A Study On The Market Making Effect Of The Market Maker System In The New Third Board Market In China

The beginning of December 13,2013,the National Equities Exchange and Quotations began to accept the listed enterprises,2017 the companies which listed in the new OTC market board number have already reached 11314.The basic layer of a total of 9922 enterprises,innovation layer listing the number of entrepreneurs is 1392,of which 1536 listed companies to make a market by way of transfer,the 9778 listed companies to take the way of the transfer agreement,and by the first half of 2017 a total of 92 the market maker.In order to build a multi-level capital market pattern of our country and give full play to the new OTC market of enterprise for the high-tech small and medium-sized enterprise financing function,the formal introduction of the market maker system in China in August 25,2014.It is undeniable that the market maker system has just launched,many enterprises have changed to the transfer agreement by the city in early 2015,trading volume reached the highest point in history,the market turnover increased significantly,this system of trading and pricing of the new third market plays a very important role.After a period of precipitation,the market began to stock turnover growth rate slowed,liquidity in the market downturn,and even the emergence of a large number of enterprises for a long time no trading phenomenon,at the same time the market maker system,many problems have been exposed.In 2016,the new OTC market trading is the continued downturn;since 2017,the new three board market set off a wave of delisting heat,this also causes people to the future development of the new third market worries.Firstly,through the research results of domestic and foreign literature were collected,and then expounds the related theories related to the concept of market maker system and are involved in this paper;then through lots of charts and tables to analyze the status quo of the development of the new third market,and based on this proposed effect stage market maker system in China the new third market;in the empirical part of this paper,respectively from the relationship between liquidity and volatility,the effectiveness of three angles to analyze the market maker system and market quality;in the empirical part of the market maker system to the liquidity of the market,using the exchange rate index to measure the level of liquidity,and the use of SPSS20.the software for each sample stock and using descriptive statistical test,one sample K-S test and Wilcoxon correlation test to observe the distribution of the overall sample.In the study of enterprise by the agreement to transfer the change to change some influence on the volatility of the new OTC market board market maker system,first used to describe a single sample Lcvene test of variance,and then use the non-parametric test to explore the market maker system average fluctuation effect on the rate of the overall sample;finally,in effect on the effectiveness of the new OTC market the empirical part,effectiveness of the Granger causality test to verify the market maker system;in order to make the research more fully,to measure liquidity used in empirical analysis combined with the price and quantity of the last part of this paper,and through the establishment of GRACH model,this paper studies the liquidity risk of stock;finally,according to the results of the study development status with the new OTC market in China.The research results of this thesis,and puts forward relevant policy suggestions.