Abstract

From a global perspective, about 2.6 Growth Enterprise Markets（GEM）were“born”each year in last 5 years.These markets covered all the main economical entities and industrial concentration areas in the world.Among these，more than 90% have already gone through the shadow of dot com bubble bursts，and have withstood the test of sharp fluctuation of the stock market, thus achieved steady developments.Right now, the ChiNext market has born for merely one year, carrying a comprehensive and thorough research on development experience of overseas GEMs is beneficial for us to evaluate the present performance of the ChiNext market and put right its future development direction.

In this thesis, we made a comprehensive review and discussion on the rising of GEMs and the structural transformation of global capital markets.Firstly, we elaborated the development of global GEMs comprehensively and systematically，and conducted analysis on their development histories, economical and financial environment support, scientific technology support and system evolution respectively.On the basis of development overview of global GEMs, we found out the main characteristics of GEMs clear through data and case analysis, demonstrated the meaning of GEM developments and found the proper position of its market functions:providing a development platform for the new type economic growth. Finally, we employed a combined theoritical and case study to research on GEM's market function from three perspectives:resource allocation, risk allocation and wealth creation.And reached following conclusion:the establishment and development of GEMs boosted the improvement and upgrading of the whole capital market from resource allocation, risk allocation and wealth creation，therefore enhanced structural transformation of global capital markets.

时光荏苒，岁月如梭，我国创业板市场已经迎来了一周年。作为中国多层次资本市场中的重要一环，创业板的诞生为苦于融资难问题的高成长性中小规模创新型企业送来了融资的及时雨。在这一年中，创业板带给我们的有惊喜，也有困惑，但更多的是希望。在此之际，对创业板市场的兴起与全球资本市场的结构性变革进行系统的回顾和梳理，对于如何正确看待目前我国创业板市场的发展表现以及把握未来的发展方向显得尤为必要。