納斯達克市場是世界上最為成功的科技股票市場，為美國的高科技產業扮演了重要的籌資角色，先後為美國培養出了一大批改變世界的企業，保持了美國的科技霸主地位。納斯達克市場的成功於其獨有的造市商以及註冊制制度是密不可分的，隨著第四次工業革命的到來，很多不同的科技領域同時出現，且在技術進步的引導下呈現強烈的聯繫、整合和疊加的態勢。因此，複製下一個“納斯達克”成為了很多國家的重要目標。但頗為遺憾的是絕大多數國家沒能領悟到註冊制之中的精髓，使得生搬硬套的制度漏洞百出，導致了其科創市場的失敗。本文目的在於理清納斯達克成功的原因，對正在發展的上海SSE Star Market提出有用的建議，這也是筆者的研究動機。本文總共採用了比較分析法、概念分析法及文獻研究法，來深入瞭解納斯達克市場。
之後，本文通過分析納斯達克外企上市的結構與資料以及納斯達克市場上並購企業的結構與產業來研究吸引外企對於美國經濟市場的提振作用，以及其對於中國SSE Star Market改革所能帶來的建議。
最後本文分析了中國SSE Star Market的現況以及中國創新企業的發展形勢，並在此基礎上結合納斯達克的經驗提出了幾點建議。

The Nasdaq market is the most successful technology stock market in the world. It plays an important role in raising funds for the high-tech industry of the United States. It has cultivated a large number of enterprises that have changed the world for the United States and it maintained the dominant position of science and technology in the United States. The success of NASDAQ market is inseparable from its unique market maker and registration system. With the advent of the fourth industrial revolution, many different fields of science and technology appeared at the same time, and under the guidance of technological progress, there was a strong trend of connection, integration and superposition. Therefore, copying the next "NASDAQ" has become an important goal of many countries. However, it is a pity that most countries fail to understand the essence of registration system, which leads to the failure of scientific innovation market. The purpose of this paper is to clarify the reasons for the success of NASDAQ and put forward some useful suggestions for the developing SSE Star Market, which is also the author's research motivation. This paper uses comparative analysis, concept analysis and literature research to deeply understand the Nasdaq market.
After that, this paper analyzes the structure and information of foreign enterprises listed on NASDAQ market and the structure and industry of merger and acquisition enterprises in Nasdaq market to study the boosting effect of attracting foreign enterprises on the U.S. economic market and the suggestions it can bring to the reform of SSE Star Market.
Finally, this paper analyzes the current situation of SSE Star Market and the development situation of China's innovative enterprises, and on this basis, combined with the experience of NASDAQ, puts forward some suggestions.

Table of contents
論文審定書 i
論文公開授權書 ii
摘要 iii
Abstract iv
Table of contents v
List of figures vi
List of Tables vii
Chapter 1 Introduction 1
Section 1 research motivation 1
Section 2 research problems and objectives 2
Section 3 research object 3
Section 4 research methods 3
Section 5 research process 4
Chapter 2 Analysis of NASDAQ market 6
Section 1 issuance market 6
Section 2 trading market 21
Section 3 Strengthening legal responsibility 30
Section 4 foreign capital listing and M & A 37
Section 5 listing of new themes 48
Summary 53
Chapter 3 the comparative analysis of SSE Star Market 54
Section 1 operation mechanism of SSE Star Market 54
Section 2 Comparison between SSE Star Market and Nasdaq 63
Section 3 industrial foundation of the SSE Star Market 68
Chapter 4 conclusions and suggestions 73
References 76
English Literature 76
中文文獻 77
Appendix 79

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