新三板企业退出做市转让:“情非得已”还是“心甘情愿”?

NEEQ Listed Firms Exit Market Making: “Reluctance” or “Willingness”?

以新三板退出做市转让的挂牌企业为研究对象,本文分析交易方式转变的动因和效果。分析发现,企业退出做市转让的原因主要为摘牌、筹划IPO、实现大宗交易、提升股票估值及流动性。为进一步研究做市转协议的市场效应,选取2016～2017年新三板挂牌公司数据,采用双重差分倾向得分匹配模型(PSM-DID)检验了做市转协议对股票流动性的影响。研究发现,企业由做市转为协议后,换手率、交易规模和股票估值均显著提升,印证了部分做市企业基于流动性和估值考虑,转为协议转让的内在动因。

Using the samples of the NEEQ listed firms exiting market making, this paper analyzes the motivations and effects of exiting market making. The motivations include delisting, preparing for IPO, completing block trades, and enhancing the firm value and liquidity. The further study focuses on the market effect of transformation from market making to agreement. Using the sample of the listed firms for the period of 2016~2017 with PSM-DID method, we revealed the enhancing effect of transformation from market making to agreement on liquidity. The empirical results showed that the firms’ turnover ratio, deal size and valuation are significantly improved after transformation from market making to agreement. It also proves the motivation of some firms exiting market making out of considerations of liquidity and valuation.