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1、外文文獻(xiàn)翻譯譯文一、外文原文原文：原文：ChinasSecondBoardI.SignificanceofeventsleadingtotheestablishmentofaSecondBoardOn31March2009theChinaSecuritiesRegulatyCommission(CSRCissuedInterimMeasuresontheAdministrationofInitialPublicOfferingsList

2、ingsofSharesontheChiNext[i.e.theSecondBoardalsocalledtheGrowthEnterpriseMarket](“InterimMeasures“)whichcameintofceon1May2009.ThismarkedthecreationbytheShenzhenStockExchangeofthelongawaitedmarketfventurebusinesses.Astheig

3、inalplantoestablishsuchamarketin2001hadcometonothingwhenthedotcombubbleburstthemarketsfinalopeningcameafteradelayofnearly10years.Eversincethe1980swhentheChinesegovernmentbegantofosterthedevelopmentofsciencetechnologyvent

4、urecapitalhasbeenseeninChinaasameansofsupptingthedevelopmentofhightechcompaniesfinancially.Theaimascanbeseenfromthenameofthe1996LawofthePeoplesRepublicofChinaonPromotingtheConversionofScientificTechnologicalFindingsintoP

5、roductivitywastosupptthecommercializationofscientifictechnologicaldevelopments.Venturecapitalfundsdevelopedgraduallyinthelate1990sbetweenthen2000itlookedincreasinglylikelythataSecondBoardwouldbeestablished.WhentheCSRCpub

6、lishedadraftplanfthisinSeptember2000thestagewasset.Howeverwhenthedotcombubble(especiallytheNASDAQbubble)burstthisplanwasshelved.AlsoChineseinvestsventurecapitalistswereprobablynotquitereadyfsuchamove.AsaresultChinesevent

7、urebusinessessoughttolistonoverseasmarkets(asocalled“redchiplisting“)fromthelate1990s.HoweverastheselistingsincreasedsodidthecriticismthatvaluableChineseassetswerebeingsiphonedoverseas.OntheListingsofSharesontheChiNextis

8、suedbytheCSRCon31March2009witheffectfrom1May2009.TheInterimMeasuresconsistofsixchapters58articlesstipulatingissuetermsproceduresdisclosurerequirementsregulatyprocedureslegalresponsibilities.FirsttheGeneralProvisionschapt

9、er.Thefirstthingthissays(Article1)is:“TheseMeasuresarefmulatedfthepurposesofpromotingthedevelopmentofinnovativeenterprisesothergrowingstartups“Thisshowsthatoneofthemainlistingcriteriaisacompanystechnologicalinnovativenes

10、sgrowthpotential.TheChineseauthitieshaveactuallymadeitclearthatalthoughtheSecondBoardtheSMEBoardarebothintendedfSMEsofsimilarsizestheSecondBoardisspecificallyintendedfSMEsattheinitial(ratherthanthegrowthmature)stageofthe

11、irdevelopmentwithahighdegreeoftechnologicalinnovativenessaninnovativebusinessmodelwhiletheSMEBoardisspecificallyintendedfcompanieswithrelativelystableearningsatthematurestageoftheirdevelopment.Theyhavealsomadeitclearthat

12、theSecondBoardisnotsimplya“smallSMEBoard.“ThissuggeststousthattheauthitieswanttoseetechnologicallyinnovativecompanieslistingontheSecondBoardSMEsintraditionalsectslistingontheSMEBoard.NextArticle7says:“Amarketaccesssystem

13、thatiscommensuratewiththerisktoleranceofinvestsshallbeestablishedfinvestsontheChiNextinvestmentriskshallbefullydisclosedtoinvests.“Onenotewthyfeatureistheadoptionoftheconceptofthe“qualifiedinvest“inanattempttoimproverisk

14、control.FurthermeArticle8says:“ChinaSecuritiesRegulatyCommission(hereinafterCSRC)shallinaccdancewithlawexamineapprovetheissuer’sIPOapplicationsupervisetheissuer’sIPOactivities.Thestockexchangeshallfmulaterulesinaccdancew

15、ithlawprovideanopenfairequitablemarketenvironmentensurethenmaloperationoftheChiNext.“UntiltheSecondBoardwasestablisheditwasthoughtbysomethatthestockexchangehadtherighttoapprovenewissues.UndertheInterimMeasureshoweveritis

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