| The core of the financial market microstructure theory is to explain the specific market microstructure,process and results of pricing of financial assets,in order to explore the market microstructure formation mechanism in the process of financial asset price.As to non listed shares of the company shares to the public transfer and offering financing platform for the market,the new board focused on the country a large number of small and medium-sized enterprises,is the source of the follow-up power of a country’s economic development,the market structure is reasonable and effective is especially importan.t In recent years,the State Council has also been introduced on the new board of the reform measures,not only in the short term to establish a complete full coverage of the multi-level capital market,but also to achieve the optimal allocation of resources in the internal market,perfect the system of From a market perspective,the new board has been the main board and the gem has left behind,its influence on Chinese macro economy is not less than other markets,but such a huge capital market in addition to a small number of glare enterprises,most enterprises are only nominal,and did not get the development power and the wealth effect brought by the listing.The reason,the liquidity problem became the shackles of the development of corporate finance.2016 three new board is the most striking thing is the implementation of the hierarchical system,marking the regulators have begun to focus on solving the problem of insufficient liquidity,the latter will have a corresponding supporting system to follow up.The hierarchical system is intended by the internal structure adjustment of the market,the enterprise scale and management ability according to the classified management,facilitates the investigation of investors business judgment,are favorable factors for market parties.But in the case of the market as a whole is not perfect,whether the impact of the system will be a single layer of convective dynamics is still unknown.This paper first analyzes the current flow of three new board all aspects of the problem of existence,and explains the reasons,then the hierarchical system of our country and the NASDAQ to do a simple comparison,the liquidity level since the suitable index was evaluated in the conclusion that at the same time according to the market development stage based on from the foreign mature capital market forward should carry out institutional reform and policy measures,so as to promote the micro market and the macro economy can play a complementary role. |
