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新三板市场的流动性问题是制约其发展的主要因素,二级市场的流动性不足将影响一级市场融资受困。2016年6月27日,新三板分层制度正式实施,新三板分为创新层和基础层。新三板分层制度与流动性的关系看,分层制度实际上并不带来市场流动性的实质性增加,只是改变了市场流动性的结构。
The issue of liquidity in the new Third Board market is a major factor restricting its development. The lack of liquidity in the secondary market will affect the difficulty of financing the primary market. June 27, 2016, the new three-tier system was officially implemented, the third board is divided into innovation and basic level. The relationship between the new three-tier stratification system and liquidity shows that the stratification system does not actually result in a substantial increase in liquidity in the market, but only changes the structure of market liquidity.