中美创业板市场比较

发布时间：2018-03-16 16:40

本文选题：中美创业板　切入点：上市标准　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日我国创业板市场开始运营,这标志着我国在发展多层次资本市场的过程中又迈出了巨大的一步,创业板市场的建立为投资者和高新科技企业带来了新的投资机会和融资渠道。纵观海内外创业板市场的发展,先后成立了75家,其中34家先后关闭,14家发展缓慢,成功的创业板市场不多。其中美国的NASDAQ、英国的AIM、加拿大的TSX-V、韩国的KOSDAQ、日本的JASDAQ和HERCULES以及中国台湾的OTC发展较好,其规模不断扩张,很好的发挥了对创新的激励机制和对企业的优胜劣汰机制。从这个角度讲,美国的NASDAQ无疑是发展最好的创业板市场。从失败的创业板市场看,社会基础的不完善和市场运作机制和各项基础的不匹配是导致其失败的根本原因。我国创业板市场三年多的表现不尽人意,创业板市场指数从建立开始经历了两个月的疯狂上涨,泡沫不断增大,首批上市交易的28只创业板股票首日平均涨幅达106.23%,静态市盈率超过110倍,动态市盈率约80倍,市场投机严重。自创业板指数建立以来,创业板指数仅仅经历了两个月的上涨之后一路下跌,创业板市场指数从2010年12月20日的1239.90点下跌到2012年12月4日的585.44点。创业板指数遭遇腰斩,同期美国经济增长弱于中国经济的情况下,纳斯达克市场指数却从2649.56点一路涨到2982.03点,市场运行平稳,这与我国创业板市场形成鲜明的对比。从美国创业板市场的发展来看,我国创业板市场表现不佳与创业板推出时机、投资者对创业板市场缺乏理性认识投机严重以及制度建设不完善有着密切的关系。本文主要运用历史研究方法和比较分析法,共分为5个部分分析中美创业板市场的差异,通过对比为我国创业板市场提出合理的建议。第一个部分阐述了选题背景与选题意义,国内外文献综述与本文的创新之处。通过创业板市场三年多的表现分析,寻找与美国创业板的差距。第二部分回顾了美国创业板市场的建立背景与发展过程,同时对其市场特征指标进行了分析。第三个部分分析了中国创业板市场现状,回顾了中国创业板市场建立的过程,同时对其市场特征指标(年均上市家数、市盈率、发行抑价率、企业上市之前经营年限和企业上市次年业绩变脸率)进行了统计分析。第四部分,将中美创业板市场的市场特征进行对比,发现中国创业板市场与美国纳斯达克全国市场相似,与小型资本市场差距较大,而小型资本实市场恰恰是为中小企业融资的平台。通过对其市场建立背景、上市标准、创业经营年限和上市企业的科技含量的比较,发现中国创业板建立之初就是一个成熟市场,不能很好的发挥为中小企业提供融资的功能。第五部分,针对我国创业板市场的缺陷,提出完善创业板的政策建议,这主要包括促进创新,鼓励创业投资发展；降低上市标准,为中小企业提供融资渠道；引入做市商,弥补降低上市标准带来的缺陷；建立转板机制,提高资源使用效率。
[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.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F837.12;F832.51

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