做市商交易制度对“新三板”流动性的影响研究

The Study on the Influence of Market Maker Trading System on Liquidity of NEEQ

流动性不足是限制新三板市场发展的重要因素,为不断完善我国的金融市场体系,增强市场流动性,2014年我国正式在新三板市场实行做市商制度。本文通过概念模型的构建,用实证研究分析了做市商制度对市场流动性的影响。结果显示,做市商制度对股票流动性有显著的提升作用;挂牌公司的做市券商数量对股票流动性有正向影响,挂牌公司的库存股比例对股票流动性有反向影响。在实证结果的基础上,本文分别从做市商、挂牌公司以及监管部门的角度,提出了推动做市商制度更好发挥提高市场流动性作用的建议。

Lack of liquidity is an important factor restricting the development of the new third board market.In order to constantly improve China's financial market system and enhance market liquidity,China officially implemented the market maker system in the new third board market in 2014.This paper analyzes the influence of market maker system on market liquidity through the construction of conceptual model and the empirical study.The results show that market maker system has a significant effect on stock liquidity.Secondly,the number of market-making brokers of listed companies has a positive impact on stock liquidity,and the proportion of listed companies'stocks has a negative impact on stock liquidity.Based on the empirical results,this paper puts forward some suggestions from the perspectives of market makers,listed companies and regulatory authorities to promote the market maker system to play a better role in improving market liquidity.