新三板市场对中小企业融资及其他隐性推动作用研究

发布时间：2018-04-28 11:28

本文选题：新三板 + 中小企业　；参考：《复旦大学》2014年硕士论文

【摘要】：本文所用的分析数据均为2014年2月前所能获得的最新数据,并且以2013年底出台的新扩容政策为基础,全面剖析近年来新起的场外交易系统新三板的市场容量及总体挂牌中小企业情况,同时通过对最新的新三板转板机制进行研究、对挂牌新三板后已经转板至创业板市场及中小板市场的8家中小企业进行深入分析研究,探析新三板对于中小企业的融资及其他隐性作用,分析新三板市场存在的问题并对其发展给出一定的预测和建议。通过分析研究,本文认为新三板挂牌对于中小企业确实存在一定的意义和作用,但也有一定的局限性。对于已经转板的企业,新三板平台可融资交易的作用并不显著。同时可以看到,从财务数据上较难分析得到新三板对于企业发展的飞跃的提升。新三板对于中小企业有一定的融资性作用,在一定程度上帮助挂牌中小企业扩大生产规模。但经过分析得到,该融资性作用有一定的局限性,相对于非融资性的隐性激励作用及规范作用,融资性作用较为次要,而非融资性的隐形激励作用及规范作用为主要作用,并且通过这些隐性作用来推动其融资作用。换而言之,即中小企业在新三板挂牌其所获得的资金支持是通过新三板对于中小企业的非融资性的隐性作用体现出的,而非融资性的隐性作用是中小企业在新三板挂牌的主要作用。在政策对策上,本文认为,应进一步完善和推进做市商制度,提高新三板市场的交易量以及流动性。同时,需要巩固扩容力度,鼓励中小企业在市场上挂牌,进一步改变资本市场体系结构。第三,完善新三板挂牌企业的转板上市的具体机制。第四,增加主板及创业板市场退市股票退市至新三板的机制,并确立一定的摘牌机制。完善我国资本市场层次体系。第五,整合各地的场外股权交易中心,统筹管理,统一规范。
[Abstract]:The analytical data used in this paper are the latest data available by February 2014 and are based on the new expansion policy introduced at the end of 2013. This paper comprehensively analyzes the market capacity of the new third board of the new over-the-counter trading system in recent years and the overall situation of the small and medium-sized enterprises listed in the market. At the same time, through the research on the latest mechanism of the new third board, This paper makes an in-depth analysis and study on the 8 small and medium-sized enterprises that have been transferred to the gem market and the small and medium-sized board market since the listing of the new three boards, and probes into the financing and other recessive effects of the new three boards for small and medium-sized enterprises. This paper analyzes the problems existing in the new third board market and gives some forecasts and suggestions for its development. Through analysis and research, this paper thinks that the new third board listing does have certain significance and function for small and medium-sized enterprises, but it also has some limitations. For enterprises that have been converted, the role of the new three-board platform financing transactions is not significant. At the same time, we can see that it is difficult to analyze the new three-board from the financial data to improve the development of enterprises. The new three-board has certain financing function for small and medium-sized enterprises, and to some extent helps them to expand their production scale. However, the analysis shows that the financing function has some limitations. Compared with the non-financing implicit incentive role and the normative role, the financing role is relatively minor, while the non-financing implicit incentive role and the normative role are the main role. And through these implicit role to promote its financing role. In other words, the financial support received by SMEs listed on the new third board is reflected through the recessive effect of the new third board on the non-financing of SMEs. The recessive role of non-financing is the main role of small and medium-sized enterprises in the new three-board listing. In the policy countermeasures, this paper holds that the market maker system should be further improved and promoted, and the trading volume and liquidity of the new third board market should be improved. At the same time, there is a need to consolidate and expand capacity, encourage small and medium-sized enterprises to be listed in the market, and further change the structure of the capital market system. Third, improve the new three-board listing of the specific mechanism of the board listing. Fourth, increase the main board and gem delisting stock delisting to the new third board mechanism, and establish a delisting mechanism. Improve China's capital market hierarchy system. Fifth, the integration of local over-the-counter equity trading center, overall management, unified norms.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】