创业板市场已成为构建多层次资本市场体系、推动中小企业成长的重要环节,其功能的有效发挥很大程度上取决于规则的设定。本文基于内容分析法,以海外33所创业板为研究对象,对比研究成熟与新兴创业板市场的规则特征。研究发现,两者在功能定位、交易制度和退市制度三方面存在显著性差异性。总体而言,多元的上市资源、独立的功能定位、混合交易制度、严格的退市制度成为创业板市场的发展趋势。 The GEM has become an important link in building a multi-level capital market system and promoting the growth of SMEs. The effective functioning of the GEM depends to a large extent on the setting of rules. Based on the content analysis method, this article takes 33 overseas GEMs as the research objects, and compares and studies the regular characteristics of the mature and emerging GEM markets. The study found that there are significant differences between the two in function orientation, transaction system and delisting system. Overall, diversified listing resources, independent positioning of functions, mixed trading system and strict delisting system have become the development trend of the GEM.