the scale, has played a very good incentive mechanism on the innovation of enterprises and the mechanism of survival of the fittest. From this perspective, the NASDAQ is undoubtedly the best development of the GEM market. From the GEM market failure, social infrastructure is not perfect and the market operation The mismatch between the mechanism and the various foundations is the root cause of its failure.
The GEM market in China more than three years of poor performance of the gem index has a crazy rise in two months from the establishment, the bubble is increasing, 28 of the GEM stocks traded on the first day of an average increase of the first 106.23%, the static price earnings ratio over 110 times the dynamic price earnings ratio of about 80 times, a serious market speculation since the establishment of the gem index, the gem index only after two months rose all the way down, the gem index fell from 1239.90 in December 20, 2010 to 585.44 in December 4, 2012. The gem index suffered cut U.S. economic growth is weak Chinese economic situation, the Nasdaq Stock market index from 2649.56 a little way up to 2982.03 points, the smooth operation of the market, this is in contrast to the GEM market in China. From the development of the United States of the gem, the GEM market in China The poor performance of the gem launch time, investors lack of rational understanding of serious speculation and imperfect system is closely related to the GEM market. This paper mainly uses the method of historical research and comparative analysis, analysis of Sino US gem market is divided into 5 parts of the difference, through the comparison and put forward reasonable suggestions for our country the GEM market. The first part describes the background and significance of the topic, the domestic and international literature review and innovation. Through the performance of more than three years of the GEM market analysis, find the gap with the United States gem. The second part reviews the establishment of American gem market background and development process, at the same time on the market the characteristics were analyzed. The third part analyzes the current situation of Chinese gem market, reviews the process Chinese gem market established, and the characteristics of the market index (on average Home number, price earnings ratio, underpricing rate, enterprises listed before the period of business and enterprise listed the following year face performance rate) were analyzed. The fourth part compares the characteristics of Sino US market gem market, found China gem and Nasdaq national market similar to large and small capital market gap. It is real and small capital market financing for small and medium-sized enterprise platform. Through the establishment of the background, the market listing standards, comparison of entrepreneurial business years and listed enterprise science and technology content, found the beginning of the establishment of the China gem is a mature market, do not play well to provide financing for small and medium-sized enterprises. The fifth part function aiming at the defects, the GEM market in China, put forward the policy recommendations of the gem, including the promotion of innovation, encourage the development of venture capital; reduce the listing standards for small and medium sized enterprises Provide financing channels; introduce market makers to make up for the shortcomings of reducing the standards of listing; establish a transfer mechanism to improve the efficiency of the use of resources.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F837.12;F832.51

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本文編號：1620761