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。
Research Objectives： This paper summarizes the emergence, positioning, system, present situation, problems, direction of development and reconstruction of mechanism of the New Third Board, and puts forward suggestions. Research Methods： Using the analysis method of the institutionalism, this paper analyzes the institutional design and structural change of the New Third Board market. In the study of the liquidity problem, the difference-in-differences method is used to do the empirical test. Research Findings： The New Third Board reflects the institutional differences. However, as an emerging market, the core mechanism of its operation is still in the stage of exploration, faced with the problem of lack of market liquidity and the failure of the market maker system. Research Innovations. This paper clarifies the position of the New Third Board in the multi-level capital market, points out its great prospect in China＇s capital market. Research Value： This paper points out the problems and reasons of the New Third Board, and gives suggestions from the perspectives of the market structure, the organization structure and the system structure
出处
《数量经济技术经济研究》
CSSCI
CSCD
北大核心
2017年第4期74-91,共18页
Journal of Quantitative & Technological Economics
关键词
新三板
多层次资本市场
做市制度
转板制度
New Third Board
Multi-level Capital Market
Market Maker System
Transfer-board System
