分层制度调整对新三板企业流动性的影响  

The Impact of Tiered System Adjustment on Corporate Liquidity on the National Equities Exchange and Quotations

作　　者：王素 王一凡 时琨 WANG Su;WANG Yifan;SHI Kun(Nanjing Agricultural University Nanjing,Jiangsu 210095)

机构地区：[1]南京农业大学,江苏南京210095

出　　处：《中国商论》2023年第7期101-105,共5页China Journal of Commerce

基　　金：国家级大学生创新创业训练计划立项项目《分层制度调整对新三板企业流动性的影响——基于精选层的视角》,(202210307022Z)。

摘　　要：流动性不足是制约新三板市场发展的核心问题,研究新三板股票流动性对新三板市场极为必要。本文选取2019年8月—2021年8月新三板精选层和创新层的数据为样本,采用PSM-DID模型探究分层制度对新三板股票流动性的影响。结果表明:第一,企业从创新层进入精选层后,股票流动性有显著的提升效应;第二,与东部企业相比,中西部企业进入精选层后,流动性提升更显著。本文丰富了国内关于分层制度实施政策效果的研究,对资本市场的流动性研究有一定的边际贡献。Insufficient liquidity is the core issue that restricts the development of the National Equities Exchange and Quotations(NEEQ).It is extremely necessary to research the stock liquidity of the NEEQ for NEEQ market.In this paper,the data of the NEEQ enterprises from August 2019 to August 2021 were selected as samples,and the PSMDID model was used to conduct an empirical study on the effect and mechanism of the impact of the tiered system on the liquidity of the stocks in it.The results show that:first,after the enterprise enter from the innovation layer into the selected layer,the stock liquidity has a significant improvement effect.Second,compared with the enterprises in the east,when the central and western enterprises stratified into the selected layer brings more significant liquidity increase.This paper enriches China’s research on the policy effect of the tiered system implementation,and has a certain marginal contribution to the liquidity research of the multi-level capital market.

关 键 词：PSM-DID 分层制度 精选层 流动性 区域异质性 

分 类 号：F832.5[经济管理—金融学]