【摘要】 近几年大陆新三板市场实现了跨越式发展,但仍面临许多亟待解决的问题和困境。明确新三板的市场定位并进一步提升其资本配置效率,是关系到新三板市场发展成效的重要课题。本文采用Jeffrey Wurgler(2000)资本配置效率模型对大陆新三板市场和台湾兴柜市场的资本配置效率进行实证比较,并从市场定位、准入门槛、做市商制度和投机氛围等方面分析二者效率差异的主要原因。在此基础上,结合大陆新三板市场发展中存在的问题,对如何进一步强化其市场定位和完善相应的制度设计提出政策建议。更多还原

【Abstract】 As the mainland has made a leap-forward development in the NEEQ market over the past few years,there still have been a lot of difficulties and problems that need to be solved urgently. In fact,it is an important task to clarify the market positioning of the new third board and further improve its capital allocation efficiency. This paper uses Jeffrey Wurgler 2000(capital allocation efficiency model) to make an empirical comparison of capital allocation efficiency between Mainland new National Equities Exchange and Quotations(NEEQ) and Taiwan Emerging Stock Board(ESB),and at the same time,analyze the main reasons for the difference in efficiency between the two in the aspects of market positioning,entry threshold,market system,and speculating atmosphere. Finally,the paper puts forward some policy suggestions on the way to further strengthen mainland’s orientation and to perfect its corresponding system design.更多还原