我国主板市场产生和发展的特殊时代背景决定了其存在一系列制度性缺陷 ,并由此带来了若干难以克服的困难和问题 ,但同时也为二板市场的创立提供了有益的经验。为有效地利用后发优势 ,二板市场须做到制度先行 ,为此一系列的制度创新是非常重要的。 The special background of the emergence and development of the mainboard market in our country determines its existence of a series of institutional defects and brings with it many difficulties and problems that are difficult to overcome. However, it also provides useful experiences for the establishment of the second-tier market. In order to make effective use of the advantage of later-development, the second board market must be system-first, and a series of institutional innovations are very important for this purpose.