Effect Of Market Maker System For Three New Board Company Liquidity Value

The New-Third-Board-Market is the most great reforill of the capital market for our country,which is benefit for the china’S capital market structure、capital market allocation of resources.It plays an important role in supporting the development of small and medium-size enterprises。To the end of 2016,the New-Third-Board-Market listed companies10163,the formation of science and technology,growth,innovative small and medium enterprises as the main market.However,with the rapid growth in the number of listed companies does not match liquidity slump.In order to improve the liquidity of the New-Third-Board-Market listed companies,in August 2014 a New-Third-Board-Market transfer system,the market maker play a role in the promotion of stock market liquidity,but in the process of making stocks and follow the market to do market chaos As frequently,and even affected the market liquidity.In this paper,we choose the data of listed companies before 2016,and make an empirical study on the stock liquidity and the number and scale of the new stock market,The number of shares between the relationship.The results show that there is a significant positive correlation between the number and size of market makers,the trading price of treasury stocks and the liquidity,and the proportion of treasury stocks is negatively correlated with liquidity.There is a significant positive correlation between the number of market makers,the average daily trading volume and stock turnover,and the exchange rate.There is a very significant positive correlation between the transaction value of stock stocks and the turnover rate.The ratio of the total equity and the average daily turnover there is a very significant negative correlation.This paper analyzes the liquidity of the new stock market by analyzing the liquidity of the stock market;secondly,through the number and scale of the market maker,this paper obtains the price,Analyzes the impact of market makers on market liquidity,and fills the gaps in related research.Thirdly,this article clarifies the contribution of the market maker to the liquidity of the stock market.At the same time,the research on the stock price and proportion provides the decision reference for the stock transfer system,which is helpful to perfect the market transfer policy.