摘要
借助信息不对称条件下的逆向选择模型分析了资本市场分层的理论逻辑以及新三板市场的创设依据,并利用Lokta-Volterra模型分时段检验分析了新三板市场引入后中国多层次资本市场体系内部的板块互动关系。研究结果表明,单层次扩容的资本市场发展路径并不具有现实可行性,资本市场的分层细化可以实现不同类型企业的分离均衡,是一种典型的帕累托改进。从新三板市场创设后与其他板块的互动关系看,全时段的数据检验发现新三板市场对于其他市场板块的交易规模均有正向促进作用,分时段的数据检验显示在新三板市场发展的不同阶段其对其他市场板块的作用强弱各不相同,但均无掠夺、捕食、抑制、替代等负向不利影响,这间接印证了市场分层对于整个资本市场体系的效率提升作用。
Using an adverse selection model under the condition of asymmetric information, this study analyzed the theoretical logic of a multi -level capital market system and the basis for the development of a new Over - the - Counter （ OTC ） market. In addition, the Lokta - Volterra model was applied to analyze the interaction between various market system in China during different periods following sectors of the multi-level capital introduction of the new OTC market. The results showed that single -level expansion of the capital market was not realistic or fea- sible;however, a capital market system with classified and refined levels can still achieve a sepa- rating equilibrium among different types of enterprises, which is an expected Pareto improvement. Based on the interaction between the new OTC market and other sectors in the market, the new market had a positive effect on the transaction volume of other sectors following introduction. The data of the different periods analyzed showed that such an effect was differentiated at the various stages of market development. Nevertheless, no negative, adverse effects, such as plunder, predation, suppression, and substitution, were found. This indirectly confirmed that multi -level markets are conducive to improving the efficiency of the overall capital market system.
作者
徐凯
Xu Kai(School of Finance ,Central University of Finance and Economics ,Beijing 100081 ,China)
出处
《金融经济学研究》
CSSCI
北大核心
2018年第2期84-94,共11页
Financial Economics Research
关键词
资本市场体系
新三板
单层次扩容
多层次建构
capital market system
new OTC market
single - level expansion
multi - level construction
