Study On The Valuation Of New Third Board And Gem Board Based On Market Liquidity

The new third board market is China's emerging over-the-counter market,known as the small nasdaq,which is an important part of China's securities market.The development of the new three board market not only has a certain influence on the structure of China's capital market,but also plays an important role in the financing of small and medium-sized enterprises.The new three board market is mainly divided into agreement on the mode of trading and market making a transfer,transfer market is practiced after introducing market-maker system,main purpose is to enhance the level of new three board market liquidity,this paper studies the market-maker system after the introduction of new three board market liquidity,and the growth enterprise market,focus on the growth enterprise market and the new three board do city on the field,the influence of the liquidity of stock valuations for the development of the new three board market,provide reference for the improvement of the multi-level capital market in China.This paper is divided into the following six parts.The first part introduces the background and significance of the topic selection,the development process and current situation of gem market and neeq market,and briefly introduces the research method and structure of the paper.The second part,introduce the four dimensional concept of liquidity,and developed from four dimensions of liquidity measurement method,pointed out the advantages and shortcomings of these measures,do matting for below build liquidity measures,after introducing the market liquidity and the relationship between stock returns and the procedure of domestic capital market research;The third part introduces the related methods and advantages and disadvantages of stock valuation,and selects the most appropriate valuation methods for the study of gem market and neeq market.The fourth part,constructs the liquidity measures,in January 2016 to September 2017,the growth enterprise market and the new three board market liquidity level to measure and compare the growth enterprise market and the new three board market differences in liquidity in the market;The fifth part,the company in the growth enterprise market and the new three board market selected 100 stocks as the research sample,in stock price-to-book,liquidity index,the company scale,the proportion of tradable shares and earnings per share for variables,build the regression model to carry on the empirical analysis,studies the growth enterprise market with new three board to make the city field liquidity differenceinfluence on stock valuations,and comparative analysis;In the sixth part,it is concluded that the liquidity difference is one of the reasons for the valuation difference between the gem market and the neeq market,and the corresponding policy Suggestions are put forward according to the conclusion.