Empirical Research On The Liquidity Of The Group Of Chinese SME

Security market has been founded for no than 20 years in china, and has not developed maturity, as well as the functions absence. Recently, commercial banks afraid of risk, offer few loads for the group of Chinese SME. At the same time, security market's high threshold, plenty of participants can meet their financing needs, especially the group of Chinese SME. The risk investment projects luck of out off ways in China, this has badly damaged the development, a great deal of technology can not change into productivity. Government take the group of Chinese SME's financing need and promoting the risk investment projects into account, the SME has been founded lately. After its setup, two years has constructed for great achievement, either the size or the yield. Meanwhile, lots of problems and limitations has been found by studies, for instance, poor at innovating, need to depth and rich variety of products, although the group of Chinese SME is a innovation in the security market, problems also exist. Otherwise, other studies had found the security market's liquidity is exceptional high in china compared with overseas. Blankly speaking, main-board liquidity infects other boards. The group of Chinese small and medium-sized enterprises board performs desiderated for uncovering the veil, it's a challenge. It worthy for ding a study, this paper has aimed at contributing to this unknown field, come out with validity results.Although the studies overseas had been matured for years, but at present, the studies only concentrate on the security liquidity limited in indexes and model analyzing in China, less of them give valid policy advices under the theory instruction. Because of the short time after it's founded, the paper which belong to the yield is few. Then, studies are needy for the group of Chinese SME, also the valid policy advices. As a result three questions ask for solving: first, the statement of the group of Chinese SME; second, the intrinsic reason for the questions; third, the methods to solve them.The indexes all illuminate the small result: the group of Chinese SME liquidity is higher than main board as well as the oversea markets. Also, the results indicate the group of Chinese SME yield varies from time to time, own high variation. This paper makes use of the rectified Hui-Heubel model to investigate the issue, group of Chinese SME compared with the Shenzhen component shares, and the group of Chinese SME shares' liquidity is higher than Shenzhen as a whole. Base on the model, reconstructed a model to do a comparing between the group of Chinese SME and Shenzhen market upon the whole. The answers reveal it depends upon the main-board, has been contaminated by the main-board, and exceed a lot. The variance ratio model was adopted in this paper to weigh with the validity. As a result, model data argues against previous conclusion, the market's liquidity is lower than main board according with the...