吕慧和

【摘 要】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。

【Abstract】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.

【关键词】新三板流动性；交易制度；协议转让；做市转让；竞价转让

【Keywords】 new third board liquidity； trading system； agreement transfer； market transfer； bidding transfer

【中图分类号】F421 【文献标志码】A 【文章编号】1673-1069（2018）08-0036-04

1 引言

新三板即全国中小企业股份转让系统（以下简称“股转系统”），是经国务院批准，依据证券法设立的继上交所、深交所之后第三家全国性证券交易场所。新三板挂牌门槛低，其成立旨在为中小企业融资提供便利，企业定向增发实现融资，同时股份在该市场可以进行转让。2013年12月，经国务院正式发文，新三板扩容至全国市场，迎来高速发展期。

流动性是衡量一个市场健康与否的重要指标，而新三板在发展的过程中一直被流动性过低的问题困扰。与一级市场挂牌公司数量迅速增长的表现不符，新三板的二级市场成交量低迷，股票流动性差。2017年，新三板年换手率仅有13.47%，这与沪市A股的144.40%相差甚远；新三板市场每月交易公司占比不到20%，而主板市场该数值可达95%以上。流动性过低阻碍了企业融资，使得新三板融资功能无法充分发挥，这也与新三板成立之初的作用相悖。……