4180 
7940近两年来，新三板做市商制度遭遇了前所未有的寒潮，越来越多的已做市企业选择由做市转让转回协议转让。文章从我国现行的股票发行制度出发，实证检验了挂牌企业退出做市转让的影响因素与经济后果。研究发现，是否有IPO计划会显著影响新三板挂牌企业的退出做市倾向，拟IPO企业的退出做市倾向显著更强。这个结论在运用多种方法进行稳健性检验后依然成立。同时，受到市场普遍关注的股票流动性并不是挂牌企业退出做市的主要影响因素。退出做市对拟IPO企业的股票流动性存在显著的负向影响，而没有IPO计划的企业股票流动性则在退出做市后显著上升，这两类企业在退出做市日前后都存在显著为正的平均累积超常收益率。文章的研究对于我国多层次资本市场的建设与新三板市场的制度改革具有一定的启示意义。
新三板挂牌企业退出做市：影响因素与经济后果
摘要
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引用本文
胡妍, 陈辉, 莫志锴. 新三板挂牌企业退出做市：影响因素与经济后果[J]. 财经研究, 2019, 45(7): 59-70.
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