An Empirical Study On The Correlation Between Three New Pads’ Market Maker System And The Value Of Cultural Enterprise

Since the 21st century, our government has established a multi-level capital market system and has issued the Measures for stock quotation of unlisted Companies in Zhongguancun Science Park with the Securities Companies’ Commissioned Shares Transfer System, which is called "Three New Pads". So it attracts many small and medium-sized enterprises and in turn the Three New Pads’ position has been improved in China’s capital market. In 2013, China established National Equities Exchange and Quotations, which enlarged the companies in Three New Pads to all of high-tech small and medium-sized enterprises. And also, National Equities Exchange and Quotations effectively promote the development of these enterprises. Capital market realize resource optimization disposition. In 2014, establishing Market Maker System added new energy to the Three New Pads. It increased the liquid of capital market, stabilized stock prices, avoid the risk of institutional manipulation, and Enterprising Value was optimally estimated to the real value.This paper firstly analyze the operation mode of market maker trading in developed capital market in foreign countries and emphasizes the necessity and reference meaning of introduction Market Maker System in Three New Pads. And it also points out that loose financing condition, regulated system of information exposure, long-term effective market supervision mechanism and mixed market maker trading are very important for the sustainable development of Three New Pads. Then this paper establishes econometric model according to the value of cultural enterprise in Three New Pads, which focuses on five points, including Price-Earning Ratio, turnover rate, ownership concentration, equity restriction ratio and whether chairman of board is general manager or not, to analyze the correlation between market maker trading and the value of cultural enterprise. Finally, this paper put forward four suggestions:Firstly, we need to enlarge the scope of market maker and formulate exit mechanism in order to establish a virtuous circle in capital market. Secondly, we should to introduce a mixed mode with bidding mechanism and competitive Market Maker Mechanism to avoid the risk of market maker’s monopoly bidding and maintain market stabilization. Then, we should to standard the main resource of treasury stock and decrease its proportion requirement to let market maker turn to a profit model by bid-ask spread. Finally, we should to strengthen supervision and management about market maker trading, standard information exposure and build a diversification and different system of information exposure to avoid the risk of market maker’s reaping staggering profits and manipulating stock price.