GEM is an important part of the capital market， its introduction could develop venture capital and improve the multi-level capital market financing channels for SMEs， their role and function has been affirmed around With regard to study its impact on China's capital markets， this paper first introduces the basic meaning of the GEM and characteristics ，uses comparative research methods to analyze and discusses United States NASDAQ，the United Kingdom Alternative Investment Market and Hong Kong GEM market，，The world's major development status of the GEM as well as the establishment of the Growth Enterprise Market of China's inspiration and lessons After the analysis of the establishment of the Growth Enterprise Market of China's need for and role， thereby laying the theoretical foundation of this Then， this article tells you China's securities market and its impact on improving building multi-level capital market reflects the impact of GEM However， the Growth Enterprise Market in the provision of a large number of opportunities and great risks exist， therefore， on the GEM market risk analysis and propose appropriate measures to prevent a very important theoretical and practical Finally， we describe the current situation of China's development of the GEM and put forward the essential element of future development prospects of the GEM
2"STOCKM ARKETD EVELOPMENAT NDL ONG-RUNG ROWTH"BYROSS LEVINE AND SARA ZERVOSWorld stock markets are Developing country stock markets compose adisproportionately large amount of this Over the past 10 years， world stock marketcapitalization rose from $7 trillion to $2 trillion， and emerging market capitalization jumpedfrom less than 4 percent to almost 13 percent of total world Similarly， over thisdecade， the trading of shares on emerging stock exchanges rose from less than 3 percent to 17percent of the total value of transactions on the world's stock Further， Korajczyk(1996) shows that emerging markets have become more integrated with world capital marketsduring the past seven The blossoming of emerging stock markets has attracted theattention of international Portfolio equity flows to emerging markets jumped from$150 million in 1984 to over $39 billion in Yet， there exists very little empirical evidenceon the relationship between stock market development and long-run economic
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