新三板:制度描述与研究机会

NEEQ Market:Institutional Characteristics and Research Opportunities

多层次资本市场健康发展可以很好地增强金融服务实体的经济能力。新三板作为多层次资本市场建设的重要一环,在近些年的发展中经历了一定的起伏。本文从发行、融资、交易、摘牌、监管等维度对新三板制度进行了综合的描述性统计,发现了新三板这个独特的新兴资本市场的特征,尤其指出新三板是一个中小微企业的资本市场舞台。新三板独特的制度需求与供给为我们提供了很好的研究场景。本文从公司治理、股权结构、风险投资、税收等多个角度指出新三板为中小微企业提供的研究机会,还从新三板的分层制度、交易制度、摘牌制度等方面切入,为研究新三板在政策监管下的实施与效果、制度的有效性、管制下的融资成本、投资者行为等方面提供方向指引。本文认为,研究新三板的制度特点与沿革路径对于深化新三板改革,促进制度创新有着巨大的理论与实践意义。

The healthy development of multi-level capital markets can enhance financial services for the real economy.Nevertheless,as an important part of the design for multi-level capital markets in China,the National Equities Exchange and Quotations(NEEQ)market,often known as the New Third Board,has received little attention from recent research,despite its dramatic ups and downs in recent years.In this paper,we provide comprehensive descriptive statistics for the NEEQ market of its various activities such as issuance,financing,trading,delisting,and regulations.We characterize the unique aspects of the NEEQ market as an emerging financial market for macro,small,or medium enterprises(SMEs).These unique aspects of the NEEQ market offer us good research opportunities.We discuss corporate governance,shareholding structure,venture capital,and taxation for businesses listed in the NEEQ market.In addition,we examine the hierarchy and trading and delisting rules of the NEEQ market so as to provide directions for assessment of financing costs,investor behavior,and the effectiveness and consequence of policy implementation.We believe that the development of the NEEQ market gives rise to distinct institutional characteristics,which have implications for subsequent institutional reforms and innovations of the NEEQ Market.