随着新三板市场挂牌公司的增多,公司质地差异越来越大,挂牌企业差异化结构需要在新三板市场内部进一步分层。在分层设计上,我们可以参考美国纳斯达克、柜台交易集团、日本JASDAQ市场的分层制度,在新三板市场内部划分为高级、中级、低级市场,并通过差异化的交易方式、信息披露规则、投资者适当性管理制度的安排,让不同质地、不同融资需求的企业可以自由选择在不同层次的市场挂牌,从而更好地为企业服务、更有效地进行风险管理。 With the increase in the number of new three board companies listed companies increasingly different quality of the company, listed companies need to differentiate the structure of the new three board market further stratification. In the hierarchical design, we can refer to the United States Nasdaq, counter trading group, Japan JASDAQ market hierarchy, within the new three-board market is divided into high-level, low-level market, and through differentiated transactions, information Disclosure rules and arrangements for the management of investors’ appropriateness, so that enterprises with different textures and financing needs can freely choose to be listed on different levels of the market so as to better serve the enterprises and conduct risk management more effectively.