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China’s NTB market: A Liquidity Dilemma

Journal of Systems Science & Complexity 2018年第2期31卷 493-507页

作者： LI Yumeng MENG Xiangying ZHANG Yueyan WEI Xianhua School of Economics and Management University of Chinese Academy of Sciences Beijing 100190 China Key Laborutory of Big Data Mining and Knowledge Management Chinese Academy of Sciences Beijing 100190 China Sino-Danish Center for Education and Research University of Chinese Academy of Sciences Beijing 100190 China The State Key Laboratory of Automotive Safety and Energy Tsinghua University Beijing 100084 China Department of Automotive Engineering Tsinghua University Beijing 100084 China

This paper introduces China＇s New Third Board market（the NTB market） and tests the market-making system in the role of improving market liquidity. The NTB market is the main part of China＇s OTC market, established in 2006. In comparing with China＇s Main Board market and the Second Board market, it attracts a lot of start-up companies that need financing with less strict listing requirements. Meanwhile, it is full of opportunities and challenges that appeal to numerous securities traders and investors with the rapid development momentum. Since its establishment, the NTB market has been stuck in the lack of liquidity. The authority of the NTB market introduced market maker system, so as to solve the problem of liquidity. Using the difference-in-difference method（DID method）, the market maker system has been proved to make little contribution to improving the stock liquidity. Although the problem of liquidity is difficult to solve in short term, the NTB market is full of opportunities for all kinds of participants definitely.

关键词： China's stock market DID method liquidity market makers.

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