中国新三板市场的兴起、发展与前景展望

发布时间：2018-01-09 09:13

本文关键词：中国新三板市场的兴起、发展与前景展望　出处：《数量经济技术经济研究》2017年04期 　论文类型：期刊论文

【摘要】：研究目标:本文从新三板的兴起、定位、制度设计、现状、问题、发展方向和机制重构等方面出发全方位总结了新三板的发展,并提出对策建议。研究方法:运用制度的经济分析方法,分析新三板市场的制度设计与结构变迁。在研究新三板的流动性问题时,运用了双重差分方法进行实证检验。研究发现:新三板在制度安排上体现了差异化,然而,作为一个新兴市场,其运行的核心机制仍处于探索和发展阶段,面临着流动性不足的问题,做市制度未能在促进流动性上充分发挥作用。研究创新:厘清了新三板在多层次资本市场中的定位,指出其在中国资本市场中的宏大前景。研究价值:指出了新三板存在的问题及其原因,从市场结构、组织结构、制度结构三个层次给出了对策建议。
[Abstract]:Research objectives: this paper summarizes the development of the new three boards from the rise, positioning, system design, current situation, problems, development direction and mechanism reconstruction. And put forward countermeasures and suggestions. Research methods: the use of institutional economic analysis method, analysis of the new third board market system design and structural changes. In the study of the liquidity of the new third board. The study found that: the new three boards in institutional arrangements reflect the difference, however, as an emerging market, the core mechanism of its operation is still in the exploration and development stage. Facing the problem of lack of liquidity, market making system can not play a full role in promoting liquidity. Research and innovation: clarify the positioning of the new three boards in the multi-level capital market. This paper points out its great prospect in China's capital market. The research value: points out the existing problems of the new three boards and their causes, and puts forward the countermeasures and suggestions from the three levels of market structure, organizational structure and system structure.
【作者单位】：清华大学经济管理学院;国信证券股份有限公司;
【分类号】：F832.51
【正文快照】： 引　　言中国经济正处于转型升级的关键时期,国家正在推动创新驱动发展战略。在大众创业、万众创新的宏观背景下,新三板作为一个创新型、创业型、成长型中小微企业的专属平台,肩负着激活市场创新动力的历史使命。新三板扩容以来,取得了突飞猛进的大发展。整体来看,新三板已经

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