成长型企业股票市场

Equity Markets for Growth This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and 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 of 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. The Please cite this publication as: 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) (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. 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 and 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. To 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. Thefindingsalsobuildon 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 report This report has been developed by the Capital Markets and Financial Institutions Division of the OECDDirectorate for Financial and Enterprise Affairs. It was prepared by Kyo Maruyama and Yun Tang, with thesupport ofBlanca Gené Orriols,Gülgün ArikanandTugba Mulazimoglu, under the supervision of AlejandraMedina, Head of the Financial Economics Unit, and Serdar Çelik, Head of Division. Iris Tensen provided Table of contents 3 Foreword Abbreviations and acronyms Executive summary7 1Globalequity markets forgrowth companies 101.1. Development of equity markets for growth companies111.2. Overview of global equity markets for growth companies13 2 Regulatory frameworks of equity markets for growth companies2.1. IPO regulatory frameworks 27 28 3The equity market ecosystemfor growth companies48 3.1. Investor base3.2. Market makers3.3.Researchcoverage 495354 References56 Annex A. Methodology for data collection and classification FIGURES Figure 1.1. Regional distributionof publicequitymarkets, end-2023Figure 1.2.Comparison of growth marketsand main markets, end-2023Figure 1.3.The size of companiesonequity growth markets, end-2023Figure 1.4.Top 3 industries in equity growthmarkets and main marketsFigure 1.5.Overview of IPOs, 2019-2023Figure 1.6. Non-financial IPOs on growth markets vs main markets, 2019-2023Figure 1.7. Median size of non-financial IPOs, 2019-2023Figure 1.8. Industry distribution of non-financial IPOs on growth marketsand main marketsFigure 1.9. Alternative listing options for companies accessing public equity marketsFigure 1.10.Stock exchange fee structure ongrowth marketsFigure 1.11. Initial fees charged by exchanges for listing on selected growth marketsFigure 1.12. Annual ongoing cost of listing charged by exchangeson selected growth marketsFigure 2.1. Key requirements for companies to conduct an IPO Figure 2.3. Use of a standardised template for prospectus documentsFigure 2.4. IPO approval requirementFigure 2.5.Defined time frame for IPO review or approvalFigure 2.6. Minimum years required for audited historical financial statementsFigure 2.7. Lower financial performance requiremen