我国中小企业板市场流动性问题分析-analysis on liquidity of small and medium-sized enterprise board market in china.docxVIP

IV IV 摘 要 从现实背景出发研究我国中小企业板市场的流动性问题 目的是立足长远 符 合国际惯例 在理论上探讨成熟的中小企业板市场应当如何运行 本文对我国中小企业板市场流动性问题的研究 遵循了这样的一个思路 首先 介绍流动性有关理论 在市场微观结构理论下讨论了影响市场流动性的因素 交易 机制 交易成本 市场透明性 市场参与者的行为等 其次 借鉴海外风险资本市 场的成功经验和失败教训 寻求共性 再次 结合中国国情 考察影响我国中小企 业板市场流动性的有利条件 如经济发展速度较快 发达的电子交易系统 市场容 量大 上市资源优良等 分析阻碍市场高流动性的潜在问题 如无做市商制度 交 易成本过高 市场透明度差 机构投资者比重小等 并对现在已经运行了三个月的 中小企业板市场进行了简单的分析 最后 提出提高我国中小企业板市场流动性的 建议 基于以上研究 本文提出以下具体建议 第一 在条件成熟时引入做市商制度 与我国现有的指令驱动机制相结合 共同推动市场运行 第二 对于交易者 首先 要培养理性机构投资者 减少价格波动 增强投资者对中小企业板市场的信心 其 次要拓宽券商融资渠道 第三 设法降低交易成本 提高投资者和证券商的交易积 极性 第四 改革信息披露方式 完善信息披露内容 关键词 流动性 中小企业板市场 风险资本市场 PAGE PAGE VI Abstract This research is on the liquidity of China’ s small and medium-sized enterprise board (SME-board) market. Its purpose is to discuss theoretically how the mature SME-board market operates with accordance to the international practice. This paper analyzes the liquidity of the SME-board market of our country as follows. First of all, the relevant theories of liquidity is introduced, and the factors that influence the liquidity under the market microstructure theories are discussed, such as the trade mechanism, the transaction cost, the market transparency , the behaviors of participants in the market etc. Secondly, successful experiences and lessons learned from overseas venture capital stock markets are used for reference in order to find the rule of the venture capital stock market. Moreover, combined with Chinas current conditions, positive conditions to increase the market liquidity of our country are discussed, such as the fast economic development, developed electronic trade system, large capacity of this market, fine listing resources etc; the potential problems to hinder the market liquidity of our country are analyzed, such as no market- making system, too high transaction cost, the transparency of the market, few institutional investors etc; and simple analysis on the SME-board market that has already operated for three months is presented. Finally, suggestions to impro