【正文】 進一步的深入研究，理論和實踐都需要在時間的檢驗下繼續(xù)擴充。由于本人知識的局限性和缺乏深厚的理論認識，對高新技術企業(yè)成長中資金來源和財務策略問題的研究在深度和廣度都存在不足，同時基于本文基本上是以定性的規(guī)范性研究為主，缺乏一定的數(shù)據(jù)證明，分析中可能不夠深刻，針對這些不足之處，也是本人繼續(xù)努力學習的地方。天津工業(yè)大學 2022 屆本科生畢業(yè)設計（論文）16參考文獻[1] [J].經濟研究,2022,(08):11[2] 胡永,——基于創(chuàng)業(yè)板市場的分析[J].會計之友,2022,(10):12[3] [J].經濟視角,2022,(04):9[4] [J]特區(qū)經濟,2022,(03):23[5] 楊婭婕,[J].時代金融,2022,(06):21[6] [J].科技管理研究,2022,(10):6[7] 秦萍,[J].CommercialAccounting,2022,(09)[8] [2022]172 號,關于印發(fā)《高新技術企業(yè)認定管理辦法》的通知,2022.[9] , Stage Financing and the Role of Convertible Securities, 2022(08)1518.[10] [J].科技與經濟,2022 (6): 50[11] [J]. (1): 63[12] , The structure and governance of venture—Capital anizations,Journal of Financial Eeonomies,1990.[13] [M].北京:經濟科學出版社,2022[14] 趙絢麗. 風險投資與高新技術產業(yè)發(fā)展研究[J].改革與戰(zhàn)略，2022,(3)：5[15] [M].北京:中國財政經濟出版社，2022[16] [J].河南金融管理干部學院 報,2022,(03):2 [17] [M].北京:中國統(tǒng)計出版社，2022天津工業(yè)大學 2022 屆本科生畢業(yè)設計（論文）17附 錄Information transmission between theNASDAQ and Asian second board markets1. IntroductionThe NASDAQ (National Association of Securities Dealers Automated Quotation) was founded in February 1971 as the world’s first electronic overthecounter stock market. It is now the leading second board market and ranks second among the world’s securities markets in terms of dollar trading volume and market capitalization.The success of the NASDAQ prompted the development of second board markets around the world. In Asia, Singapore, Japan, Taiwan, and South Korea established or formalized their own overthecounter markets in the 1980s and early 1990s. In 1999, Malaysia and Hong Kong also set up secondary markets. In Europe, EASDAQ, a Brusselsbased system that trades stocks from across Europe, was founded in 1996. Recently, NASDAQJAPAN was launched in June 2022, and NASDAQCANADA menced in November 2022.The main reason that many stock exchanges have established their own second board markets is to provide a place for fundraising for small firms and venture capital, most of which are hightech related and have the potential for high growth. The second board markets also provide a new venue for investors so that they can adopt a broader investment strategy and enjoy business opportunities outside the main board market. The NASDAQ has bee an important source of information for stock markets around the world. In the absence of appropriate benchmarks, investors look to the NASDAQ to set valuations for homegrown technology and Inter issues. Global panies such as Microsoft Corporation, Oracle Corporation, Intel Corporation, Cisco Systems, Inc., and Sun Microsystems, Inc. are listed on the NASDAQ market and are benchmarks for similar panies or industries in other countries.2. Characteristics of the NASDAQ and the Asian second board marketsIn contrast to traditional floorbased stock markets, the NASDAQ is a screenbased market that operates in a highly petitive electronic trading environment without specialists. This allows multiple market participants to trade stocks on the NASDAQ without geographic boundaries. Two separate markets prise the NASDAQ: the NASDAQ National Market and the NASDAQ SmallCap Market.The National Market refers to the most actively traded securities, which include some of the largest, best known panies in the world. The SmallCap market is for emerging growth panies. When SmallCap panies bee more established, they often move up to the 天津工業(yè)大學 2022 屆本科生畢業(yè)設計（論文）18National Market.As mentioned at the outset, the success of the NASDAQ prompted the development of second board markets in Asia. The SESDAQ (Stock Exchange of Singapore Dealers Automated Quotation) was the first second board market in Asia. It was established in February 1987 to aid smaller panies in raising funds from the stock market, because such panies do not meet the requirements for a main board listing. In spite of being the first second board market in Asia, the development of the SESDAQ has been rather slow.Japan has witnessed an economic slowdown since the early 1990s. To stimulate the weak economy, the Japanese government has been working hard to create a favorable environment for venture businesses by introducing necessary legislation and measures. In 1991, the JASDAQ (Japan Association of Securities Dealers Automated Quotation) opened in Tokyo and quickly attracted a new breed of investors. JASDAQ is currently the second largest board market in Asia, with the highest number of listed firms (889 by the end of October 2022) and the largest amount of capitalization (US$ billion). To protect potential investors, the government imposes strict screening rules for JASDAQ listing.Taiwan established its overthecounter market, the ROSE (ROC OvertheCounter Securities Exchange), on November 1, 1994. In July 1995 the ROSE opened to foreign investors and was renamed TAISDAQ in June 2022 to emphasize the nature of hightech stocks that are listed in the market. From 2022, the Securities and Futures Commission of Taiwan required that any public pany which trades on the TAISDAQ and meets the listing requirements of the Taiwan Stock Exchange be listed on the exchange.The KOSDAQ (Korea Securities Dealers Automated Quotation) market began operating in July 1996. The market provides opportunities for informationbased, high value creating, hightech startups and small enterprises to raise funds, and for investors seeking high risk–high return investment opportunities. Although the KOSDAQ market suffered from a severe crisis in 1997 due to the economic recession that followed the currency crisis, it has grown rapidly in just a few years. For the promotion of the nation’s economic restructuring to mitigate unemployment and achieve industrial reform, the government of South Korea has diversified the requirements for listing on the KOSDAQ market, and has relaxed regulations so that telemunication firms and similar pani