2004 6 25 1998 2000 5 2000 1
NVCA OECD, 1 IPO, (IPO Initial Public Offering) IPO IPO IPO 2 Market Maker Rule 2
3 NASDAQ NASDAQ 1971 NASD 33 NASDAQ 1982 NASDAQ NASDAQ NASDAQ Electronic Communication Networks ECNs 40 NASDAQ NASDAQ NASDAQ NASDAQ 50 15 1 20 NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ 3
NASDAQ Bloomberg 2002 NASDAQ 128 609 2003 226 524 2004 8 193 229 2002 NASDAQ 3200-3600 5487 4 NASDAQ NASDAQ 33 NASDAQ NASDAQ 1 5000, 4
2 (1) 80 61.95 57.14 (2) 30% NASDAQ (3) 5000 4000 50% 2000 NASDAQ NASDAQ 30 80 NASDAQ NASDAQ 5
1 1 70% 30% 2 2004 38 2004 7 30 32 28 87.5% 29 10% 6
100% 50 2 1 NASDAQ NASDAQ NASDAQ Tom.com 7
6000 7.97 2004 7 2 2004 8 25 6.2% 2 2001 6 8
+ 1987 1929 90 3 2004 44.76% 36.94% 98.10% 1 3.5 4 7.5 2003 2004 6 50 1.53 4 7.5 2003 1965 1844 600 20 500, 12 7 9
2 NASDAQ 2002 1150 10 89 2002 2002 2002 ( SOX ) 30 SOX (CEO) (CFO) CEO/CFO 10
, 64(2002) Promote the construction of board of medium and small-sized enterprises market of stock market, develop venture investment of china Ye shan (China South Security Cooperation, Zhuhai Branch, 519015, China) Abstract: Firstly, this article expatiated the close relationship between the venture investment and the second board in stock market, then using NASDAQ Market and the second board in Hong Kong for as examples, discussed the character of the second board of medium and small-sized enterprises in 11
China, enclosing innovation actively and supervision intensively, lastly gave suggestion on three ways of how to develop the venture investment, they are prior completed circulation, recovery the crisis of fluxion power and protection of investor s benefit. Keywords: supervision venture investment; the second board of medium and small-sized enterprise; innovation; 12