引入个人投资者对新三板市场的影 3

摘    要

中国经济的迅速崛起，促进国内资本市场改革，资本市场逐渐深化并在市场化的方向上不断发展，使其变得标准化和国际化。建立完善多层次的资本市场是我国金融发展的一项重要举措，各级市场之间应该无缝连、互利互补、共同努力、协同发展。

本文通过查询大量资料文献和结合相关理论，首先以个人投资者身份去研究新三板对市场的影响的理论问题，展示了个人投资者参与市场交易的必要性。然后通过对新三板市场的交易现状及企业估值进行了分析，并在此基础上对引入个人投资者前后新三板市场的交易情况进行了研究，最后针对引入个人投资者后新三板市场的风险控制提出相关对策，具有重要的现实意义。

【关键词】新三板 个人投资者 效用 企业估值

Abstract

With the rapidly rise of China economy, which promote the domestic capital market reform, and gradually capital market deepening and be in the market-oriented direction of development, which make it become standardization and internationalization. The establishment of a multi-level capital market in our country is an important measure of financial development, coordinated development between levels of the market should be seamless, mutually complementary, joint efforts.

 In this paper, through a large number of information literature and combined with related theory, first of all, as an individual investor to study the effect of new three board market theory problem, shows the necessity of individual investors to participate in market transactions. And then through the new three board market present situation and the enterprise value are analyzed, and on the basis of the new three board market before and after the introduction of individual investors trading conditions are studied, finally based on the introduction of individual investors after new three board market risk control related countermeasures, which has important practical significance.

【Key  words】three new boards  Individual investors  cooperate valuation  impact  utility

目    录

1  绪论 1

1.1研究背景及意义 1

1.2研究思路和框架 2

2  新三板市场的交易和估值模型建立 2

2.1我国新三板市场发展概况 3

2.2新三板市场的交易模型 4

2.2.1 模型建立 4

2.2.2 市场交易成功率的概率分布 5

2.3 企业估值分析 7

2.3.1 模型建立 7

2.3.2 比较分析 8

3  引入个人投资者对新三板市场的影响研究 9

3.1 引入个人投资者后新三板市场的交易情况分析 9

3.1.1 个人投资者的引入对新三板交易价格的影响 9

3.1.2 个人投资者引入市场之后企业与机构投资者的博弈情况 10

3.2 引入个人投资者前后市场价格与交易量的分析 12

3.2.1 未引入个人投资者时市场的情况 12

3.2.2 引入个人投资者后市场的情况 12

4  引入个人投资者后新三板市场的风险控制 13

4.1 建立可靠的交易机制 13

4.1.1新三板市场现行交易制度 13

4.1.2建立完善的做市商制度 13

4.2 建立完善的信息披露机制 14

4.3 建立完善的监管制度 15

5  结论 15

参考文献 17