發(fā)布時(shí)間：2018-05-19 13:32

  本文選題：新三板 + 分層制度�。� 參考：《安徽大學(xué)》2017年碩士論文

【摘要】：金融市場微觀結(jié)構(gòu)理論的核心是要說明在既定的市場微觀結(jié)構(gòu)下,金融資產(chǎn)的定價(jià)過程及其結(jié)果,從而探索出市場微觀結(jié)構(gòu)在金融資產(chǎn)價(jià)格形成過程中的作用機(jī)制。作為定位于非上市股份公司股票公開轉(zhuǎn)讓和發(fā)行融資的市場平臺(tái),新三板集中了全國大量中小企業(yè),是一國經(jīng)濟(jì)發(fā)展后續(xù)動(dòng)力的源泉,其市場結(jié)構(gòu)合理性和有效性尤其重要。近兩年來,國務(wù)院也不斷出臺(tái)關(guān)于新三板的改革措施,力求在短期內(nèi)不僅建立起完備全覆蓋的多層次資本市場,而且在各個(gè)市場內(nèi)部要做到資源配置最優(yōu)化,制度健全化。從市場容量看,新三板已經(jīng)將主板和創(chuàng)業(yè)板大幅甩在身后,其對中國宏觀經(jīng)濟(jì)的影響力并不亞于其它市場,但如此龐大的資本市場除了少數(shù)比較耀眼的企業(yè),大多數(shù)企業(yè)都只是有名無實(shí),并沒有得到掛牌后帶來的發(fā)展動(dòng)力和財(cái)富效應(yīng),究其原因,流動(dòng)性問題成了企業(yè)融資發(fā)展的桎梏。2016年新三板最引人矚目的事情就是分層制度的實(shí)施,標(biāo)志著監(jiān)管層已經(jīng)開始著力解決流動(dòng)性不足的難題,后期還會(huì)有相應(yīng)的配套制度不斷跟進(jìn)。分層制度的初衷是通過調(diào)整市場的內(nèi)部結(jié)構(gòu),將企業(yè)按照規(guī)模和經(jīng)營能力加以分類管理,便利了投資者對企業(yè)的考察判斷,對市場各方都是有利因素。但在市場機(jī)制整體不健全的情況下,分層制度是否會(huì)單方面的對流動(dòng)性產(chǎn)生影響仍然是個(gè)未知數(shù)。本文首先將我國的分層制度與納斯達(dá)克做了簡單的比較,然后分析了新三板目前流動(dòng)性存在的各方面問題,并解釋了其中的原因,將分層以來的流動(dòng)性水平選取合適的指標(biāo)進(jìn)行了評價(jià),在得出結(jié)論的同時(shí)根據(jù)市場發(fā)展階段在借鑒外國成熟資本市場的基礎(chǔ)上提出了應(yīng)該推行的改革制度和政策手段,從而促使微觀市場和宏觀經(jīng)濟(jì)能夠起到相輔相成的作用。
[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.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：1910293