美国纳斯达克市场对我国新三板分层的启示

摘要

随着在新三板挂牌公司数量的不断增加、做市商制度的推出以及融资额的攀升，企业在估值、业绩及流动性等方面分化日益明显，新三板分层意见确立了基础层和创新层及其分层标准。美国纳斯达克市场有其从两层到三层的分层轨迹，其分层标准和发展轨迹对我国新三板的发展不乏参考价值。%With the increase of the number of listed companies in National Equities Exchange and Quotations (NEEQ),the launch of market maker system and the rising of financing amount in China's National Equities Exchange and Quotations, companies’differ-entiation in valuation, performance and liquidity etc. has become increasingly evident. The draft of tiers of China's NEEQ establishes a base tier and innovation tier and their standards. U.S. NASDAQ market has its tracks from two tiers to three tiers, and it’s tier stan-dards and development path gives the referential value to the development of China's NEEQ.