【作者】 孙少妍；

【导师】 徐晓曼；

【作者基本信息】 山东大学 ， 金融学， 2008， 硕士

【摘要】 我国的创业板将于2008年在深圳证券交易所开设,这一已经筹划了十年之久的问题终于要在今年年内开花结果了。早在上世纪九十年代末我国就开始了关于是否建立创业板的讨论,由于2000年全球二板市场的发展陷入困境,再加上当时中国经济的发展状况还达不到建立二板市场的要求,我国的创业板迟迟没有推出。如今,我国的经济飞速发展,经济状况得到了很大改善:中小企业尤其是创业企业和高科技企业的发展为创业板积累了一大批优质的上市资源;我国证券市场经过十几年的发展无论从规模还是质量上都逐步走向成熟;各国证券市场尤其是二板市场在全球范围内展开了上市企业的争夺,我国已有大批优秀的中小企业在国外二板市场上市。所有的这些情况都要求中国推出自己的二板市场。目前关于二板市场的研究都集中在对成功二板市场尤其是NASDAQ市场的研究上。对于NASDAQ的发展经历、运行机制和管理模式等成功经验都进行了较为深入的分析。而那些发展经历了坎坷曲折乃至失败的二板市场却极少有研究者涉足。本文既研究了全球二板市场发展的成功经验也研究了失败教训;既对全球二板市场的总体发展情况进行了说明,同时也对个案进行了分析。在研究方法上,已有的文章大都停留在表面的文字分析上,而本文从内外两方面对全球二板市场的发展状况进行了研究。外部研究是以数据为依托对全球二板市场的总体发展情况进行了说明,内部分析是通过分析衡量股票市场发展质量的最常用指标——波动性来进行的。本文采用大量的金融数据,对NASDAQ市场、AIM市场和KOSDAQ市场进行了波动性研究,通过建立适合各个市场的模型,较好地拟和了各个市场的发展程度。最后得出结论,NASDAQ的发展要明显好于KOSDAQ市场和AIM市场,AIM市场的发展最差强人意。此外,本文还对德国新市场进行了波动性分析,结果发现,德国新市场的波动比NASDAQ要剧烈得多。本文另一个创新之处是对我国深圳证券交易所的中小板块进行了研究和分析,采用的方法也是波动性分析。由于我国深交所的中小板指数设立较晚,采用每日股指对中小板块进行波动性研究的文献几乎没有。本文经过研究发现,尽管从规模和功能等方面,我国中小板与其他国家的二板市场相比还有较大差距,但正日趋走向成熟。与国际二板市场发展不同的是,我国中小板块似乎对“利空”消息和“利好”消息的反应程度相当,而其他二板市场则存在“利空”消息更容易引起市场波动的情况。本文对全球二板市场研究的目的在于对我国即将推出的创业板提供可借鉴的政策建议,因此,文章的最后一部分在分析全球二板市场的成功和失败经验的基础上,结合对我国深交所中小板块的分析,提出了针对我国创业板建设的合理化建议。我国的创业板应该是一个相对独立于主板市场的、具有多元化行业结构特征的、以灵活的交易机制(即指令驱动基础上的做市商制度)和严格的监管机制(即以市场为导向、以政府为监管主体的集中统一监管体系)为保障的二板市场,二板市场与主板市场形成高效、有序的良性竞争格局,共同为建立我国完善的多层次的资本市场服务。更多还原

【Abstract】 Second Board Market in our country is planned to be established by Shenzhen Stock Exchange this year, which has been discussed whether should be set up since ten years ago. However, the frustration of the second boards in the world in the year of 2000, as well as the relatively low level of the economy in China, defers the establishment of Chinese second board. Nowadays, the Chinese economy is developing rapidly and has reached a higher level: There are a great number of small and medium-sized enterprises, especially high-tech enterprises, which are high-quality resource for second board; Chinese securities market is becoming mature after almost twenty-year development. Securities markets in many countries compete with each other for high-quality listed companies. Many Chinese excellent companies have been listed in foreign securities exchanges. Therefore, second board market needs to be set up in China as soon as possible.Most of the literature concerning second boards focuses on the successful ones, especially on NASDAQ. Theses literature studied the success of NASDAQ in terms of its operation mechanism and management mode, etc. Little research has been done on the failing ones. Research on both successful experience and lessons of international second boards is carried out in this thesis. General development of international second boards is studied, as well as typical examples. This thesis also combined exterior and interior analysis. Exterior study, which is based on believable data, describes the general development of international second boards. Interior study focuses mainly on the volatility of main second boards in the world, such as NASDAQ, AIM, KOSDAQ and Neuer Markt.Small and medium-sized board in Shenzhen securities exchange is also studied in this thesis. Although it is just four years since it was set up, the exchange developed rapidly. We studied the volatility of the small and medium-sized board and found that it was quite different from that of the ones in the developed countries. "Good news" and "bad news" play equal roles in the stock markets. However, "bad news" has a greater influence on the second boards in developed countries.The purpose of this thesis is to abstract some useful suggestion, which is proposed in the last part of this article, for the coming second board in China through studying the existent and failed ones in other countries. Conclusion of this thesis suggests that the Second Board Market in our country should be independent from the Main Board Market, characterized by diversified structure and ensured by strict transaction and supervision mechanism, which are based on order-driven institute.更多还原