我国新三板做市商制度的实证研究

发布时间：2018-01-13 04:00

本文关键词：我国新三板做市商制度的实证研究　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国新三板市场作为多层次资本市场中重要的组成部分,在为中小企业融资中发挥了重要作用,同时也是我国场外交易市场的重要组成部分,设立之初是为解决中关村成长型、高科技型企业的股份流通问题,之后新三板市场逐渐试点至全国,发展至今已有超过一万家的规模,其中不仅涵盖了高科技、成长型企业,还包括各个行业。虽然我国新三板市场这几年取得了惊人的发展的,但是在发展的过程中,也暴露出许多问题,成交量惨淡、流动性不足以及市场效率低下,使得我国新三板市场的发展并没有和预期的发展取得一致。2014年8月,我国为刺激流动性,活跃新三板市场以及借鉴国外成功的经验,引入做市商制度,使得我国新三板市场的转让制度由协议转让制度变为做市转让制度和协议转让制度并行。在2015年,新三板市场的流动性的确有所改善,成交量和换手率较2014年有了明显提高,选择做市转让的企业也越来越多,但是进入2016年后,新三板的流动性和活跃度开始走下坡路,越来越多的投资者并不看好做市转让制度。本文研究我国新三板市场在2016年这一年里,做市商制度的实施效果是否比2015年的效果好,分析做市商制度的的实施效率。本文分成四个部分,第一个部分主要介绍了了相关的研究背景和研究意义以及相关的文献综述。第二部分主要用描述性统计分析的方法分析了我国新三板的发展现状以及我国做市商制度的发展程度。第三部分用实证分析的方法分析在2016年做市商制度的实施流动性和市场效率的变化。第四部分总结分析结论以及给出相应的结论。
[Abstract]:As an important part of the multi-level capital market, the new third-board market plays an important role in financing small and medium-sized enterprises, and it is also an important part of the over-the-counter market in our country. At the beginning of the establishment is to solve the Zhongguancun growth, high-tech enterprises share circulation problem, after the new three board market gradually pilot to the whole country, has developed to the scale of more than 10,000, which not only covers high-tech. Growth enterprises, including various industries. Although China's new third board market has made amazing development in recent years, but in the process of development, but also exposed a lot of problems, trading volume is bleak. Lack of liquidity and low efficiency of the market make the development of the new third board market not consistent with the expected development. In August 2014, China to stimulate liquidity. Activate the new third board market and draw lessons from the successful experience of foreign countries, the introduction of market makers system. In 2015, the liquidity of the new third board market has been improved by changing the transfer system from the agreement transfer system to the market-oriented transfer system and the agreement transfer system. Turnover and turnover rate has significantly improved compared to 2014, the choice of market transfer of more and more enterprises, but after 2016, the liquidity and activity of the new three boards began to decline. More and more investors are not optimistic about the market making transfer system. This paper studies whether the implementation effect of the market maker system is better than that of 2015 in 2016. This article is divided into four parts. The first part mainly introduces the related research background, research significance and related literature review. The second part mainly uses descriptive statistical analysis method to analyze the development of the new third board in China and market makers in China. The third part uses the empirical analysis method to analyze the change of liquidity and market efficiency of market maker system in 2016. Part 4th summarizes the conclusions and gives the corresponding conclusions.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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