The Liquidity Analysis Of China's New Three Board Market

The new OTC market provides a financing method for many high-tech enterprises in our country,and boosts the prosperity and development of the national economy;On the other hand,it plays an very important role in forming a perfect multi-level capital market system in our country.In order to improve the market's liquidity and activity,the new OTC market introduces the market maker system,the market shows enthusiasm on the market maker system in the early days,the listed companies' scale and size are rising rapidly,and the average annual turnover rate of growth in 2015 is 2.74 times that of 2014,the market maker system shows its superiority in respect of the provision of liquidity.However,the influence of the market maker system gradually to insipid.In 2016,the new OTC market's liquidity has fallen sharply since the Spring Festival,and nearly hundred listed enterprises to apply for IPO to open board preparation,market scale,the trade situation and the new OTC market index are all in a state of a downturn,some companies' trading way return again from the market making transfer to contract transfer,liquidity in the market gradually reduce,the new OTC market is still in highly liquidity difficulties.This paper combed about the concept of the securities market liquidity,measure method and influence factors and market maker system related literature at home and abroad,in order to put forward breakthrough point in this study.Then I reviewed the development of the new OTC market,and use a large amount of data and charts to show the market's liquidity situation,intuitively shows a poorer liquidity of the new OTC market.Then I present the classification and function of the market maker system,analyzes the mechanism of market maker system to provide liquidity and the concrete implementation differences at home and abroad,it concludes a reference for us to learn the foreign advanced market maker system.Then through the empirical analysis I found that there was a positive correlation between the liquidity of the new OTC market with the volume,distribution equity and market share transfer of enterprise.Based on the above analysis,I come to the conclusion that the new OTC market investment threshold is too high,quantity of market makers is not enough,market-makers' rights and obligations are unbalanced,and the lack of professional ability all lead to the lack of liquidity in the market.Finally I put forward we need to improve the market maker trading system,improve the layered system,gradually introduce the competitive bidding system,improve market makers incentive measures and a series of measures such as strengthening the supervision and information disclosure to improve the liquidity of the new OTC market.