内部分层是新三板市场发展到一定程度、内部差异化趋势显现时一条必经之路。分层应当依据何种标准,这些标准又应采取何种指标是关系到分层之后市场能否稳健发展的关键。在分层制度上,日本JASDAQ市场分层标准及其持续审查制度和信息披露制度,于我国新三板市场分层有着重要的参照价值。 Internal stratification is the development of the new three-board market to a certain extent, the internal differentiation trend is a necessary path. Stratification should be based on what kind of standards, these standards and what kind of indicators should be taken is the key to the stable development of the market after stratification. In terms of the stratification system, Japan’s JASDAQ market stratification standard and its continuous review system and information disclosure system have important reference values ​​for the stratification of the new third board market in China.