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从证券市场本身来看 ,创业板的建立是一次市场细分的过程 ,细分的目的是不断发展证券市场。然而创业板的本质又是为创业型企业提供融资场所 ,是中小企业在成长过程中寻求资本市场支持的理想之地。本文以此为基础提出我国证券市场细分的关键要素 ,并结合证券市场与实物经济的发展阶段提出细分的时机选择 ,其选择的依据在于既能保持主板市场繁荣 ,同时又刺激新生企业的尽快成长。
From the stock market itself, the establishment of the GEM is a process of market segmentation, the purpose of segmentation is to continuously develop the securities market. However, the essence of the GEM is to provide financing for start-ups, and it is an ideal place for SMEs to seek capital market support during their growth. Based on this, this paper puts forward the key elements of the subdivision of China’s securities market and puts forward the timing of subdivision according to the development stages of the securities market and the real economy. The basis for this choice is that it can not only maintain the prosperity of the main board market, but also stimulate the new- Grow as soon as possible