The Empirical Study On The Liquidity Of Third Board Market In China

Securities market has developed rapidly in China, but many businesses,especially small and medium enterprises with innovative ability are still unable tofinance the capital, has seriously hampered the development of enterprises. Moreover,since the single-level transaction structure, the lack of market exit channels, marketspeculation serious competition for public resources, such phenomena have occurred.Thus, China began to develop the Third Board Market. Contribute to the developmentof the Third Board Market and economic restructuring, can solve the problem ofmulti-level financing gap, rich investment channels to meet different investor riskpreferences. Moreover, the three board prior to listing as a necessary training,combined with effective market exit mechanism to promote the healthy developmentof China's capital market.This departure from the definition of liquidity, and liquidity indicators calculatedby price, transaction costs, transaction time to classify, analyze trading mechanismsimpact on liquidity. Distinction between OTC markets and the Third Board Market, aclear scope of the Third Board Market, analyzes the Third Board Market and the SMEboard, the GEM and the Taiwan Emerging Stock Market trading mechanism aredifferent.In the empirical research component, the choice of turnover, Martin Priceliquidity ratio and the three indicators, build liquidity LIQ value, compare the stockand market liquidity. Among them, sub-vertical and horizontal comparison, verticalcomparison rules from the transaction, Price, policy impact and the correlationbetween the index and yield of four angle, lateral compared using analysis of variance,testing the control flow and liquidity indicators significant difference, come to theThird Board Market illiquid, the market is very immature, to be further developed.Finally, the impact of mobility factors, combined with empirical conclusions, analysisof the three boards less willing to market liquidity, and liquidity of the three proposedbased on market construction proposals.