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.