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About the creation of the Second Board Market Economic Analysis of Institutional Design

Author: LiQing
Tutor: NiYunHu
School: Zhejiang University
Course: Finance
Keywords: subsidiary second market compeled institution changes liquidity invest tendercy institution design
CLC: F832.5
Type: Master's thesis
Year: 2002
Downloads: 88
Quote: 0
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The second market is important to China’s hi-tech industy,It is also important to China’s venture capital. Although,most of the world’s second markets don’t act well today, some even have been closed. The second market is also important to private enterprises who are diffcult to be listed in the mainboard in which most of the companys listed are state enterprises.After more than 10 years’ development, ShangHai and ShenZhen stock exchange have became the most important part of Chinese security market. The second market’s development can’t threaten the mainboard"s stable.The main viewpoint about how to set up China’s second market is stop the list of new company in the mainboard of ShenZhen stock exchange, open the second market in Shenzhen stock exchange. After several years, merge the mainboard of Shenzhen stock exchange with Shanghai stock exchange.But in my understanding, Stop the list of new company in the mainboard of ShenZhen stock exchange will influence the liquidity of the list company in the ShenZhen stock exchange. Open the second market in ShenZhen stock exchange will lead to a lot of new companies list in the second market of the ShenZhen stock exchange. Many of them’s quality is not good. The invester’s confidence will be hurt and even threaten the mainboard’s stability.I suggest both ShangHai and ShenZhen stock exchange set up subsidiary second market. The second market use the same transaction system ,transaction rule with the mainboard. The second market practise more strict information disclosure system. Allowing the list companies which fit for list in the mainboard list in the mainboard.ShangHai and ShenZhen stock exchange compete with each other. In the competition, ShangHai and ShenZhen stock exchange develop their characteristics. According to their characteristics , ShangHai and ShenZhen stock exchange decide their development direction.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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