Analysis Of The Influence Of Market Maker System On The Liquidity Of New Third Board Stocks

After more than ten years of development and construction,the National SME Share Transfer System(also known as the New Third Board Market)has become an important member of China's multi-level capital market construction.The establishment and development of the new three-board market has a significant impact on solving the financing difficulties of China's small and medium-sized enterprises,especially high-tech enterprises,and has a positive impact on China's industrial transformation.After several intensive reforms and market expansion,the NEEQ market has begun to take shape.However,the large amount cannot hide the problem of low liquidity since the establishment of the New Third Board market.In order to improve market flow and improve market efficiency,the national SME share transfer system introduces the market maker system into market transactions.Market liquidity is inextricably linked to its trading system.From this perspective,this paper analyzes the impact of the market maker system and the new three board liquidity and liquidity fluctuation characteristics.Firstly,this paper uses the literature combing method to sort out and summarize the foreign literature about the market maker system,asset liquidity and volatility characteristics,and then enumerates several mainstream capital market liquidity measurement methods in detail,and uses neural network based non-The linear principal component analysis method is used to extract the comprehensive liquidity measurement index of China's new three board market.The non-parametric test method is used to verify the relationship between the implementation of the market maker system and the stock liquidity of the new three board enterprises.The KRW chain's regional conversion GARCH model analyzes the volatility of the indicator,tests the coupling between the market maker system and the liquidity volatility state change,and then analyzes the influence of market makers on the liquidity volatility of the New Third Board market.Finally,the paper summarizes the full text and proposes corresponding policy recommendations.