The Emprical Research On The Effect Of Market Maker To The Third Board Market

According to market microstructure theory,one of the main content is the market structure and design which means to study the market operation of the quality the market from the perspective of trading mechanism.And the trading mode is the research point of market structure and design,which refers to the way prices including market-makers mode.The theory suggests that different trading patterns will affect the price and quality of the market.Commonly,There are four indexes to meansure the market quality,including Liquidity,Volatility,effectiveness and Transparency.Since introducing market-making system in Aug 25,2014,the new third board market rapidly developped in the past two years.And attacted more public company entered into the new three board listed for trading.Until 2017,the companies which listed in the new three board number have already reached more than thousands.Therefore,it is matter for the new third board market to enhance the the actual operation effect of the market-maker system in the future.The paper main studies the introduction of trading pattern market-maker system how to affect the quality of the new three board market based on the market microstructure theory.Firstly,to introduce the market microstructure theory.And then,to overview the domestic and foreign research results about the trading system and market quality.Meanwhile,to analysising the characteristics and the situattion of the trading system,as well as comparing with the foreign market which introduced with the trading system.Then,24 company's shares as research samples which trading by the in the third board market,then to study the affect of thr market-maker system on the quality of the new third board market with empirical research.This paper to measure the quality of the new third board market from the liquidity,volatility and effectiveness which have different dimension to measure.Finally,taking some suggestions to improve the quality of the new third board market through the empirical test results by combining the present situationt.