论文部分内容阅读
德国新市场(Neuer Market)创立于1997年3月,关闭于2003年6月。在高峰时期,德国新市场有超过300家上市公司。从2000年后,德国新市场指数持续走低,上市公司造假丑闻开始暴露,一些纯粹概念性的公司股价爆跌,市场形象严重受损。基于创业板市场的低迷和德国证券交易所的整体战略调整,德国新市场于2003年6月5日被正式关闭,所剩的企业都被纳入德国证券交易所的主板。造成德国新市场最终关闭的原因是多方面的。一是上市标准过低,大量包装和概念公司进入创业板;二是监管部门上市审核程序不够严格,保荐机构基于利益驱动也放松了保荐责任;三是部分上市公司造假丑闻严重败坏了德国新市场声誉;四是以NASDAQ市场为首的网络泡沫的破裂,对德国新市场造成极大冲击。由于以上原因,德国新市场处于勉强维持之中,恰逢德国交易所进行市场结构调整,关闭新市场就成为其布局重组的一个组成部分。
The Neuer Market in Germany was founded in March 1997 and closed in June 2003. At its peak, there are over 300 public companies in Germany’s new market. Since 2000, Germany’s new market index continued to decline, the listed company fraud scandal began to be exposed, some purely conceptual companies stock prices plummeted, the market image severely damaged. Due to the downturn of the GEM market and the overall strategic adjustment of the German stock exchange, the new market in Germany was officially closed on June 5, 2003, and the remaining enterprises are included in the main board of the German stock exchange. The reasons for the eventual closure of new markets in Germany are many. First, the listing standards are too low, a large number of packaging and concept companies to enter the GEM; Second, the regulatory authorities listed on the audit process is not strict enough, the sponsor based interest-driven also relaxed the sponsor liability; Third, some listed companies fraud severely corrupted the German new market Reputation; Fourth, the collapse of the Internet bubble led by the NASDAQ market caused a great impact on the new German market. Due to the above reasons, the German new market is barely maintained, coinciding with the German exchange market structure adjustment, the closure of the new market has become an integral part of its restructuring.