新三板市场的结构、功能和效率研究

发布时间：2018-05-09 14:30

本文选题：新三板市场 + 结构　；参考：《中共上海市委党校》2017年硕士论文

【摘要】：新三板市场已经成为我国多层次资本市场的一个重要组成部分,它肩负着帮助我国中小企业融资,并推动经济结构转型升级及降低企业杠杆率的重任。但是目前新三板市场存在的问题也是明显的,市场结构不合理、定价机制不健全、市场流动性差等,广大投资者和挂牌企业都对这个市场充满着困惑。新三板市场目前究竟遇到了什么问题?解决这些问题的突破口在哪里?这是文本希望解决的两大问题。在研究新三板当前遇到的问题时,本文采用结构、功能和效率的分析框架来解释新三板的现状及其存在的主要问题。在这一框架中,市场结构是基础,市场功能为核心,市场效率则是结果,三者之间存在前因后果的传导关系。当前市场结构中存在着的主要问题为投资者数量少,种类单一;挂牌企业数量过多,层次不明;中介机构门槛限制导致的结构僵化等。市场功能存在的主要问题是因挂牌企业对资金需求大于投资者的资金供给造成投融资功能受限,交易制度缺陷和流动性匮乏导致定价功能无法有效发挥。市场效率则存在由于交易机制的缺陷和投资者结构的不健全等问题造成的定价效率低下和投融资功能无法有效发挥导致的资源配置效率低下问题。新三板市场的结构、功能和效率三者之间形成了一个非良性循环,结构不合理导致功能发挥受限,功能发挥受限造成效率低下,效率低下影响结构的活力。这一不良循环导致新三板的问题很难通过市场的自身运转得以解决。本文研究显示,解决这一系列问题的突破口在于结构的优化,结构作为市场的基础,可以适当通过外部努力施加影响并做出优化,最终通过影响功能和效率实现新三板市场的优化发展。在结构优化的对策建议中,本文重点强调确保挂牌企业有效流动并实现有效分层,在分层的基础上设立不同的投资者准入标准,对中介机构做必要的拓展和分层。并针对交易制度存在的问题辅助以制度优化来促进定价功能的发挥。最终的目标就是要建立一个动态均衡的市场结构,让市场的各参与主体都能充分感受到新三板是一种进出相对自由、信息高度公开、交易活跃、竞争充分、充满活力的新型市场,发挥资本市场应有的价格发现、资源配置、投融资功能。真正担负起帮助中小企业融资,并推动经济结构转型升级及降低企业杠杆率的重任。
[Abstract]:The new third board market has become an important part of the multi-level capital market of our country. It shoulders the important task of helping the small and medium-sized enterprises to raise funds, promoting the economic structural transformation and upgrading and reducing the leverage ratio of the enterprises. However, the problems of the new third board market are obvious, the market structure is unreasonable, the pricing mechanism is not perfect, the market liquidity is poor, the majority of investors and listed enterprises are full of confusion to this market. What are the problems in the new third board market? Where is the breakthrough to solve these problems? These are the two major problems the text hopes to solve. In this paper, the analysis frame of structure, function and efficiency is used to explain the present situation and the main problems of the new three boards. In this framework, the market structure is the basis, the market function is the core, and the market efficiency is the result. The main problems in the current market structure are that the number of investors is small, the category is single, the number of listed enterprises is too many, the level is unknown, and the structure is rigid due to the restriction of the threshold of intermediary institutions, etc. The main problem of market function is that the capital demand of listed enterprises is larger than that of investors' capital supply, the investment and financing function is restricted, the trading system defects and the lack of liquidity lead to the pricing function being unable to play an effective role. On the other hand, the market efficiency has the problems of low pricing efficiency caused by the defects of trading mechanism and imperfect investor structure, and the inefficient allocation of resources caused by the inefficiency of investment and financing function. The structure, function and efficiency of the new third board market have formed a non-benign circle. The unreasonable structure leads to the restriction of function, the limitation of function exertion causes the inefficiency and the inefficiency affects the vitality of the structure. This bad cycle makes the new three-board problems difficult to solve through the market's own operation. The research in this paper shows that the breakthrough to solve this series of problems lies in the optimization of the structure, which, as the basis of the market, can be properly influenced and optimized through external efforts. Finally, through the impact of function and efficiency to achieve the optimal development of the new three-board market. In the countermeasures and suggestions of structural optimization, this paper emphasizes on ensuring the effective flow and effective stratification of listed enterprises, setting up different admission standards for investors on the basis of delamination, and making necessary expansion and stratification of intermediary institutions. Aiming at the problems existing in the trading system, it helps to promote the pricing function by optimizing the system. The ultimate goal is to establish a dynamic and balanced market structure so that all participants in the market can fully feel that the new three boards are relatively free in and out of the market, with highly open information, active transactions, and full competition. Full of vitality of the new market, the capital market should play the role of price discovery, resource allocation, investment and financing. It really takes on the responsibility of helping small and medium-sized enterprises to raise funds, promoting economic restructuring and upgrading, and reducing the leverage ratio of enterprises.
【学位授予单位】：中共上海市委党校
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【相似文献】