市场流动性对新三板与创业板估值差异分析

Market Liquidity Differences and Their Influence on the New Three Board and GEM Board Equity Valuation

流动性差异是否引起新三板市场与创业板市场股票估值的巨大差异。选取2016年1月4日至2017年9月29日之间两个市场中各100支股票为研究样本,构建流动性指标及回归模型进行实证分析。结果显示:流动性指标对两个市场影响显著,但对创业板市场估值的影响程度是新三板做市市场的两倍,每股收益、公司规模对股票估值显著,且两市相近。

Whether the difference of market liquidity causes huge difference in stock valuation between the New Third Board market and the GEM market deserves a study. This paper constructs liquidity indicators and regression models for empirical analysis by taking 100 stocks of each market between Jan.4th, 2016 and Sep.29th, 2017 as samples. The results show： The liquidity indicators have a significant impact on two markets, and the impact on valuation of the GEM market is twice as much as that of the New Third Board market; The earnings per share and company scale also have significant impact on stock valuation and the influences are similar in both two markets.