Research On The Factors Affecting The Liquidity Of The Innovation Layer Of The New Third Board Based On The Stratification System

The new third board market is an important part of China's multi-level capital market.In June 2016,the new third board implemented a stratification system with the innovation layer as the core,that is,to select high-quality enterprises to form the innovation layer through certain standards in the hope of improving the liquidity of the market.However,the lack of liquidity in the new third board market has become more and more serious,which has not been improved due to the implementation of the stratification system.Under the background of the implementation of the new third board stratification system,this paper explores the influencing factors of stock liquidity in the innovation layer by combining theoretical and empirical research methods,and then puts forward Suggestions for the improvement of the new third board stratification system and liquidity.This paper mainly analyzes the impact of different factors on the liquidity of innovation-tier stocks from the two aspects of market policy factors and enterprise fundamentals.In terms of market policy and system,combined with the actual situation of the innovation layer,it is found through theoretical research that the entry threshold of market investors does not realize differentiated management because of the implementation of the layered system,which to a large extent inhibits the increase of the number of market investors,thus hindering the improvement of liquidity.In addition,the differentiated management of the trading system and information disclosure system in the market is not reasonable and perfect enough,and the irrationality of the transfer board system and the imperfection of the supervision system hinder the improvement of market liquidity.In the fundamental factors of the enterprise,in addition to the theoretical analysis and using empirical research methods of multivariate linear regression analysis,selection of between 2016 and 2019,the new three board layer innovation enterprise's transaction data for empirical research,the research results are found after sorting and analyzing,innovation layer enterprise performance no significant impact on stock liquidity,but the number of enterprise scale,market makers and corporate ownership structure on enterprise innovation layer has significant effects of stock liquidity.Finally,the conclusion based on the above analysis,in order to reach the goal of improving liquidity in the market,from the market,innovation policy system layer corporate fundamentals and markets investors three levels,combined with the latest national small and medium-sized enterprise stock transfer system hierarchical system reform measures,layered system and for the new three board market liquidity suggest practical reference significance to the improvement.