| 摘要: |
| 文章以2007—2016年期间“新三板”数据为样本，对交易机制影响新三板流动性的效果进行了实证检验，结果显示：1.做市商制度显著提升了股票流动性；2.做市商数量会正向影响企业股票流动性；3.做市商实力会正向影响企业股票流动性；4.做市商持有库存股数量会正向影响企业股票流动性。上述结论说明我国“新三板”引入做市商制度具有政策正确性和有效性；建议通过增加做市商数量，改善做市商参 |
| 关键词: 交易机制 做市商特征 新三板 流动性 |
| DOI： |
| 分类号: |
| 基金项目: |
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| Transaction System，Market Maker Characteristics and Liquidity of NEEQ's Market |
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WANG Yang
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| Abstract: |
| Based on NEEQ's market data during 2007—2016，we have carried on the empirical test that the market-maker system influences the effect of the new three boards liquidity.The results showed：（1） market maker system significantly improved the enterprise equity liquidity；（2） market makers number had positive influence on corporate equity liquidity；（3） market makers strength had positive influence on corporate equity liquidity；（4） market makers holding treasury stock volume had positive influence on corporate equity liquidity.The conclusion is that China's “new three boards” introducing market-making system have policy correctness and validity.We suggest that further playing the role of market makers in promoting liquidity by increasing the number of market makers，by improving market makers participation，by improving the quality of market makers，and by guiding the market makers to hold more stock shares. |
| Key words: transaction system market maker characteristics NEEQ's market liquidity |
