Research On The Market Maker System In The NEEQ Market Of China

The NEEQ market in China as an important part of the multi-level capital market,plays an important role in financing for small and medium enterprises,but also an important part of the OTC market in our country,at the beginning of the setting up is to solve the stock circulation problem of zhongguancun high growth,science and technology enterprises,after the NEEQ market gradually spread to the whole country,there are more than ten thousand enterprises apply to join in NEEQ,which not only covers the high-tech,growth companies,but also including various industries.Although the NEEQ market in China in recent years has made amazing development,but in the process of development,also exposed many problems,trading volume is pale,the insufficient liquidity and market efficiency is low,making the development of the NEEQ market in China and there is no consensus and expected the development of.In August 2014,to boost liquidity,active the NEEQ market and draw lessons from foreign successful experience,the introduction of market maker system,makes the transfer of the NEEQ in China from contract transfer system to transfer market system and the system of contract transfer in parallel.In 2015,the NEEQ market liquidity improved,trading volume and turnover rate have increased significantly in 2014,but in 2016,the liquidity and activity of the NEEQ market began to decline,more and more investors are not optimistic with market transfer system.In this article,we study the NEEQ market in China in the year 2016,whether the effect of market maker system than in 2015,the effect is good,the implementation of the analysis of the market maker system efficiency.This article is divided into four parts,the first part mainly introduces the research background and research significance of issuing relevant and related literature review.The second part mainly use descriptive statistics analysis method analysis of the current situation of the development of new three board in China and the development degree of market maker system in our country.The third part of the empirical analysis is used to analysis the implementation of the system of market makers in 2016 liquidity and the change of market efficiency.The fourth part summarizes the analysis conclusion and gives the corresponding conclusion.