随着新三板扩容得到落实、券商参与地方股权交易市场的规则进一步明确，地方股权交易市场和新三板市场正迎来蓬勃发展契机。

With the new SanBan flash implemented/Brokers to participate in the local equity market rules further clear,Local equity market and new SanBan market is welcome vigorous development opportunity.

　　然而，对于不少挂牌企业的高管来说，他们并没有搞清楚挂牌新三板与挂牌地方股权交易市场有何区别，对企业有何影响。比如，很多挂牌地方股权交易市场的企业认为该平台是“四板”市场，新三板扩容消息一出，一部分企业甚至想办法转板到新三板；同时，也有新三板挂牌企业认为新三板市场流动性不足、融资需求不能得到有效满足，而某些地方股权交易市场的交易功能和融资功能要好很多。

however,For many listed enterprises for executives,They did not make clear listed new SanBan and quoted local equity market have why to distinguish,What is the influence to the enterprise.For example,Many listed local equity market enterprise think this platform is"Four plate"market,A new SanBan flash news,Part of the enterprise and even trying to turn plate to the new SanBan;At the same time,Also has new SanBan listed enterprise that new SanBan market liquidity shortage/Financing demand can not be effectively meet,And some local equity market trading function and financing function better.

　　然而现实的问题是，无论是新三板挂牌企业还是地方股权交易市场挂牌企业，从各项指标看，绝大多数不满足中小板或创业板上市条件。对企业来讲，若短期内无法实现首次公开发行股票（IPO），融资需求更为急迫，很多企业挂牌后仍处于资金匮乏状态。

However practical problem is,Whether the new SanBan listed enterprise or local equity market listed enterprise,See from the indicators,The vast majority of small and medium-sized plate or do not satisfy the conditions to be listed on the gem.Will tell to the enterprise,If the short term can not be achieved initial public offerings of shares(IPO),Financing needs more urgent,A lot of enterprises after the listing is still in the state of lack of money.

　　由于地方股权交易市场与新三板是两套并行的柜台交易系统，在企业挂牌和政策监管上不存在交集，企业选择前者就必须放弃后者，这种选择性困局的背后是我国场外市场建设博弈的结果。

Because the local equity market and the new SanBan is two sets of parallel counter trading system,In the enterprise listed and policy on supervision does not exist intersection,Enterprises to choose the former will have to give up the latter,This selective behind this is China's otc market construction the result of the game.

　　先看新三板的发展历程。2006年，中关村非上市公司股份报价转让试点启动标志着新三板市场发展大幕拉开。今年8月份新三板扩容推进，首批新三板扩容试点园区为上海张江、武汉东湖和天津滨海。再看地方股权交易市场，早在2008年和2010年，天交所和重庆股份转让中心两家场外股权交易市场分别成立，重庆股份转让中心明确表示其主要职责是为企业在新三板挂牌服务；而天交所的定位是为全国性非上市公司股权交易市场；今年2月份刚开业的上海股交中心则是致力于与证监会监管的证券市场实现对接，除为挂牌企业提供定向增资、重组购并、股份转让等服务外，还努力为挂牌企业实现转主板、中小板、创业板上市和新三板挂牌。

To see the new SanBan development course.In 2006,,Zhongguancun private companies offer shares transfer pilot starting marks the new SanBan market development the curtain went up.In August of this year new SanBan flash propulsion,The first new SanBan flash pilot zone for Shanghai zhangjiang/Wuhan east lake and tianjin binhai.Look at local equity market,As early as in 2008 and 2010,Day and the transfer of shares in chongqing center two street equity market established respectively,Chongqing share transfer center made it clear that the main responsibility for enterprise in the new SanBan listing services;And the days which in the positioning for national private company equity market;In February this year has just opened Shanghai stock into center is devoted to the CSRC and the regulation of the securities market to realize a butt joint,In addition to listing enterprises provide directional capital increase/Restructuring acquisitions/The transfer of shares and other services,Also hard for listed enterprises turn motherboard/Small and medium-sized plate/To be listed on the gem and the new SanBan listed.

　　笔者对新三板和地方股权交易市场作了梳理后，发现地方股权交易市场之一的天交所在地域范围、挂牌总量、交易流动性和制度设计等方面都达到相当的高度，单纯的一家地方股权交易市场在灵活的交易制度下的发展势头已不逊色于新三板市场。

The author of the new SanBan and local equity market after the comb,Found that local equity market in one of the days in regional range/Total amount listed/Trading liquidity and system design and achieve a good height,Simple a local equity market in flexible trading system momentum of development has not inferior in new SanBan market.

　　既然新三板与地方股权交易市场是并道发展的格局，首先就要撇开平台层次论，不能简单地认为我国的场外交易市场是由高层次的新三板扩容后的全国性场外市场与低层次的地方柜台市场构成，地方股权交易市场也不能仅仅是“为新三板服务”的陪衬。

Since the new SanBan and local equity market is way and development pattern,The first to be put aside platform hierarchy theory,It can not be considered easily that our over-the-counter trading market is the high level of new SanBan expansion after national otc market and low levels of local counter market constitute,Local equity market also can't just is"For the new SanBan service"foil.

　　从海外成熟市场的发展历程看，多层次资本市场的构建是适应企业发展的不同阶段逐步演化，固然需要一定的层次性。但就国内场外交易市场的发展看，无论是新三板市场还是地方股权交易市场，发展程度都较低。

From the development of overseas mature markets look,The construction of the multi-level capital market is to adapt to the different stages of enterprise development gradually evolution,Not only need a certain level.But domestic over-the-counter market development to see,Whether the new SanBan market or local equity market,Development degree is low.

　　另外，两大场外交易市场的投资者准入门槛有待降低，做市商制度尚未引入，转板制度也没有确立。近年来，新三板和地方股权交易市场在制度体系等方面取得了一定的成效，但依然不能有效解决众多中小企业的股权挂牌上市难题，企业融资结构也没有得到充分优化。

In addition,Two big over-the-counter market investors access to reduce the threshold,Marketmaker system has not yet been introduced,Rotating plate system also have no established.In recent years,The new SanBan and local equity market in the system such as system has made some achievements,But still can't effectively solve the numerous small and medium-sized enterprise's equity listing problem,Enterprise financing structure also has not been fully optimization.

　　其实，无论对新三板还是地方股权交易市场，归根结底都要解决中小企业融资难和资本培育的问题。因此，我国多层次资本市场的场外交易市场的变革之路才刚启程，新三板和地方股权交易市场应该在适当性的竞争下谋求合作共赢发展。比如，地方股权交易市场不但要满足各地区企业的股权挂牌交易和融资的需求挂牌；还可以进一步探讨“双向挂牌机制”，让中小企业可以根据自己的情况实现顺畅的平台互转，新三板挂牌企业在企业自身发展模式下也可以转向地方股权交易市场挂牌。

In fact,No matter for the new SanBan or local equity market,In the final analysis is to solve the financing difficulties of small and medium-sized enterprises and capital cultivation problems.therefore,Multi-level capital market in our country the over-the-counter market change road just set out on a journey,The new SanBan and local equity market should be in the proper sexual competition seek win-win cooperation development.For example,Local equity market not only to meet the various areas the equity of enterprise listed for trading and financing needs listed;Can also be further discussed"Two-way quotation mechanism",Let the small and medium-sized enterprise may, according to their own situation to realize smooth platform transfers,The new SanBan listed enterprise in the enterprise's own development mode can also turn to local equity market listing.

　　对于目前我国场外交易市场建设而言，适当性的竞争是保证市场健康发展的动力，合作机制的建立更有利于实现场外交易市场统一和分层。

For the present our country over-the-counter market for the development,Appropriateness competition is to guarantee the healthy development of the market power,The establishment of cooperation mechanism is more advantageous to realize the over-the-counter market unity and stratification.