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

The new third board market is an important part of China's OTC market.Its initial goal is to serve high-tech growth of non-listed companies,in Beijing Zhongguancun Science and Technology Park.In order to meet the needs of the situation,the new third market began to expand to the country and provide equity trading platform for the national non-listed companies.On the one hand,the number of listed companies grew rapidly in the new third board market,on the other hand,turnover of the new third board market is not high,the issues like the lack of market liquidity,low efficiency of corporate finance and others continue to be exposed.These two aspects “Cold and Hot " form a sharp contrast.Before august 25,2014,the new third board market has been using the agreement transfer system,but the market has been the lack of liquidity problems,in order to improve market liquidity,market maker system began to enter the new third board market.Therefore,it is of great significance to study the market maker system in China's new third board market.This paper studies the impact of the introduction of market maker system on market liquidity,which is divided into five parts.The first part introduces the research background and significance,the domestic and foreign research summary and the research content and the method.The second part elaborates the basic theory of the influence of the market maker system on the liquidity of the new third board market,including the development process of the new third board market,the introduction of the trading system,the new third board market liquidity and the effect process of the market maker system on the third board liquidity.The third part analyzes the present situation of market maker system and liquidity.Firstly,the impact of market maker system on the overall liquidity of the new third board is introduced;Secondly,comparative analysis about impact on market liquidity of the transfer of the agreement and market maker system on.The fourth part uses the nonparametric test method to study the influence of the market maker system on the liquidity of individual stocks.The fifth Part presents policy recommendations.In this paper,through the descriptive analysis and nonparametric test empirical analysis,the following conclusions: On the one hand,the market maker system improved the new third board liquidity.This paper analyzes the influence of market maker system on the liquidity of the new third board market from three aspects: market liquidity change,two kinds of transaction modes and empirical research on individual stocks.On the other hand,we should further improve the market maker system,while taking other relevant measures to fundamentally solve the new third board market liquidity issues.Innovations in this article: I believe that the new third board market should establish a multi-level investor structure.We should evaluate the appropriateness of individual investors from four aspects: investor finances,risk appetite,level of expertise and experience in securities investmen.These four different aspects also contain the corresponding test content,each aspect of the weight is different.Individual investors are asked as well as self-evaluate and provide the appropriate supporting material,and finally evaluate the level of appropriateness of individual investors.According to the level of appropriateness,individual investors are divided into ordinary investors and professional investors,corresponding to their authority,investment industry and the amount of restrictions.