Research On The Influence Of Introducing Market-making System On The Quality Of The New Third Board Market In China

The "new three board market",known as the national small and medium-sized enterprise share transfer system,was established in January 16,2006.It is an important part of the multilevel capital market in China.The "new third market" has been used at the beginning of the establishment of "transfer agreement" transactions,the market transaction price is not stable,appear bleak,lack of liquidity and other phenomena,in order to solve the existing problems in the market,in August 25,2014,the share transfer system issued a market maker system,since then,be by agreement to transfer the transfer agreement and the transfer market.With the diversification of trading system in the new third board market.The implementation of market maker system not only to the new third market introduced a new way of trading,but also promote the liquidity of China's new third board market to a certain extent,reduce the volatility of the market,has a positive impact on the quality of the new third market,so as to improve the structure of China's capital market also play a positive role.This paper studies the influence of market maker system on the quality of the new three board market from the perspective of the liquidity and volatility of the market.First describes the related literatures about stock market quality,market maker system and double difference method and other aspects of the relevant theoretical research,and then combined with the securities market quality measure factors and the market maker system,introduces the present situation of the new third board market,and starting from the liquidity and volatility of China's two aspects.Share transfer system listed companies performance comparison before and after the introduction of market maker system into the market,the market maker system influence on the quality of the new third market,through empirical analysis of the corresponding conclusions and enlightenment.The results show that the introduction of the market maker system really improves the liquidity and reduces the volatility of the new three board market,indicating that the introduction of the market maker system has a positive impact on the quality of the new three board market.