Study On The Correlation Of The Growth Enterprise Market And The Motherboard Market

The main purpose of this paper is to study the dynamic relationship of the Growth Enterprise Market which has just launched and the Main Board Market in Shanghai and Shenzhen,and whether the Growth Enterprise Market can add market risk to the Main Board Market.Considering the feature of this study,the paper uses some research methods,such as dynamic conditional correlation model,VAR model,quantitative analysis and qualitative analysis.Firstly,the concepts and characteristics of the Growth Enterprise Market and the Main Board Market are defined,then the paper introduces the construction theory of the Growth Enterprise Market,and compares the Growth Enterprise Market with the Main Board Market,so as to provide a theoretical basis of Correlation between the Growth Enterprise Market and the Main Board Market.Secondly,the paper introduces the development status of the Growth Enterprise Market and the Main Board Market abroad,and describes the Growth Enterprise Market from the development process,basic positioning to special system and other aspects,at the same time,the paper compares the Growth Enterprise Market of China with the forein Growth Enterprise Market from the listing standards,investment risk,listed companies,investors risk disclosure to market positioning.We find out the deficiencies of operation system and soversight system of the Growth Enterprise Market in China.for this,China should improve the market mechanism,so that the Growth Enterprise Market and the Main Board Market can coordinate the development.Thirdly,the paper chooses the appropriate time window,collects the daily closing market index of the Growth Enterprise Market and the Main Board market in Shanghai and Shenzhen.then the paper used the dynamic conditional correlation model and analyzes the correlation between the Growth Enterprise Market and the Main Board Market,and on the basis of the results of the quantitative,the paper also uses the qualitative analysis.Finally,we provide some advices,such as adhering to the market,the sponsor system,the market maker system,strict delisting,the information disclosure of listed companies,so as to improve the mechanism of the Growth Enterprise Market gradually.And we obtain the empirical results:there exist the dynamic correlation and non-symmetry between the Growth Enterprise Market and the Main Board Market,and the Growth Enterprise Market will not add the risk to the Main Board Market.