Research On Market Liquidity Of New OTC Market Under Market Maker System

The New OTC Market gathered a large number of high-tech enterprises,such enterprises have a smaller market value,and they are in the rapid expansion period with large financing needs.But the New OTC Market is the OTC market,the market volatility is small,the daily market volume is only a few hundred million dollars,and the market mobility is poor.The result of this lack of liquidity is that the fair value of the enterprise can not be reflected in the transaction,and thus the New OTC Market market can not play investment and financing functions,resulting in small and medium enterprises can not enjoy the convenience of business brought by the new board.In order to solve the liquidity problem,the New OTC Market market maker system officially launched in August 25,2014.Market transactions change from the original simple agreement transfer system into the agreement transfer and the transfer of the market transfer in parallel two-track system to improve the market liquidity and efficiency.This article starts from the New OTC Market system after the implementation of the transaction data,first in accordance with the screening criteria,excluding the listed less than a year and the trading day less than 300 days of the enterprise,in the further elimination of zero days more than 100 days of business days,the remaining 247 enterprises are as an empirical analysis of the sample.Second,selecting the sample company price-earnings ratio,the daily market transactions generated daily turnover,daily turnover index,and through the daily closing price of absolute value to build a liquidity index to measure liquidity changes.Specifically,it will be after the logarithmic liquidity indicators and price-earnings ratio indicators,turnover indicators,turnover indicators Granger causality test,check whether the relationship between Granger reasons.Then,we will construct a vector autoregressive model through the daily turnover,daily turnover and liquidity index,and quantitatively analyze the quantitative relationship between the liquidity of the new board and the listed companies' earnings,market turnover and turnover rate.Finally,the validity of the model is tested to verify whether the results are valid.The results show that the liquidity of the new three-board market and the market turnover rate,the market turnover has a positive relationship,and the price-earnings ratio has a reverse relationship.Market turnover,turnover reflects the daily buyers and sellers to complete the actual number of shares delivered and the number of shares on the market trading rate,and can reflect the enthusiasm of investors to participate in the market,the level of price-earnings ratio can reflect the degree of recognition of market investors to listed companies to a certain extent.Eps in certain circumstances,the higher price-earnings ratio,the more the secondary market investors sought after.The above three indicators will have an impact on the overall market liquidity.Therefore,follow-up on the issue of promoting the liquidity of the new board,you can promote the listing of traded stocks,to enhance the profitability of listed companies to develop specific measures to develop specific measures.