Studies On Country's Small And Medium Enterprise Board Running System

Now, Small and Medium Enterprise Board is becoming a important capital market for our countries middle-size and small-size enterprise to financing.It is the core of the multiple-tier capital market . Small and Medium Enterprise Board is meaningful for middle-size and small-size enterprise s healthy development and multiple-tier capital market s constructing. There are many research in capital market for Small and Medium Enterprise Board,but most of researches foces in overseas capital market.There are not many researches in running mechanism of Small and Medium Enterprise Board.So,this report have great theory sense.This report analyze the.financing theory for middle-size and small-size enterprise.This paper choose enterprise financing growth cycle theory as theory foundation.This theory cut the enterprise growth stage into start a business stage ,growing stage ,mature stage and decline stage.In different stage ,the company have different financing feature.When the company in growing stage and mature stage,it always choose listing to get capital.Because company can get a large amount of money from stock market ,and become achivement.The paper choose National Association of Securities Dealers Automated Quotation, Alternative Investment Market, Hong Kong Growth Enterprise Market and Catalist as subject of study.This paper analyzes the establishing method,trading mechanism,supervision mechanism and running characteristic of the four capital market.Our country s financing market for middle-size and small-size enterprise---Small and Medium Enterprise Board has special characteristic.The paper ananlyze the establish background,initial public offerings standerd,trading mechanism,supervision mechanism and retreating mechanism of Small and Medium Enterprise Board.Now,Small and Medium Enterprise Board is running smoothly.It is known for its honest and reliable.But, because Small and Medium Enterprise Board isn t running for a long time ,so the capital scale and mechanism can t meet the demand of middle-size and small-size enterprise.In order to perfect the mechanism of Small and Medium Enterprise Board,the paper give us the following suggestions : reform the launching checkingng system;lowering the listing standard introduce market—maker system and perfecting the retreating system of the listing companies.