The Effect Of Neeq's Hierarchical System On Marke Liquidity And Its Evidence

The government reform is to create the conditions for the economic future of soft,build multi-level capital market is a top priority.New three board as a third national stock exchange is fully in accordance with the national level of strategy planning and positioning arises at the historic moment.But limited by information asymmetry,enterprises are of variable quality,investors blindly follow suit,market-makers not responsible takes office,and so on reasons,unable to provide effective judgment basis for non-professional investors,investors cautious,three board market volume is very low,serious lack of liquidity,cause the new three board market fully exert the function of the listed company equity value can not be achieved.Liquidity as an important factor of the capital market,is refers to the assets can at reasonable prices and lower transaction costs rapidly converted into other assets of a kind of ability,is used to evaluate the quality of the securities market operation one of the important indicators,is an important attribute of security market.In liquid markets,lower cost of the sale of securities,the market is stable,investors have confidence in the market,resource allocation efficiency will be improved.In the process of global economic integration,as an important place to provide capital elements of the securities market,is an important hub in the value chain to achieve efficient allocation of resources,to establish a sufficient flow of the securities market is in good health every country economy development.Since set up China's capital market is also in constant reform and perfect,if caused by the lack of adequate liquidity trade cannot be achieved,the stock market and even the whole entity economy will be a very serious impact.In view of the importance of liquidity,the study of liquidity has been one of research hotspots in the field of financial market microstructure.To the establishment of the new three board is the important supplement of the capital market in our country,therefore,the new three board market liquidity problem research helps to improve the new three board market mechanism of the market,making it a better play to the investment and financing functions.Implementation as a layered system as the market system to provide credit endorsement,the purpose is to realize the classification of service,hierarchical supervision,to better meet the demand of the difference of the micro,small and medium enterprises,and effectively reduce the cost of information collection.But in the complex economic situation,the implementation of the system can truly play a proper role is very exciting.But in the study,restricted to the development of the new three board market in our country is shorter time and the implementation of the hierarchical system later,the empirical analysis relies on the relatively advanced and mature capital market abroad compare argument,based on the experience of the mature markets in combination with the actual situation of the new three board market come to the conclusion.Using DID model,this paper take the hierarchical system of data both before and after the period of time,which will be monthly turnover rate as the dependent variable of market liquidity,another take on volume,number of month amplitude,market-makers,ROE,ROA,the owner's equity as independent variables,calculated by stata results show whether a certain improvement in.According to the results combined with the foreign similar market system comparative analysis it is concluded that the cause of this result...