The Influence Of The Opening Of Science And Innovation Board On The Liquidity And Volatility Of The Main Board Market

China’s science innovation board market was officially listed in 2019,which provides a good exogenous shock for studying the plate linkage effect of China’s capital market.The purpose of this paper is to discuss the changes of stock liquidity and volatility in the Main board of A-shares in Shanghai and Shenzhen stock exchanges after the listing of the Technology Innovation Board.Plate linkage theory based on the efficient market hypothesis and the limited actor and speculative trading in the behavioral finance theory,this paper presents a short-and long-term heterogeneity effect hypothesis,namely kechuang board listed in the short term will reduce the motherboard market liquidity,increased market volatility,the information released in full absorption after long-term effect,will increase the motherboard market liquidity,inhibition of stock price volatility.In order to verify this heterogeneity hypothesis,this paper intends to conduct short-term and long-term panel regression using the relevant indexes of China’s A-share market and the data of A-share stocks.After the descriptive statistics analysis,normal inspection after multiple testing a variety of ways,in this paper,empirical results support regardless of the market as a whole from the stock index level or from the micro level,individual stocks data,kechuang board listed as an exogenous shock to the,will both short-term and long-term different heterogeneous economic impact on the main board market.Finally,the robustness test also supports the heterogeneity hypothesis.In previous has been extensive research about stock liquidity and volatility,on the basis of the marginal contribution of this paper is that on the one hand,by means of empirical quantitative research kechuang board listed in our country the economic impact of this historic event,on the other hand,this article is based on different theories proposed by time-varying heterogeneity hypothesis for other policy or shock to the type of study has certain reference value.The shortcomings of this paper are mainly due to the restrictions of China’s financial reporting information disclosure standards.The monthly financial data in the same quarter cannot be informed of relevant changes,so it can only be assumed to remain unchanged in the same quarter.Fortunately,the event in this paper happened in July,which is the cut-off point of semi-annual report...