科创板市场流动性状况初探--基于与创业板的比较分析

A preliminary Study on theLiquidity of China’s Science and Technology Innovation Board--Based on the Comparative Analysis of GEM

流动性是衡量市场效率和检验市场运行质量的重要指标。本文从流动性和流动性风险视角出发,基于与创业板的对比,对科创板流动性状况进行实证分析。研究表明,科创板流动性水平总体优于创业板。但同时,市场流动性共性更明显,系统流动性风险在整体流动性风险中的占比更高。科创板流动性水平和流动性风险特征,一定程度上反映了科创板明显的市场特征属性和不同于创业板的市场制度设计。

Liquidity is an important index to measure market efficiency and test the quality of market operation.From the perspective of liquidity and liquidity risk,based on the comparison with GEM market,this paper makes an empirical analysis on the liquidity of the science and technology innovation board.The research shows that the liquidity level of the science and technology innovation board is better than that of the gem.At the same time,the commonness of market liquidity is more obvious,and the proportion of systemic liquidity risk in the overall liquidity risk is higher.The liquidity level and liquidity risk characteristics of the STAR Market,to a certain extent,reflect the obvious market characteristics and market system design different from the GEM.