投资者对创业板市场期待已久，但至今创业板的交易系统设计、外部宏观监管和内部微观自律监管体系乃至法律支撑体系仍未成熟。本文仅讨论创业板与《公司法》的冲突与协调。公司设立试《公司法》规定，股份公司仅可“发起设立”，即由发起人通过多种渠道筹资设立股份有限公司， Investors have been looking forward to the GEM for a long time, but so far the GEM’s trading system design, external macro-control, internal micro-regulatory system and even legal support system are still immature. This article discusses only the GEM and the “Company Law” conflict and coordination. The company set up a trial “Company Law” provides that the joint-stock company only “initiated the establishment of”, that is, sponsors through various channels to set up a joint-stock limited company,