新三板分层背景下市场流动性问题研究

发布时间：2018-05-19 13:32

本文选题：新三板 + 分层制度　；参考：《安徽大学》2017年硕士论文

【摘要】：金融市场微观结构理论的核心是要说明在既定的市场微观结构下,金融资产的定价过程及其结果,从而探索出市场微观结构在金融资产价格形成过程中的作用机制。作为定位于非上市股份公司股票公开转让和发行融资的市场平台,新三板集中了全国大量中小企业,是一国经济发展后续动力的源泉,其市场结构合理性和有效性尤其重要。近两年来,国务院也不断出台关于新三板的改革措施,力求在短期内不仅建立起完备全覆盖的多层次资本市场,而且在各个市场内部要做到资源配置最优化,制度健全化。从市场容量看,新三板已经将主板和创业板大幅甩在身后,其对中国宏观经济的影响力并不亚于其它市场,但如此庞大的资本市场除了少数比较耀眼的企业,大多数企业都只是有名无实,并没有得到挂牌后带来的发展动力和财富效应,究其原因,流动性问题成了企业融资发展的桎梏。2016年新三板最引人瞩目的事情就是分层制度的实施,标志着监管层已经开始着力解决流动性不足的难题,后期还会有相应的配套制度不断跟进。分层制度的初衷是通过调整市场的内部结构,将企业按照规模和经营能力加以分类管理,便利了投资者对企业的考察判断,对市场各方都是有利因素。但在市场机制整体不健全的情况下,分层制度是否会单方面的对流动性产生影响仍然是个未知数。本文首先将我国的分层制度与纳斯达克做了简单的比较,然后分析了新三板目前流动性存在的各方面问题,并解释了其中的原因,将分层以来的流动性水平选取合适的指标进行了评价,在得出结论的同时根据市场发展阶段在借鉴外国成熟资本市场的基础上提出了应该推行的改革制度和政策手段,从而促使微观市场和宏观经济能够起到相辅相成的作用。
[Abstract]:The core of the theory of financial market microstructure is to explain the pricing process and its results of financial assets under the established market microstructure, so as to explore the mechanism of the role of market microstructure in the formation of financial asset prices. As a market platform for the public transfer and financing of shares in non-listed joint stock companies, the new three boards focus on a large number of small and medium-sized enterprises in China, which is the source of a country's economic development. The rationality and effectiveness of its market structure are particularly important. In the past two years, the State Council has constantly introduced the reform measures on the new three boards, striving to establish not only a complete and all-covered multi-level capital market in the short term, but also to optimize the allocation of resources and improve the system within each market. Judging from the market capacity, the new third board has left behind the main board and the growth enterprise market substantially, and its influence on China's macro economy is no less than that of other markets, but such a large capital market, except for a few more dazzling enterprises, Most enterprises are just nominal and do not have the momentum of development and wealth effects brought about by the listing. The reasons are investigated. The liquidity problem has become a shackle for the development of corporate financing. The most striking thing about the new third board in 2016 is the implementation of the stratification system, which indicates that regulators have begun to work hard to solve the problem of lack of liquidity. Later there will be a corresponding supporting system of continuous follow-up. The original intention of the stratification system is to adjust the internal structure of the market and to classify the enterprises according to their scale and management ability, which facilitates the investors' inspection and judgment of the enterprises and is beneficial to all parties in the market. But under the condition that the market mechanism is not perfect, it is still unknown whether the stratification system will influence liquidity unilaterally. This paper makes a simple comparison between China's stratification system and NASDAQ, then analyzes the existing liquidity problems of the new third board, and explains the reasons. This paper evaluates the liquidity level since stratification, and puts forward the reform system and policy means to be carried out according to the market development stage and the foreign mature capital market. Thus, the micro-market and macro-economy can play a complementary role.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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