中小板市场

许多国际公司纷纷离开英国中小板市场，这不禁让人怀疑：伦敦另类投资市场（AIM）是否正逐渐丧失吸引力？

A number of international companies leaving the UK 's junior stock market has raised questions as to whether Aim is losing its lustre .

佳尔华退市是对伦敦中小板市场的一次打击。吸引外国公司已成为AIM增长的核心动力，但已有多家该市场的上市公司开始去其它地方寻找流动资金。

The withdrawal is a blow to London 's junior market , which has made attracting foreign companies central to its growth , but which has seen several of its listings begin to look elsewhere for liquidity .

不过，另一家保荐机构Fairfax的亚当•哈特（AdamHart）辩称，这并不是伦敦另类投资市场特有的问题，而是全球中小板市场的问题。

However , Adam Hart of Fairfax , another nominated adviser , argues that this is not an Aim-specific problem but an issue for small caps all over the world .

其中，IPO新股上市首日换手率、振幅率及中小板市场指数与初始收益率成止相关，中签率则和初始收益率呈负相关。最后，在上述基础上提出相关政策建议。

IPO first-day turnover , amplitude ratio and small plates market index with the initial yield are positively correlated . The success rate and the initial rate is a negative correlation . Finally , it makes some policy suggestions based on the above .

运用广义误差分布的EGARCH（1，1）模型，分析中小板市场“牛市”和“熊市”行情（即样本）的波动非对称性。

In this paper , We analyses the volatility asymmetry of the " bull " and " bear " market ( i.e.sample ), using generalized error distributed EGARCH ( 1,1 ) model in Small plate market .

同时，本文对深圳股票市场和中小板市场也做了相同的事件分析。

Meanwhile , the same event study is done in the Shenzhen Stock Market and the Small and Mid-sized Enterprise board ( SME board ) .

研究发现：（1）在中小板市场上，信息披露质量也是影响公司权益资本成本的重要因素，信息披露质量较高的公司，权益资本成本较低。

Our findings are summarized as follows : ( 1 ) In the SME Board , information disclosure quality is also an important factor to affect cost of capital .

这意味着围绕上市公司发生的收购和反收购行为也必然会发生改变，特别是在制度灵活的中小板市场，反收购的问题更应该值得高度关注。

This means that listed companies on the acquisition and anti-acquisition will certainly change , especially in the system of flexible small and medium-sized board market anti-acquisition problems should be highly concerned .

然而到目前为止，学者们更多关注的是主板市场上市公司的股利政策与企业绩效之间的关系，而没有专门研究中小板市场上市公司的股利政策与企业绩效之间的关系。

So far , however , scholars are more concerned about the motherboard market relationship between dividend policy of listed company and performance but without special research relationship between the small market and business performance .

如同对中小板市场的预期一样，其跌幅要高于主板市场同期内21%的跌幅，但并非太不同步。

As is to be expected for a smallcap market , the decline is steeper than the 21 per cent over the same period for the main market , but it is not wildly out of line .

但由于我国的中小板市场属于新兴的资本市场，发展并不完善和成熟，国外的研究结论是否适用还有待验证。

However , since the SME board is emerging , the development of the capital market is not perfect and mature . It needs to be verified that if foreign research conclusions are applicable to the SME board .

本文的主要贡献：（1）虽然关于流动性及流动性溢价已有不少的研究文献，但关于中小板市场流动性及流动性溢价的研究文献并不多。

The main contribution of this paper : ( 1 ) although there are a lot of research literature on liquidity and the liquidity premium , but the research literature on the small medium-sized board market liquidity and the liquidity premium is not much .

对于新推出的创业板市场，是否也面临着主板和中小企业板市场已经存在的问题：上市公司IPO过程中的盈余管理现象，本文将对此展开研究。

For the Growth Enterprise Market , whether like the mother board and Small Business Market faced with the already exists problem : Listed companies that during the IPO existing earnings management problems .

浅析中小企业板市场风险的成因与防范

The Reasons of Forming Risk in Middle-and-small Enterprise Board

中小企业板市场的建立对主板市场影响的一种理论预测&不确定性理论分析方法

Effects of mid-and mini-sized Board on Main Board & Application of Theoretical Analysis of Uncertainty

中小企业板市场流动性问题研究

Study on Liquidity of the SME Board

中小企业板市场建设要解决的主要问题之一是确定科学、合理的股票发行定价方式。

Choosing a scientific and appropriate pricing method of stock issuing is one of the problems in Medium-sized and small corporate markets .

中小企业板市场是唯一具备支持中小高科技企业、民营企业发展的风险投资所要求的退出机制的资本市场。

The mid-and mini-sized board market is an exclusive free-exit capital market that is required by the venture capital in mid-and mini-sized hi-tech and private enterprises .

在对创业板市场风险分析的基础上，对相关内容的风险控制进行了比较全面的研究，以此供中小企业板市场借鉴。

The paper stud - ies risk management contents in detail based on risk analysis of the second market , which is useful to the Chinese middle and small corporate market .

开设中小企业板市场是中国证券市场发展进程中的一个重要事件，是落实国家加快发展资本市场的重大举措。

The building of growth enterprise stock market is crucial to the perfect of China 's capital market , whereas the China posses the necessary conditions both in theory and in practice .

构建多层次的资本市场，推出中小企业板市场，将对我国资本市场的发展起到不可估量的作用。

Structure the multi-level capital market , put out the board markets of small and medium-sized enterprises will play an inestimable role to the development of the capital market of our country .

再次，结合中国国情，考察影响我国中小企业板市场流动性的有利条件，如经济发展速度较快、发达的电子交易系统、市场容量大、上市资源优良等；

Moreover , combined with China 's current conditions , positive conditions to increase the market liquidity of our country are discussed , such as the fast economic development , developed electronic trade system , large capacity of this market , fine listing resources etc ;

证券市场是企业融投资的重要平台，我国中小企业板市场的设立很大程度上解决了投资者与中小企业之间的资本供求矛盾，为推动中小企业的蓬勃发展提供了强大的动力。

Securities market is the main platform for enterprises ' financing and investment . The establishment of Chinese minor enterprises board , to a great extent , solves the need and demand conflict of capital between investors and small-medium-sized enterprises , and it also accelerates these enterprises ' booming .

中小企业板的市场定位和风险

On Market Positioning and Risks of the MSEs Board

由于运行政策及上市公司自身的特点不同，中小企业板与主板市场的IPO公司股票在价格变动及长期走势上都有不同特点。

Due to the difference of operation policies and listed companies ' characteristics , the price fluctuation and long run performance of IPOs have disparate features on the SMES Board and mainboard .

但由于创业板市场门槛低，不要求企业有赢利记录，未来难免一些没有发展前景的中小企业进入创业板市场积聚风险。

Enterprises are not requested to have profitable results , which will ultimately accumulate the risks in the market .

要不断加强中小板上市公司的市场监管，创造一个公平、公正、公开的投资和融资市场。

Continuously strengthening the market supervision on listed companies in the SME boards , to create a " fair , just and open " investment and financing market .

中小投资者是创业板市场最基本的参与者，中小投资者利益保护得好与坏决定了创业板市场的发达程度。

The medium and small investors are the basic participants in growth enterprise market , Whether their rights and interests are safeguarded well enough decides the degree of growth enterprise market development .

历经坎坷，面向创新型中小企业的创业板市场终于拨云见日，于2009年10月份顺利推出，使我国在多层次资本市场建设中又迈出了坚实的一步。

After ups and downs , Growth Enterprise Market that for innovative SMEs was finally launched in October 2010 , make our country in the construction of multi-level capital market has taken a solid step .

我国虽然采取了各种政策来解决中小企业融资难题，如促进信用担保体系的建设、建立中小企业板市场、鼓励票据融资，虽然取得了一定成就，却造成了贷款两极分化。

In our country , the government adopted several measures such as developing the system of credit guarantee , establishing the SMEs market and encouraging the note-financing to solve the problem , and got some achievements , but also appeared some unsatisfied problems .