Market Maker System On NEEQ's Liquidity

The “new three board ”is called NEEQ.at the beginning of its establishment is an opportunity to provide high-tech growth companies with shares in circulation,and set up a commission of shares transfer system,the Beijing zhongguancun science park non-listed co.,LTD.Provide circulation of shares transfer platform.After the new three board market expansion to the nation,become a national non-listed company limited by shares equity trading platform.Although the new three board market in China has made great development,but the new three board market from establishing market volume is pale,and inadequate liquidity problems exposed gradually,make the development of the new three board market in our country did not achieve the desired height.On August 25,2014,formally introduced new three board market in China market maker trading system,has been used is system of contract transfer,change of the system will cause the change of market structure,and thus affect the quality of the market.Liquidity is one of the main indicators of quality of market operation,from the perspective of liquidity to measure the quality of the new three board market operation can be found that market structure design is reasonable,and for the new three board market mechanism optimization provide effective Suggestions.In this paper,we study new three board market maker system to our country liquidity,the influence of the concrete is divided into six parts.The first part is the introduction.On the introduction of this article,on the basis of the research background and significance,combing the domestic and foreign related research results and theory is briefly reviewed in this paper,in order to put forward in this paper,the research content and method,it points out the innovations and shortcomings of the article.The second part is the market maker system and liquidity related theoretical analysis.Mainly includes the market maker system and the concept of liquidity,liquidity measures as well as its relationship with the trading mechanism,under the market-making system liquidity related theoretical model.The third part is the operation condition of the new three board market in China and the relevantcomparison of the system.First of all,a brief introduction to the development of new three board market in China,using the data and charts to its current situation;Second of two kinds of new three board market trading system in China is expounded and compared the differences between them;Finally to our country new three board market marketmakers briefly illustrate the particularity of the trading system,and discusses the problems existing in the development.The fourth part for market transaction analysis mechanism of the influence of the new three board market liquidity in our country.Of liquidity,market maker trading through above theoretical analysis as well as to development new three board market and the market trading in our country,this paper further analysis under the condition of the development of China's reality to do trading on the new three board market liquidity of the market mechanism.The fifth part for market-making system to our country the influence of the new three board market liquidity empirical analysis.Using Wilcoxon and Kolmogorov Smimov statistics and measurement method of nonparametric test,to do the market with new bilateral quotations and three board market transaction data analysis,to explore new three board market introducing market-making system before and after the change of market liquidity;In stock price,volume,p/e ratio,circulation scale,the volatility of stock index build dynamic panel model to analyze the market makers deal with contract transfer system under the new three board market liquidity level,and the results of the statistical analysis and test results show the differences of.Through empirical can be found that China's current stage of the new three board market maker system can improve the liquidity of the market.The sixth is divided into conclusions and countermeasures.The summary of the main ideas,put forward the corresponding policy Suggestions on the existing problems.Can be a competitive market maker system in our country,the rotating plate mechanism,the policy of reducing the barriers to entry in order to perfect the development of the new three board market.