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目前,我国对于设立二板市场的呼声越来越高,由于二板市场属于高风险市场,因此基本监管方针的确定对市场正常顺利地运行起着举足轻重的作用。当代国际二板市场的监管理念大致可分为两类,一类是强调信息披露基础上的“买者自负”原则,另一类是强调监管机构对上市公司的质量控制以及对投资者利益的保护。本文参照香港创业板的实际运作,对“买者自负”原则在二板市场的应用进行初步分析。
At present, the voice of our country for setting up the second board market is getting higher and higher. Since the second board market is a high-risk market, the determination of the basic regulatory guidelines plays a decisive role in the normal and smooth operation of the market. The concept of supervision of the current international second-tier markets can be broadly divided into two categories. One is to emphasize the principle of “buyer’s self-interest” on the basis of information disclosure and the other is to emphasize the quality control of listed companies by regulatory agencies and the interests of investors. protection. In this paper, the actual operation of Hong Kong GEM, the “buyer” principle in the second board market application analysis.