The growth enterprise market (GEM ) is the securities exchange market where issuing stock and selling it to the public is a way for small creative corporations to raise funds to finance their activities. In China, GEM should take the mode of securities exchanges which is independent of the main board stock exchange, and the mode of joint-stock company will be even proper. The Chinese GEM exchanges may be divided into two parts: higher-level class and elementary class. The former consists of the companies on the main board and the small enterprise board of Shenzhen securities exchanges at present, and the latter consists of real companies of GEM. The GEM exchanges ( Shenzhen securities exchanges) holds fast to its own position, and competes with the main board stock exchanges (Shanghai securities exchanges) justly.%创业板市场是为中小型创业类企业提供融资和发展机遇的证券交易市场.在我国,创业板市场宜采用独立于主板市场的证券交易所模式,而且交易所最好采取股份公司形式.中国特色的创业板交易所分为两个层次:高级层次和低级层次,前者由目前深圳主板公司和中小板公司组成,后者是纯粹的创业板公司组成.创业板交易所(深圳证券交易所)与主板交易所(上海证券交易所)各自独立发展,相互竞争.
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