Research On The Operating Function Of Chinese New Third Board Market

The third board market has experienced "old" and "new" two stages. The old third board market is to undertake the "two nets" enterprises and companies delisting, and the function determines that the development of the market will encounter great problems. In 2006, high-tech enterprises of Zhongguancun science and Technology Park entering the third board market listed companies, due to the positioning of the different, the event marks the birth of the new third board market. Later, the third new board market experiencing two expansion, the first is the expansion to the national four high-tech park, at the end of 2013, and the official expansion to the whole country. Since then, the third new board market is to accelerate the development of all aspects of the scale of the enterprise, in the listing, the scale of financing and so on. And in August 25,2014 the market maker trading system is formally launched. The new third board market is getting more and more attention.In Western and Asia there are some fairly mature securities markets for the third new board market to worth reference. Comparing the new third board market and USA Nasdaq market, Taiwan’s emerging stock market from the aspects of market access, the regulatory system, trading system, analysising the advantages and disadvantages of the third new board market development, it is worth learning from the local search.The new third board market is different from the old third board market because of its location on the listed companies. To conduct a comprehensive analysis of the third new board market positioning from the perspective of listed companies, investors, intermediaries and regulators can be more clearly, accurately grasp the new third board market in china. On the positioning of Chinese new third board market clearly, also need to accurately grasp the running function. Chinese new third board market has a number of function, including regulating the management, small and medium-sized enterprises of our country to provide investment and financing channels, the implementation of incentive, as companies transfer ownership is important one annulus. To run the function of the third board market in our country still exists many problems, also did not play multiple functions. One important reason is the high liquidity risk of three new board market.Analysis of the causes of liquidity risk of the third new board market, including system design problems such as the listing threshold is low, the information disclosure requirements, regulatory issues, such as the problem of market speculation. The analysis of liquidity risk of the third new board market and main board and gem market through data comparison, found that the liquidity of the third board market was relatively high. Using the GARCH model of the third new board to the selected sample data analysis, found that the sample stocks have high liquidity risk. The new third board market is indeed faced with high liquidity risk.According to China’s new third board market can not effectively play the function problem, combined with the liquidity risk, put forward to develop and strengthen the new third board market operation suggestions, such as to reduce investors access threshold, introduce auction, market classification, strengthen supervision and so on.