Research On The Impact Of Market Maker System On The Stock Market Fluidity

China’s OTC market named National Equities Exchange and Quotations.The creation of service is the purpose of innovation,entrepreneurship and growth of small and medium-sized enterprises,provide over-the-counter market for small and medium-sized enterprises.At the same time,the establishment of the new three board is conducive to further optimize the structure of domestic multi-level capital market,the match at a different stage of development enterprise requirements,gradually complete the docking with the international capital market.China’s OTC market after two expansion,as of September 30,2016.China’s OTC market listed company quantity,which has more than 9000,now the total share capital of 500 billion shares,and the number of OTC market listed at the end of 2016 is expected to reach 10000.To this end,National Equities Exchange and Quotations in August 2014 formally introduced market maker system,as a primary means to solve the liquidity in the market.Within the relevant market maker system for the influence of liquidity in the market mainly concentrated in the study of the theory of the market maker system and the influence factors of market liquidity and measure.In a sample of OTC market data in China market maker system is a focal point for,examined whether the market makers have influence on the stock market liquidity,and the influence of market makers in quantity on the stock market liquidity.Follow questions,analyze problems,to solve the problem,this paper is divided into six chapters,the first chapter mainly introduces China’s OTC market development present situation,research methods and research content of this article description.The second chapter is mainly to the results of both at home and abroad was summarized and finishing.The fifth chapter mainly elaborated this article research results,and further analyzes the results of the study.In the sixth chapter,the author summarizes the research conclusion of this article.Through careful study,this paper found that in the long term,the introduction of market making system for liquidity in China has a significant role in promoting the various angles,make a market relative to the agreement before a transfer can improve the flow of trading the market.On this basis,this paper also found several marketmakers to join is not positive signals to the market effectively,thus improve the liquidity of the stock market depth.But the positive side is that the introduction of several marketmakers really effectively reduce the transaction costs of the investors trading,effectively the market-maker should play the role of price stability.