本文選題：新三板　切入點(diǎn)：分層制度　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2016年6月27日,新三板市場(chǎng)分層制度正式實(shí)施。流動(dòng)性和波動(dòng)性一直以來(lái)都是股票市場(chǎng)最為重要的特征,新三板市場(chǎng)也不例外。根據(jù)以往對(duì)美國(guó)納斯達(dá)克市場(chǎng)分層制度的研究來(lái)看,學(xué)者普遍認(rèn)為,新三板市場(chǎng)引入分層制度可以適當(dāng)增加其流動(dòng)性并減弱波動(dòng)性。本文以3162家新三板掛牌企業(yè)為研究樣本,應(yīng)用2016年6月27日前后120個(gè)交易日的市場(chǎng)日數(shù)據(jù)。本文首先采用Amivest流動(dòng)性比率和換手率測(cè)度新三板市場(chǎng)流動(dòng)性,采用收盤價(jià)和換手率的標(biāo)準(zhǔn)差測(cè)度市場(chǎng)波動(dòng)性。其次,本文采用DID雙重差分模型實(shí)證檢驗(yàn)分層制度對(duì)新三板市場(chǎng)流動(dòng)性和波動(dòng)性的影響。實(shí)證結(jié)果表明:(1)分層制度并未對(duì)市新三板市場(chǎng)流動(dòng)性產(chǎn)生顯著影響,而流通股本、流通股比例、凈利潤(rùn)、做市商數(shù)量和合格投資者數(shù)量等因素會(huì)造成市場(chǎng)流動(dòng)性的變化。(2)分層制度可以顯著減弱新三板市場(chǎng)的波動(dòng)性,增強(qiáng)其穩(wěn)定性。除此之外,流通股本、流通股比例、凈利潤(rùn)以及營(yíng)收復(fù)合增長(zhǎng)率等因素也會(huì)對(duì)市場(chǎng)的波動(dòng)性產(chǎn)生影響。最后,本文結(jié)合實(shí)證結(jié)果,對(duì)新三板市場(chǎng)如何更好發(fā)揮分層制度的制度效果提出建議。
[Abstract]:In June 27th 2016, the new third-board market stratification system was formally implemented. Liquidity and volatility have always been the most important characteristics of the stock market. The new third board market is no exception. According to previous studies on the stratification system of the NASDAQ market in the United States, scholars generally believe that. The introduction of stratification system in the new third board market can increase its liquidity and weaken its volatility. This paper takes 3162 new third board listed companies as the research sample. In this paper, the Amivest liquidity ratio and turnover rate are used to measure the liquidity of the new third board market, and the standard deviation of closing price and turnover rate is used to measure the market volatility. This paper empirically tests the effect of stratification on the liquidity and volatility of the new third board market by using the DID double differential model. The empirical results show that the stratification system has no significant effect on the liquidity of the new third board market. Factors such as the ratio of circulating shares, net profit, the number of market makers and the number of qualified investors will result in changes in market liquidity. The stratification system can significantly reduce the volatility and enhance the stability of the new third board market. The ratio of tradable shares, net profit and the compound growth rate of revenue will also affect the volatility of the market. Finally, this paper, based on the empirical results, puts forward some suggestions on how to make better use of the system effect of the stratification system in the new third board market.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 樊瑞萍;;分層制度對(duì)我國(guó)新三板市場(chǎng)的影響[J];金融經(jīng)濟(jì);2016年20期

2 黃明R，

本文編號(hào)：1591788