| As a national over-the-counter(OTC)market,the new third board market is an important part of multilayer capital market in our country.In the view of international experiences of developed capital market,OTC is significant for the national construction of capital market,which offers financing approaches to lots of innovative micro-,small-and medium-sized enterprises.However,the new third board is facing the troubles of serious illiquidity.Thus,in accordance with international practice,regulators introduced the hierarchical system to the new third board,with the hope that the market would focus on high-quality enterprises sifted by a certain criteria to improve their liquidity.In this study,the hierarchical system and its impact on liquidity were researched through theory carding and empirical studies.Firstly,hierarchical system and its the evolution were reviewed,at the same time,OTC market's hierarchical system of America,Japan and Taiwan were also analyzed.Secondly,common experiences were concluded and purified such as setting up a flexible standard,respecting enterprises' developing rules in different phase,highlighting authenticity of disclose information at lowest level and constructing complete transfer mechanism.In the case section,turnover rate at one stage was served as an indicator of measuring liquidity,and more than 10 indicators were selected to construct the multiple regression model of the impact on individual stock's liquidity,especially focusing on its influence on individual stock's levels.Then we conclude that it is benefit for improving the liquidity if the market-making enterprise innovative,however,the innovation of non-market-making enterprises(such as agreement transfer and bidding transaction)would reduce the liquidity.Finally,the reason of this empirical result was analyzed followed by suggestion on complete hierarchical system of new third board.At the same time,the limitations of the study were proposed with prospecting further investigations. |
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