新三板交易制度变革对市场流动性影响

The Impact of the Reform of the New Third Board Trading System on Market Liquidity

新三板作为近几年扩容至全国的新兴交易市场,成为中小企业融资的新方式。但其流动性过低的问题一直存在,给挂牌企业融资带来阻力。论文从新三板交易制度的视角出发,分析不同交易制度对于市场流动性的促进能力及其存在的问题。分析表明做市交易的推出对做市股票流动性有所改善但对市场整体而言效果有限;集合竞价全面取代协议转让并不能很好适应现阶段市场现状。基于此,论文给出新三板未来交易制度及配套措施改善的建议。

As the emerging trading market which has expanded to the whole country in recent years, the new third board has become a new way for SMEs to raise funds. However, the problem of low liquidity in the new third board has always existed, which has brought resistance to the financing of listed companies. From the perspective of the new third board trading system, this paper analyzes the ability of different trading systems to promote market liquidity and its existing problems. The analysis shows that the introduction of market-making transactions has improved the liquidity of market-making stocks but has limited effect on the whole market, the collective bidding has completely replaced the transfer of agreements and is not well adapted to the current market conditions. Based on this, this paper gives suggestions for the future trading system of the new third board and the improvement of its supporting measures.