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摘要有效市场理论是现代金融学的核心基础理论，证券市场的有效性判别直接影响着投资者的投资理念和投资策略，也影响到政府市场监管的目标和方向。 创业板市场经过十年精心而充分的筹建,于2009年10月30日正式挂牌交易,截至目前已运行两年半。如何客观公正地评价创业板市场的效率,无论是管理层还是社会各界都十分关注。深交所披露的信息显示,总体上,创业板市场是有效市场,并且是成功的。它不仅为一批创新型高成长中小企业募集了后续发展的资金,有力地支持了高科技产业快速成长,推动了国家自主创新战略的实施,而且创业板上市企业专注主营业务,业绩持续增长,市场运行日趋平稳,交易活跃,监管制度和措施强化创新,监管成效明显,并由此促进了创业资本良性循环和创投产业链有机形成。当然,创业板在运行过程中,也存在诸多矛盾、困难和问题,面临较为严峻的考验。然而在社会舆论中却存在某些唱衰唱败论调,对创业板运行中出现的一些问题肆意夸大,主观随意地判定创业板市场运行既无效率又有失公平。这显然是不符合实际的。对此,我们将运用资本市场效率理论,参考国外创业板运营得失，结合我国创业板运行以来的实际情况,从规模、融资、资金运用、产业发展、风险挑战等方面，通过规范研究与案例分析,对创业板市场效率和存在问题加以客观公正的评价,进而探讨创业板市场某些制度和机制亟须进一步改革和创新。与此同时,我们还将针对创业板市场今后加快扩容和加强监管的趋势,提出创业投资调整和创新投资策略,以便尽快完善以创业板市场为核心,建立和完善与创业活动和创业投资之间的长效互动机制,更好地发挥创业投资对我国经济发展方式转变和产业优化升级的先导作用。9902
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关键词：创业板 上市公司 高新技术产业 纳斯达克 融资超募 成长性 资本市场效率理论
毕 业 论 文 外 文 摘 要
Title Analysis on the operating efficiency of China's Growth Enterprise Market
Abstract The efficient market theory is the core foundation of modern finance theory. The validity of the securities market identification directly affects the investor's investment philosophy and investment strategy, and also affects the goals and direction of government regulation of the market. After a decade of careful and adequate preparation, the GEM was officially listed for trading on October 30, 2009, as of now has been in operation for two and a half years. Both management staff and the community are very concerned about How evaluate the efficiency of the GEM to objective and impartial .The information disclosed by the Shenzhen Stock Exchange shows that overall the GEM is an effectively and successful market. It doesn't only raise funds for the subsequent development of a number of innovative high-growth SMEs, but only support the rapid growth of high-tech industries and promote the implementation of the national innovation strategy. On the other hand, the GEM listed companies focus on main business, which results in continued growth, increasingly stable market and actively running transactions. With the regulatory system and measures to strengthen the innovation, it receives obvious effectiveness and promotes a virtuous cycle of venture capital and venture capital industry chain organic formation. Of course, during the operation process of the GEM, there exist many contradictions, difficulties and problems. The GEM is faced with a severe test. However there is some bad-mouthing argument in the public opinion. And some of the problems during the GEM running process are being wantonly exaggerated. And it is inefficient and unfair to judge the operation of the GEM subjectively and randomly. In addition, this is also not realistic. We will use capital market efficiency theory with reference to the gains and losses of the foreign GEM operating experience. Combined with the actual situation since the GEM operation in China, we will make a fair and objective assessment on the market efficiency and problems of the GEM through normative research and case studies from size, financing, capital use, industrial development, risks and challenges, etc .And then we will explore further reform and innovation which some of the systems and mechanisms of the GEM need urgently. At the same time, we will propose adjustments of venture capital and innovative investment strategies on the basis of the trend that in the future the GEM will expand its market and strengthen the regulation, so that to expedite the development of the GEM ,establish and improve the long-term interaction mechanism between entrepreneurial activity and venture capitalists , better play the leading role of venture capital on China's economic development mode and industrial optimization and upgrading.