当前关于新三板分层制度改革的议论很多,本文将新三板分层改革视作一个不完全信息动态博弈的过程,认为未来该博弈必将具有不完全信息、动态、多阶段的复合特征。这种复杂性是造成人们现在对新三板分层认识混乱、投资者和企业行为决策犹疑不决的根本原因。当前关于新三板分层制度改革的议论很多,特别是分层落地之后的市场走势。有人期待分层能够带来流动性回升的制度红利,亦有人质疑这一制度将加剧市场流动性和估值的进一步分化,更有悲观者认为未来新三板将有95% At present, there are many discussions about the reform of the system of stratification of the New Third Board. This paper considers the stratification reform of the new three boards as a process of dynamic game of incomplete information. In the future, this game is bound to have incomplete information, dynamic and multi-stage complex features. This complexity is the fundamental reason that people are now confused about the new three-tier hierarchy and the hesitant decisions of investors and business actors. At present, there are many arguments about the reform of the new three-tier system, especially the market trend after the multi-layered system. Some people expect stratification can bring liquidity rebound system dividend, some people questioned this system will exacerbate the market liquidity and further differentiation of valuations, more pessimists believe that the next three board will have 95%