新兴的资本市场包括创业板、柜台交易和产权交易市场。从中国的国情出发,一方面从主板逐步分离出中小企业板块,然后过渡到创业板;另一方面从技术产权交易所,通过资源整合和机构重组逐渐分离出与创业板衔接的柜台交易系统和形成现代产权的交易体系。从而构建新兴资本市场的多层次框架,以满足多样化的市场主体对资本的供给和需求。 Emerging capital markets include the GEM, counter trading and equity trading markets. Starting from China’s national conditions, on the one hand the gradual separation of the SME sector from the motherboard, and then the transition to the GEM; the other hand, from the technology property exchange, through resource integration and restructuring of the gradual separation of convergence with the GEM transaction system and The formation of modern property rights trading system. Thus constructing a multi-level framework for emerging capital markets to meet the supply and demand of capital by diversified market players.