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由于长期以来中国股市的融资制度主要是国有大中型企业融资服务，没有足够的关注中小企业。为了解决中小企业融资难，鼓励企业自主创新，建立一个多层次的资本市场，建立中小企业板。随后，在10月30日，2009年正式开通创业板。

As a long time China's stock financing system is mainly state-owned large and medium enterprises financing services, not enough attention to SMEs . In order to solve the financing difficulties of SMEs , to encourage independent innovation , the establishment of a multi-level capital market , the establishment of the SME board . Subsequently, in October 30, 2009 officially opened the GEM board . However , the original in order to encourage innovation, entrepreneurship, high-tech companies or innovative company designed the GEM , and now has become a veritable " question board" , from the launch of the GEM mind, away from the majority of investors' expectations , from the health the capital market is far from running , or even completely opposite. Listed on the GEM on the second day of a slump , 28 companies in 20 limit, only a daily limit. According to the Shenzhen Stock Exchange statistics , 28 GEM companies on the first day closing average increase of 106.23% , after the second day of collective fall closing price over the initial opening , the average increase of only 16.96% . The terms of the second day 's closing price as a benchmark, the first day amounted to 163 million shares chips quilt , quilt funds totaling 9.707 billion yuan . As of the first half of 2010 , the first batch of 28 GEM companies to raise funds for less than one fifth of net usage . Where Pao shares , Anke Biotechnology , and Zhongyuan Huadian three companies to raise funds effective investment accounted for only 2.89% , 3.02% and 4.97% , called the GEM in the " Grandet ."

很酷的样子一直定位在创业板的准入门槛，监管机构应继续探索其他方面的职责完美。在进一步降低进入门槛，盈利能力的一个重要标准，为了达到雪中送炭的效果对于中小企业来说，融资困难，是否真的存在，但也有科技含量，具有高增长潜力的企业进入创业板上市，大量的，根据目前的融资体系，以满足缺乏资金来满足中小企业的资金需求。

Cool look of GEM has been positioned in the access threshold , regulators should continue to explore other aspects of responsibilities perfect . In still further reduce the barriers to entry , where profitability is not an important criterion in order to achieve the effect of a temporary relief for SMEs , financing difficulties that really exist , but there are scientific and technological content , with high growth potential enterprises to enter the GEM , a large number of under the current financing system to meet the lack of funds to meet the funding needs of SMEs . Compared with the U.S. Nasdaq market point of view , we can say there is no threshold , as a financing platform , loss-making enterprises can also be listed . In China, the layers of selection by the regulatory authorities , on the one hand squeeze a lot of energy , it also prone to adverse selection problems . In addition , strict delisting system and improved business risk of bankruptcy due to poor management , making institutional investors increase the probability of loss .

因此，中国资本市场的体制缺陷，影响了企业自主创新能力的存在，中国的创新民营企业的生存和发展，技术和资本相结合的影响，成为最大的瓶颈。

Therefore, the existence of China's capital market institutional deficiencies , affecting the enterprise independent innovation capability , the impact of China's innovative private enterprise survival and development, technology and capital combined become the biggest bottleneck .

The success of many enterprises listed overseas experience has shown that by entering the overseas capital market , can encou本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。