作为我国场外市场的主要部分，新三板市场在 2013 年经过扩容后挂牌家数迅 速增多，市场规模迅速扩大，成为我国多层次资本市场的重要组成部分。2012 年 9 月 20 日，全国中小企业股份转让系统成立，标志着新三板正式诞生。新三板也从地 方性交易场所变为全国范围内的场外交易场所。但在新三板市场蓬勃发展的同时也 伴有风险，挂牌企业本身在财务、公司治理方面普遍存在着各种各样的问题，这些 问题并没有随着企业挂牌而解决。新三板市场需要建立完善的交易和监管制度，来 防范一二级市场的不同风险。 本文对新三板市场现阶段存在的问题引发的风险及风险防控策略进行研究。在 概述相关概念及风险投资理论、投资者保护理论及风险管理理论的基础上，首先根 据我国新三板市场发展现状，提出并分析目前新三板存在的几大问题；其次，分析 我国新三板市场所面临的五大风险，即：系统性风险、新三板挂牌企业的风险（包 括企业经营风险、股权结构与治理风险及信息披露风险）、做市商制度的风险（包 括做市商制度的固有隐患、做市商的违规风险）个人投资者的风险（包括投资风险、 价格操纵的风险）、监管与制度建设的风险（包括监管水平不足的风险及转板机制 不完善的风险）；最后，从市场建设、挂牌企业、做市商、个人投资者和监管机构 五个方面提出新三板市场的风险防控建议，促进我国新三板市场实现有效的风险防 范，为新兴产业、中小企业的发展提供有力的资金保障。 关键词：新三板 全国中小企业股份转让系统 市场风险 防控策略II 华 中 科 技 大 学 硕 士 学 位 论 文 Abstract As the main part of Chinese over-the-counter(OTC) market, the market scale of the “New Third Board” expanded rapidly with a quick-rising number of listed companies after the expansion in 2013, and has become an important part of China's multi-level capital market. The National Equities Exchange and Quotations(NEEQ) was set up in Sept 20 th , 2012, marking the “New Third Board” was formally established. The NEEQ had also changed the “New Third Board” from a local trading platform to a nationwide trading platform. However, with the vigorous development of the “New Third Board” market, risks are also followed. Various kind of problems in the financial and corporate governance of the listed companies have not been solved through listing. The “New Third Board” market needs to establish a series of trading and regulatory system to guard against different risks in the primary and secondary markets. This thesis studies the risks and coping strategies of the “New Third Board” market. On the basis of summarizing relevant concepts of venture capital theory, investor protection theory and risk management theory, this thesis will first analyse the current situation of the development of the “New Third Board” market in China, that is, the rising market capacity, the widespread distribution of enterprises and industries, the centralized geographical distribution, and the market maker system. At the same time, the “New Third Board” market has the following problems: low liquidity, lack of market activity, market making system need to be improved and tax avoidance behavior is rampant. Then, this thesis analyses the five major risks faced by the “New Third Board” market in China, those are: systemic risks; risks of the listed companies, which including business risks, ownership structure and governance risks, and information disclosure risks; risks of market making system, which including inherent risks of market maker system, irregularities risks of market maker; personal investor risks, which are investment risks,III 华 中 科 技 大 学 硕 士 学 位 论 文 price manipulation risks; supervision and system construction risks include the risks of insufficient supervision level and the risks of imperfect transition mechanism. Finally, the thesis puts forward some suggestions on risk prevention in the “New Third Board” market, those which are, the listed companies should strengthen themselves’ risk management, the intermediaries should improve their service quality, the market should strengthen market construction, and regulators should improve supervision system, so as to promote effective risk prevention in the “New Third Board” market, and then, provide strong financial support for the development of emerging industries and small and medium enterprises. Key words: New Third Board NEEQ Market Risk Risk Prevention StrategyIV 华 中 科 技 大 学 硕 士 学 位 论 文 目 录 摘要................................................................................................................I Abstract............................................................................................................II 图目录.............................................................................................................VI 表目录............................................................................................................VII 1 绪论..............................................................................................................1 1.1 研究背景................................................................................................1 1.2 研究意义................................................................................................3 1.3 相关研究综述....................................................................................... 4 1.4 研究方法................................................................................................7 2 我国新三板市场现状及存在的问题分析.................................................8 2.1 新三板市场发展概况...........................................................................8 2.2 新三板市场发展现状中存在的问题.................................................11 3 我国新三板市场风险分析.......................................................................18 3.1 新三板市场系统性风险.....................................................................18 3.2 新三板挂牌企业的风险.....................................................................19 3.3 做市商制度的风险.............................................................................23 3.4 个人投资者的风险.............................................................................25 3.5 监管与制度建设的风险.....................................................................27 4 新三板市场的风险防控建议...................................................................29 4.1 新三板市场加强市场建设.................................................................29 4.2 挂牌企业加强风险管理.....................................................................32 4.3 完善做市商交易制度.........................................................................33V 华 中 科 技 大 学 硕 士 学 位 论 文 4.4 重视个人投资风险应对.....................................................................35 4.5 监管机构完善监管模式.....................................................................36 5 结论............................................................................................................37 致 谢..............................................................................................................38