The Research On The Legal System For The Market Access Regulations Of Growth Enterprise Market (GEM)

Realizing the upgrade of industry through independent innovation has become the main mode of economic development for different countries all over the world. During the process of mode transformation, capital market, especially the Growth Enterprise Market (GEM) providing financing for small and medium size enterprises (SMES) is playing an increasingly important role. However because of the inherent high-risk and the information asymmetry of GEM in comparison to traditional capital market, a moderate supervision and control from the government is necessary in order to optimize the resource allocation.There are 5 chapters in this paper. The first chapter functions as the basis, elaborating the reasons to the supervision and control of the market access of GEM and the design of regulations and laws for it in our country. First of all, the analysis of the importance of supervision and control of the market access of GEM and the GEM's high risk and information asymmetry elaborates necessity of the supervision and control. Secondly, the analysis of malfunction of government's supervision and control to a certain extent proves that a moderate supervision and control from the government should be required. In the end of Chapter 1, the analysis of supervision and control system of GEM in our country and the regulating by laws and regulation elaborates the design of laws of regulations for the market access of GEM in our country.From Chapter 2 to Chapter 4, based on the analysis in Chapter 1, this part focused on the issuing system, sponsors system, information disclosure system and corporate governance system. Chapter 2 elaborated the base of supervision and control: issuing system and sponsors system. Firstly, the functions, categories of all these two systems in supervision and control process of GEM proved their importance. Secondly, through the comparison of relevant overseas issuing system and sponsors system, this Chapter elaborated the respective advantages and disadvantages. In the end of Chapter 2, the current situation of our country's laws, regulations and involved issuing system and sponsors system has been discussed. The Chaptter3 focused on the information disclosure system which is the core of the supervision and control. Based on the functions of the information disclosure and the theories of economy and law, the information disclosure of our country's GEM, GEM in Hong Kong as well as NASDAQ.The corporate management system as the guarantee of the information disclosure system is also a part of Chapter 3. In Chapter 4, the features of legal liability of supervision and control of market access of GEM, legal responsibilities of NASDAQ as well as that of the GEM in our country have been elaborated in detail.In Chapter 5, the problems existing in sponsors system, corporate governance system, information disclosure system and legal responsibilities in the GEM in our country have been analyzed. Therefore, the disadvantages of the law system of supervision and control of GEM in our country have been elaborated. In the conclusion part, some proposals have been provided for perfecting the system in order to solve the existing problems.