证券交易所能否服务于中小企业上市公司成长?——基于新三板(北交所)改革的实证研究  

Can the Stock Exchange Support the Growth of Small and Medium-Sized Listed Companies?—An Empirical Study of the NEEQ(Beijing Stock Exchange)Reform

作　　者：侯智杰 蒋宇翔 杨粲 刘瑞杰 Hou Zhijie;Jiang Yuxiang;Yang Can;Liu Ruijie(Institute of Financial Studies Chinese,Southwest University of Finance and Economics;China Securities Regulatory Commission;Chinese Acadamy of Finance and Development,Central University of Finance and Economics)

机构地区：[1]西南财经大学中国金融研究院 [2]中国证券监督管理委员会 [3]中央财经大学中国金融发展研究院

出　　处：《国际金融研究》2025年第2期74-84,共11页Studies of International Finance

摘　　要：新三板(北交所)是我国服务创新性中小企业的主阵地。本文基于中小企业在股票市场、自身经营与财务、产品市场方面成长的关键因素,深入研究了2020年新三板深化改革对平移至北交所上市的精选层挂牌公司的影响。本文研究发现,受短期投资者情绪影响,精选层股票挂牌后五个交易日内的表现低于同类型的股票,但挂牌后一年内的表现则要优于同类型的股票;这些公司在挂牌后的经营状况没有显著变化,但是杠杆率显著下降,市场份额显著提升。本文的研究结果表明,新三板深化改革后,精选层公司(北交所上市公司)运用外部资金增加投资、扩大生产力、提升产品市场的竞争力,投资者对新三板深化改革做出了积极的反应。结合实证结果,本文对北交所深化改革、更好地服务中小企业的探索提出了政策建议,也在实证方面为交易所助力中小企业成长提供了中国经验。The National Equities Exchange and Quotations(NEEQ)is China's major market supporting the develop⁃ment of innovative small and medium-sized enterprises.Effectively performing the functions of the market is of great signifi⁃cance to the development of small and medium-sized enterprises.Based on the key growth factors of small and medium-sized enterprises,this paper studies the impact of the NEEQ reform in 2020 on the selected-tier listed companies that were subse⁃quently listed on the Beijing Stock Exchange.Specifically,this paper uses the DID method,Fama-French three-factor model,and other methods to study the impact of the NEEQ reform on the selected-tier listed companies'stock market performance,operational and financial performance,and product market performance.The analysis is based on the daily stock data and quarterly financial data of 57 selected-tier listed companies from June 2019 to June 2021.This paper finds that,due to short-term investor sentiment,the performance of selected-tier stocks is lower than that of comparable stocks in the five days following listing,but significantly higher in the one-year horizon.The operating conditions of selected-tier companies did not change significantly after listing,but their lever⁃age ratio decreased substantially,and their market share has increased significantly after listing.These results show that after the NEEQ reform,selected-tier stocks used external funds to increase investment,expand productivity,and enhance their com⁃petitiveness in the product market.Investors responded positively to the NEEQ reform.Based on the empirical results,this paper puts forward policy suggestions for the exploration of the Beijing Stock Ex⁃change to deepen reform and better serve the development of innovative small and medium-sized enterprises.These recommen⁃dations include:introducing appropriate policies,focusing on the cultivation of market elements,strengthening supervision with information disclosure,providing differentiated management and services for compan

关 键 词：新三板 精选层 北交所 中小企业 上市公司 

分 类 号：F832[经济管理—金融学]