The Research Of Microstructure And Market Quality Of Small And Medium-sized Enterprises Board

Market Microstructure Theory developed rapidly after it is born in 20th century 60's last stages. Promoted by the asymmetry information theory and the capital market development, this theory has made the extremely remarkable progress in the recent ten years. The research object of the capital pricing theory that it is another branch of finance is what factor decides the price. The research object of market microstructure theory is how to decides the price.The finance market microstructure theory is based on the western mature market. From general equilibrium analysis frame - Arrow -Debreu model to the goods model and the information model for the market maker pricing, and from the rational expectation frame- Grossman -Stiglitz model, to the bargainer strategy model, a series of microstructures models all are based on the western mature market. But because our market is an emerging market, the explanation of the western microstructure model is weaker. The overseas mature markets have developed for several hundred years and their microstructures were improved unceasingly. The overseas mature markets have formed a more perfect transaction mechanism gradually. But there are some different among transaction mechanisms of different markets and the different is more obvious between the motherboard market and the second board...