The Empirical Analysis Of The Black Hole In Shenzhen Small&Medium Enterprise Board

Since the financial crisis broke out in2007, many large companies with billions of assets lose funding mobility in a very short period of time due to funding strand breaks, and Lehman Brothers is the best example. This raises the domestic and foreign scholars’ attention and research to the financial black hole problem. Financial black hole, borrowed from the term "black hole" in physics,refers to a phenomenon of mobility loss in financial markets in a short period of time.Chapter1:Introduction.This chapter first propose the object of the paper---financial black hole,introduce the background,significance,model and the data,give the writing framework of the paper.At the same time,this chapter briefly summarize the innovation points and shortcomings of the paper.Chapter2:Liquidity, Financial black hole and reviews.In this chapter,I introduce the meaning and the measure method of liquidity and financial black hole.This introduction provides the theoretical basis of the empirical analysis in SME market.This chapter also summary the reviews on related literatures.Chapter3:The reason that contribute to the financial black hole. There are many reason that can contribute to the financial black hole,which include homogeneity of the market,the market risk management and the financial supervision,pessimistic market espectations,the connection of balance sheet,positive-feedback effect.Chapter4:The empirical analysis of the financial black hole in SME board.In this chapter,Ⅰ take advantage of macro data and micro data to analyze the possibility of financial black hole in SME market.In macro terms,I analyze the SME index,trading volume,BIAS,R%.In the micro terms,I selected five samle stocks from SME market randomly,using VAR proposed by Hasbrouck. From the prospective of Positive-feedback trading,I get the conclusion that there are financial black holes in SME market.Chapter5:Policy suggestions.Based on analyzing related concepts of liquidity and financial black hole,combined with the results of empirical analysis,this chapter put forward some countermeasures to prevent financial black hole. The core to prevent the financial black hole is to enhance the diversity. It can be strengthened in three aspects which contain transaction, risk management and market expectations. At the same time, we should pay attention to the market transparency, in order to avoid the "flock effect" which causes by information asymmetry.