成长型公司的股票市场

Equity Markets for GrowthCompanies This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European Union The Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Photo credits:Cover © Noam Galai/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword This report presents a global analysis of equity markets for growth companies, examining their structure,regulatory frameworks and key trends.While the definitionsof“growth markets”and“growth companies”may vary across countries and regions,thisreport focuses on equity markets that cater to SMEs andgrowth-stage companies,which typically have more flexible entry requirements than main markets. Growthcompanies are defined as those listed on these dedicatedmarkets. Growthcompanieshave typically moved beyond the start-up stage and areseeking to expand theiroperationsby raising capital in public markets. They play a vital role in fostering innovation, creating jobsand driving economic growth. However, they often face challengesinaccessing long-term financing, asthey may lack the collateral, cash flow stability or track record required for traditional bank lending. Tosupport the financing needs of such companies, many jurisdictions have developed dedicated equitymarkets with more flexible listing requirements and regulatory frameworks than main markets. The report explores the trends of IPO activity, listing costs, regulatory and corporate governanceframeworks, investor composition and secondary market liquidity. In addition, it examines the role ofmarket-making mechanisms and the availability of research coverage for listed growth companies.Thefindings draw on a novel OECD dataset covering 59 jurisdictions built for this report, which mapsequitygrowth markets by identifyingrelevantstock exchanges and market segments. Thefindingsalsobuildonresponsesprovided by regulators from 30 jurisdictions tothe “OECD Survey on Equity Markets for GrowthCompanies”, a comprehensive survey conducted for this report. The survey providesdetailed insights intothe current functioning of public equity markets for growth companies,includingthe legal and regulatoryframeworksthatgovern them. The report is part of the OECD Capital Market Series, which supports policy discussions on how capitalmarkets can better channel household savings into productive investment in the real economy. The reportis produced under a Japanese g