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1、外文原文ReflectionsonChina'sGrowthEnterpriseMarketDevelopmentAfteradecadeofgrindingsword,theGEMmarketfinallyinOctober23,2009areopenforbusiness.ThisisanimportantmilestoneinChina'smulti-levelcapitalmarketforSMEstoexpandfinancingchannels,improvethecapitalma
2、rketstructure,promotetheimplementationofthenationalstrategyofinnovation,consolidatetheeconomicdevelopmentpotential,willhavefar-reachingpositiveimpact.First,thenatureoftheboardmarket,characteristicsandeconomicsignificanceGEM,alsoknownastheSecondBoardM
3、arket(Second-boardMarket),isthemainmarket(Main-BoardMarket)ofadifferentclassofsecuritiesmarkets,istohaveahigh-risk,high-returncharacteristicsofhigh-techSMEsasthemaintargetthesetting,withalargelistedcompanyontheMainBoardofmaturemarketisdifferent,itisa
4、forward-lookingmarket,focusingonthecompany'sprospectsandgrowthpotential,whichislowerthanthematurelistingstandardsmotherboardmarket.Themainaimistosupportsmallandmediumenterprises,especiallyhigh-growthenterprises,establishanormalexitmechanismforthevent
5、urecapitalandventurecapitalcompanies,providingaplatformforinnovationfinancingnationalstrategyformulti-levelcapitalmarketsystembuildingblocks.Itcanbesaid,theGEMisalowthreshold,highrisk,highlyregulatedstockmarket,butalsoahigh-techincubator,thecradleofg
6、rowingbusinesses.GEMhasthefollowingcharacteristics:1、Alowerlistingrequirements.First,thereisnorequirementontheearnings,netassetshavenotfollowedtherequirementsfor.PartlybecauseoftheGEMmarket-orientedsmallandmediumenterprises,theenterprisevalueofthegro
7、wthpotential,ratherthanthecurrentfinancialfoundation;handistheemergenceoftheknowledgeeconomyformsameasuretomaketheenterprisehasundergoneafundamentalchange,themostimportantindicatortoevaluateabusinesstendtostarttheirownhumanresourcesandtechnologicalac
8、hievements,theseindicatorsareimportantdecisionsfoundationofmoderncorporateinvestorstodeterminewhetheritisworthinvestingthetime.2,strictdisclosurerequirements.BecauseofthelowerGEMlistingconditions,manySMEsoperatingconditionsunsatisfactoryqualitycorpor
