新三板资本市场质量评估与改革政策研究

在综合考虑新三板市场数据质量较低和数据可得性较差等特征的基础上,本文构建了一套新三板资本市场质量的评价体系,首次对新三板资本市场质量进行评估。评估结果显示:新三板资本市场质量整体呈现出先上升后下降的趋势,新三板市场亟需通过进一步改革来遏制市场质量进一步下滑的趋势。基于已有文献,借鉴美国证券市场机制改革的成功经验,并结合我国新三板市场的独有特征,本文分析了新三板资本市场质量不高的原因,提出如下政策建议:(1)进一步明确新三板的市场定位;(2)进一步细化新三板的市场分层;(3)在高层次市场中适度降低投资者适当性标准;(4)降低做市商的做市成本和风险,引入更多的竞争性做市商;(5)适当降低创新层的集合竞价频次,暂不宜在创新层推出连续竞价交易制度;(6)设置差异化的大宗交易机制,提高大宗交易的撮合效率;(7)尽快建立与科创板进行转板和对接的机制,完善摘牌与降板制度。

The Quality Evaluation of the NEEQ Market and Reform Suggestions

On considering the low quality and low availability of the NEEQ market's data,the paper evaluates the market quality of the NEEQ by constructing a new series of evaluation indicators,which is the first time to evaluate the quality of the NEEQ market.The results show that the trend of the market quality of the NEEQ is an inverted U-shape.This means that we should counteract the decreasing trend of the market quality of the NEEQ through reforming.Based on existing literatures and considering the special characteristics of the NEEQ,the paper analyzes the reasons of the low quality of NEEQ,and gives policy suggestions as follows.We should(1)define the function of the NEEQ more clearly,(2)divide the NEEQ into more layers,(3)lower the requirements of qualified investors in the high layer,(4)decrease the costs and risks faced by market makers and introduce more market makers,(5)not introduce the continuous auction system and decrease the clearing frequency in the innovation layer,(6)differentiate block trading mechanisms and increase its efficiency,(7)establish the stock transfer mechanisms with science and technology innovation board,and complete the delisting and decreasing board system.