多层次资本市场中新三板市场的法律制度供给与选择

The Legal Supply and Choice of the Neeq Market in Multi-level Capital Market Context

资本市场的多层次性是资本市场充分发挥市场功能的生态基础。从市场微观结构来看,投资者、融资方、监管方、市场交易制度、市场功能的多层次性,决定了建设多层次资本市场必须从多元化的角度理解。新三板市场作为多层次资本市场的基础层,是以上各个方面对资本市场的有效补充。针对目前新三板市场依靠制度红利输血、流动性匮乏、融资能力不强等问题,新三板的制度设计,应从政策主导向诱导型制度变迁转变,选择有效的法律制度供给加强市场微观结构建设,使新三板市场进入良性循环。

Diversity is a basic feature of the ecological system of the capital market. To build a multi-level capital market,it is necessary to understand the diversity of the market within the spectrum of the market micro-structure theory,including the multi-level features of the dealers,regulators,as well as the trading mechanism. The Neeq Market is suffering from the malfunction of the market mechanism,the shortage of liquidity and the deficiency of financing function. To create its own virtuous circle of the market,the institutional change of the market should follow the route from imposed change to induce change. And a legal supply on the market micro-structure is needed to be included into the process.