Comparison Of The Characteristics Of The New Three Board Market And The Main Board Market In China

Stock market is one of the important topics in modern financial investment. The stock market of our country starts late but develops rapidly, and the construction of multi-level capital market system is the key to the development of modern stock market in China. New Sanban market that the small and medium-sized enterprise shares transfer system in 2013 formally established, and from the pilot to the operation, the momentum of rapid development, and the development of new Sanban market and with the motherboard market has a inseparable relationship.In order to find new Sanban market in the future direction of development and investment advice to investors better, this paper selects 2015 to 2016 annual data, in the newly released three index as the index of the new board, in Shanghai and Shenzhen 300 index as the main index, both were established arch model to study market volatility clustering, fluctuations in the non symmetry of the characteristics of and the two comparative analysis.The results show that the three new board index in China is approximately normal distribution, there is no significant relationship between income and risk, the market has the leverage effect, and the volatility of the good news is greater than the bad news under the same conditions. While the main market is non normal distribution, in the whole period of time and a relatively stable period does not exist significant leverage effect, in periods of relative bull market and bear market relatively has the leverage effect and no matter in what period do not exist significant relationship. There is apparent synergistic relationship between the main board market and the new Sanban market, but both the risk and for the risk control and the different, investors should different characteristics for different markets to choose their own way of investment.