In the long history of securities development, the Growth Enterprise Market (GEM) initially appeared corresponding to the mature main board market of large companies, with small and medium-sized companies as the main target. /kloc-at the end of 0/9, some small companies that did not meet the listing standards of large exchanges could only choose OTC markets and local exchanges as listing places. In the 20th century, many local exchanges gradually disappeared, and there were many irregularities in the OTC market. Since the 1960s, North America and Europe, represented by the United States, have started to create their own GEM markets to solve the financing problems of small and medium-sized enterprises. So far, GEM has developed into a market to help small and medium-sized emerging enterprises, especially high-growth technology companies to raise funds. Looking back on the development history of GEM, the 1960s can be called the embryonic period of GEM. 196 1 year, in order to promote the comprehensive supervision of the securities industry, the US Congress asked the US Securities and Exchange Commission to conduct specific research on all securities markets. Two years later, the US Securities and Exchange Commission gave up its research on the comprehensive securities market and focused on the obscure and fragmented OTC market at that time. SEC put forward the idea of "automatic operating system" as a solution, which is managed by NASD. 1968 automatic quotation system was successfully developed, and NASD was renamed the automatic quotation system of the National Association of Securities Dealers (NASDAQ system). On February 8, 197 1, the Nasdaq market was formally established, and the Nasdaq system was fully operational on the same day. The central quotation system shows the quotations of 2500 kinds of securities. Until 1975, Nasdaq established a new listing standard, requiring all listed companies to separate companies listed on the Nasdaq market from OTC securities.
Almost at the same time as the Nasdaq market in the United States started, Japan also started the Growth Enterprise Market. 1963 Tokyo Stock Exchange of Japan set up the second board for small and medium-sized companies, and officially launched the OTC market system. However, after a long time, the OTC market in Japan has been sluggish.
The development of the second-board market in the world can be roughly divided into two stages: the first stage from the 1970s to the mid-1990s, and the second stage from the mid-1990s. 197 1 year, the national association of securities dealers established an automatic quotation system for OTC securities-Nasdaq, and began to quote more than 2,500 kinds of OTC securities. 1975, Nasdaq established a new listing standard, thus distinguishing the securities listed on Nasdaq from other securities traded on the counter. 1982, the best listed companies in Nasdaq formed the Nasdaq national market and began to publish real-time trading quotations. However, until the early 1990s, the operation of Nasdaq was not very satisfactory. 199 1 year, and its turnover reached 1/3 of NYSE. The Nasdaq market really developed rapidly in the second stage after the mid-1990s.
The development of other second-board markets in the world can also be basically divided into the above two stages. In the late 1970s and early 1980s, the oil crisis led to the deterioration of the economic environment, and the long-term downturn in the stock market was not attractive to enterprises. The securities markets of all countries are facing a huge crisis, which is mainly manifested in the low willingness of companies to go public, the continuous decrease in the number of listed companies and the inactivity of investors. In this case, in order to attract more new enterprises to go public, countries have established the second-board market. Generally speaking, most of the second-board market in this stage experienced its initial glory, but it basically ended in failure in the mid-1990s. The second stage of the development of the second board market began in the mid-1990s, and its background and reasons are as follows:
(1) The rise of knowledge economy has enabled a large number of high-tech enterprises to grow up;
(2) The rapid development of NASDAQ market in the United States has intensified competition and pointed out the direction for the development of stock markets in various countries;
(3) With the rapid development of venture capital industry, emerging enterprises urgently need the stock market;
(4) Governments all over the world attach great importance to the development of high-tech industries and have set up second-board markets.
Under this background, there has been a new upsurge in the establishment of second-board market in various countries' securities markets, mainly including: Hong Kong Growth Enterprise Market (GEM, 1999), Taiwan Province Counter Trading Center (OTC, 1994), London Stock Exchange (AIM, 1995) and French New Third Board (LNA).
At this stage, the development and operation of the second-board market is much stronger than the first stage, and most of them are distributed smoothly, among which the trading volume of NASDAQ in the United States and Kosdaq in South Korea even exceeded that of the main board market for a time. But overall, the market share of the second board is still lower than that of the main board, and some second boards (such as Easdaq in Europe) once fell into operational difficulties.