Research On The Influence Of Stock Liquidity To Yield In China Growth Enterprise

Under the approval of China securities regulatory commission(CSRC),the shenzhen stock exchange set up the growth enterprise market in Oct.23,2009,and in Oct.30 the 28 gem companies listed in shenzhen stock exchange which marks the Growth Enterprise market changing from ideal to reality.In recent years,The Growth Enterprise market increasingly sought after by stock market investors.Following with the development of financial market,the domestic and foreign scholars pay more attention to the liquidity problem of stock.The relation between liquidity and profitability has became a hot topic among financial research.Based on the research on the effects of liquidity to yield of the Growth Enterprise market in China,we can summarize the law of price fluctuations in the Growth Enterprise market,give a hand and provide guidance for investors when they make investment decisions,be efficient diversification of risk and raise the level of yield.At the same time,for market regulators can develop strategies to supervise that adapt to China's situations,take measures of avoiding risks effectively and improve the supervision of the market.As consequenc,promote the healthy development of the Growth Enterprise Market.This paper uses the model analysis method,the descriptive analysis method and the comparative analysis method to study the influence of stock liquidity on the yield of China's GEM market from different angles.The third part,using a panel data,applying the fixed-coefficient model to study the relation empirically between the liquidity and the rate of return in Growth Enterprisesrate of return in Growth Enterprises Market and the date using all the sample stocks.Through the establishment of panel data fixed effect variable coefficient model,we make researches on the relationship between stock liquidity and yield of the gem market in China.The empirical results show that China's Growth Enterprises Market has liquidity premium and the control variables have a significant effect on the impact of stock liquidity on the yield of China's GEM market.However,in view of the impact of the ratio of tradable shares,book value ratio and market share on the liquidity premium phenomenon,scholars have conducted a separate study,While the study of the size of the company alone less research.So Chapter 4 process the data of the samples on the basis of the standard of enterprise scale,all sample stocks is divided into three sections,thenexamine the Liquidity Premium-Effect.The empirical results show that China's Growth Enterprises Market has liquidity premium no matter what the size of stock.The last part gives the conclusion and prospectofthepaper.