基于流动性视角的我国新三板分层效率研究

王健康1; 廖韫琪2

基于流动性视角的我国新三板分层效率研究

引用本文：王健康1,廖韫琪2.基于流动性视角的我国新三板分层效率研究[J].财经理论与实践,2022,(1):59-66

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作者	单位
王健康1,廖韫琪2	(1.长沙理工大学经济与管理学院，湖南长沙 410114；2.新南威尔士大学商学院新南威尔士州，悉尼 2052)

中文摘要:作为我国场外市场最重要的组成部分，新三板依企业资产质量、规模及风险程度不同，划分为基础层、创新层与精选层三层市场结构，其目的在于提高市场有效性。双层差分（DID）实证表明：发展阶段与外部环境决定分层标准的差异，而分层标准的选择反作用于新三板后续发展；分层制度能帮助提升市场的包容性，降低交易成本，进而提高市场的配置效率。为此，应加快新三板市场交易制度改革和配套制度建设，营造更好的场外市场环境，进一步提升新三板市场运行效率。

中文关键词:新三板双重差分法场外市场流动性

The Research of the New Third Board of China’s Efficiency of Stratification From a Liquidity Perspective

Abstract:As the most important part of China’s OTC market, the New Third Board can be divided into three market structures: base layer, innovation layer and selected layer according to the different asset quality, scale, and risk degree of enterprises. The purpose of layering is to improve the efficiency of the market. The empirical analysis of DID shows that: the development stage and the external environment determine the difference of stratification standards, and the selection of stratification standards has a negative effect on the subsequent development of the New Third Board; Stratification system can help to enhance the inclusiveness of the market and reduce transaction costs, thus improving the efficiency of market allocation. Therefore, we should improve the trading system of the New Third Board and promote the construction of supporting systems to create a better OTC market environment and further enhance the operation efficiency of the New Third Board market.

keywords:New Third Board DID efficiency OTC market

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