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做市赚钱难 券商退意浓

2017-09-06 07:36:51   中国经济网

中国证券报记者发现,新三板做市转让方式实施三年来,截至2017年9月1日,新三板共有11551家挂牌企业,其中采取做市转让的有1477家,采取协议转让方式的有10074家。2017年以来做市商退出家数明显增加,已有536起做市商退出做市服务,仅8月就有163起,超过2016年全年的141起。

做市业务赚钱难

数据显示,目前市场上采取做市转让的企业共有1487家。Choice数据显示,今年已有255家做市企业转协议,另外,还有262家公司有做市商退出记录。

曾从事过做市业务的人员向中国证券报记者表示,从三板上市企业角度来说,做市不能提供充足的流动性,特别是在企业希望进行大宗撮合时,通过做市很难很快实现企业的目标,股东无法直接与其他股东交易,通过做市商进行交易,企业很难进行市值维护,所以企业选择退出做市。

被动退出占多数

联讯证券新三板研究部研究员表示,券商退出做市报价服务主要是由市场环境决定的,有的是主动退出,有的是被动退出。主动退出主要与券商自身经营的调整有关。因为行情因素,做市商普遍出现亏损,不得不削减做市业务。另外,当前市场对于做市商的要求十分严格,今年已有不少券商因为做市问题被处罚。因此,做市已成为券商“高危”业务,主动收缩也是可以理解的。

“被动退出则有三方面原因,主要是做市股票变更协议转让、上市辅导、经营出现重大风险。”上述研究员表示,目前三类股东问题无法解决,已成为新三板的一个痛点。企业要想顺利IPO,就需要提前清理三类股东,如果依然选择做市转让,就无法限制三类股东继续买入。但并不是所有拟IPO企业都要放弃做市交易,这个取决于企业意愿和辅导券商的安排,因为目前排队IPO的挂牌企业都还需要先撤回材料,清理三类股东再去排队,与其这样,不如提前清理干净,只有协议转让状态才能做到这一点。

北京某中型券商做市业务部从业人员向中国证券报记者表示,虽然有券商主动缩减做市企业数量,但大部分情况还是券商被动退出这一业务,主要是企业有做市转协议的需求。

“主动退出的情况也有所不同,主要是不看好企业的基本面及未来发展。还有一些可能前期减持掉一些股份,剩余的库存股不多,也会退出。”业内人士称,券商在主动退出做市之后,就是普通的投资者了,股份会有不同的处理方式。如果不看好企业未来发展,大部分是不会长期持有公司股份的。但如果二级市场没有成交量,可能也没办法在短期内处理完库存股。

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