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市场各方开始反思新三板市场的各项制度设计,比如新三板市场究竟是场内市场还是场外市场、挂牌公司是否可以搞公开发行、如何发挥做市商的功能等2016年以来,全国中小企业股份转让系统(又称“新三板”)三板成指和做市指数持续下跌,在挂牌公司数量大幅增长的同时市场成交量却日趋萎缩,市场流动性不足的问题凸显。受流动性不足的影响,投资者参与挂牌公司股票发行的积极性明显下降,影响了市场融资功能的发挥。基于此,市场各方开始反思新三板市场的各项制度设计,比如新三板市场究竟是场内市场还是场外市场、挂牌公司是否可以搞公开发行、如何发挥做市商的功能等。本文针对前述问题进行了一些思考。
All parties in the market began to reflect on the system design of the new three-board market, such as whether the new three-board market is an on-market market or an over-the-counter market, whether listed companies can engage in public offering and how they can play the role of market maker etc. Since 2016, The shareholding system of the corporate share transfer system (also known as the “new three board”) and the index for making the stock market continued to fall. With the substantial increase in the number of listed companies, the market volume has been shrinking day by day. The problem of insufficient liquidity in the market has become prominent. Influenced by the lack of liquidity, the enthusiasm of investors participating in the issuance of shares of listed companies has obviously dropped, affecting the function of market financing. Based on this, all parties in the market are beginning to reflect on the system design of the new three-board market, such as whether the new three-board market is an over-the-counter market or an over-the-counter market, whether listed companies can engage in public issuance and how they can make use of the functions of market makers. This article has carried on some thinking to the aforesaid question.