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新三板交易制度改革下一步:具备条件就去竞价

2017-08-27 07:50:49   中国经济网

或许周宇已经忘记了8月25日是做市商三周岁的生日了,新三板做市指数的跌跌不休,二级市场的流动性告急很难让人提起兴致。在这个抱团取暖等待春天的市场,与其他金融从业者相比,周宇觉得自己正在被“边缘化”。

2014年8月25日,随着43家挂牌企业将转让方式由协议转为做市,新三板做市转让交易正式实施;2015年3月17日,三板成指和三板做市正式上线,不到两个月的时间,三板做市指数便突破2600点(以年初1000点为基点);2017年8月25日,新三板成为了全球挂牌数量最多的证券交易场所,在做市商交易实施三周年之际,三板做市指数却回到了1020点。

伴随着指数一路下探,越来越多的企业放弃做市转让的交易方式,Wind统计数据显示,自8月以来,已经有17加公司退出做市交易,而2017年以来,有1399家企业登陆新三板,做市转让企业数量却减少了158家。

截至8月25日收盘,新三板市场839只股票实现成交,累计成交额5.42亿元,2017年已经过去的近200个交易日里,新三板累计成交额5387.85亿元,与A股市场一天的成交额不相上下。

这种流动现状让周宇无奈而又倍感压力,面临着业绩考核的压力,周宇早已没了当初接触新三板时的激情。

正如市场从业者感慨,一味的加强监管而忽略创新,对三板市场是非常不利的,目前市场只完成了是企业的扩容,而投资机构的扩容还未完成,在这个新兴的市场,改革只进行一半的时候,不进则退。

而在8月25日的媒体通气会上,升任股转公司董事长后首度露面的谢庚在提到严厉打击违法违规行为,切实维护市场“三公”的同时,亦提到万家时代新三板的改革思路:以完善分层标准为切入点,统筹推进发行、交易、投资者准入和监管等各方面改革。这位新三板市场的掌舵者坦言,已有相当数量的公司与市场建立时的主体预设不一致,市场需求结构发生了深刻变化,需要加快完善市场功能。

指数:跌跌不休

在8月25日做市商制度三周岁生日上,做市指数并没有让市场失望,早盘高开低走后数在临近收盘时被急速拉升,最终收于1020.09点,涨幅0.12%,虽然微涨,但距离1000点基点并不远。

周宇仍然记得那段疯狂的日子,2015年3月,新三板正式进入了指数时代,聚焦于交投更为活跃的做市股票的三板做市与覆盖全市场表征性功能的三板成指正式上线,两指数均以2014年12月31日为基期,基点为1000点。指数上线首日,三板做市收于1653.93点,漂亮的开头过后,是三板做市指数呈直线型上扬,4月7日,三板做市在突破2000点后达到2673.17点历史高峰,三板成指也一路攀升至2134.31点,随后两指数开始下跌。

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