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基于市场微观制度视角,以证券市场微观结构理论为基础,比较了中美两国创业板市场上市规则、交易制度及退市制度。经过对比分析发现,我国创业板市场基本运行制度尚不成熟,在市场分层、灵活上市以及严格退市制度等方面仍需进一步改进和完善,同时应注重培养中小机构投资者,适时适度引入做市商制度,建立主板与创业板市场间转板机制。
Based on the micro-institutional perspective of the market and based on the microstructure theory of the securities market, this paper compares the listing rules, the trading system and the delisting system of the GEM in China and the United States. After comparative analysis, found that the basic operating system of China’s GEM market is not yet mature, in the market stratification, flexible listing and strict delisting system still need to be further improved and improved, and should focus on training small and medium institutional investors, appropriate and timely introduction of doing Market system, the establishment of the board and the GEM market transfer mechanism.