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1、外文文献翻译译文一、外文原文原文：China'sSecondBoardI.SignificanceofandeventsleadingtotheestablishmentofaSecondBoardOn31March2009theChinaSecuritiesRegulatoryCommission(CSRCissuedInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext[i.e.,theSecondBoard,alsocalledtheGrowthE
2、nterpriseMarket]("InterimMeasures"),whichcameintoforceon1May2009.ThismarkedthecreationbytheShenzhenStockExchangeofthelong-awaitedmarketforventurebusinesses.Astheoriginalplantoestablishsuchamarketin2001hadcometonothingwhenthedotcombubbleburst,themarket'sfinalopeningcameafteradelayofnearly10y
3、ears.Eversincethe1980s,whentheChinesegovernmentbegantofosterthedevelopmentofscienceandtechnology,venturecapitalhasbeenseeninChinaasameansofsupportingthedevelopmentofhigh-techcompaniesfinancially.Theaim,ascanbeseenfromthenameofthe1996LawofthePeople'sRepublicofChinaonPromotingtheConversionofS
4、cientificandTechnologicalFindingsintoProductivity,wastosupportthecommercializationofscientificandtechnologicaldevelopments.Venturecapitalfundsdevelopedgraduallyinthelate1990s,andbetweenthenand2000itlookedincreasinglylikelythataSecondBoardwouldbeestablished.WhentheCSRCpublishedadraftplanfort
5、hisinSeptember2000,thestagewasset.However,whenthedotcombubble(andespeciallytheNASDAQbubble)burst,thisplanwasshelved.Also,Chineseinvestorsandventurecapitalistswereprobablynotquitereadyforsuchamove.Asaresult,Chineseventurebusinessessoughttolistonoverseasmarkets(aso-called"redchiplisting")from
6、thelate1990s.However,astheselistingsincreased,sodidthecriticismthatvaluableChineseassetswerebeingsiphonedoverseas.Onthepolicyfront,in2004theStateCouncilpublishedSomeOpinionsonReform,OpeningandSteadyGrowthofCapitalMarkets("theNineOpinions"),inwhichtheconceptofa"multi-tiercapitalmarket"waspre
7、sentedforthefirsttime.Afirststepinthisdirectionwasmadeinthesameyear,whenanSMEBoardwasestablishedaspartoftheMainBoard.AlthoughthereappeartohavebeenplanstoeventuallyrelaxtheSMEBoard'slistingrequirements,whichwerethesameasthoseforcompanieslistedontheMainBoa
