摘要
新三板是我国资本市场的重大变革，是完善资本市场资源配置，加快我国多
层次资本市场建设发展的重要举措。至 2016 年底，新三板挂牌企业 10163 家，
成为以科技型、成长型、创新型中小微企业为主体的市场。但与挂牌企业快速增
加不匹配的是新三板市场流动性低迷。为提升新三板市场流动性，我国在新三板
市场引入做市商制度。对提升新三板流动性发挥了重要作用，投资者参与市场的
意愿增强。但由于做市商的垄断地位，新三板市场上做市商取得库存股价格、形
式、撮合交易方面发生了异化，又影响了市场流动性。应深入研究做市商对于新
三板市场流动性的影响，改进新三板制度设计，增强新三板市场流动性

本文选取截至 2016 年底做市企业相关数据，研究了新三板股票流动性与做
市商数目、规模，取得库存股的价格、股数之间的关系。结果显示，做市商数目
和规模、库存股成交价与流动性存在显著的正相关关系，库存股比例则与流动性
存在显著的负相关关系。本文通过分析做市商对市场流动性产生的影响，进一步
厘清了新三板市场上做市商对做市股票流动性所能做出的贡献，丰富了相关研
究。此外，本文对库存股价格和比例的研究，对于新三板市场上做市转让政策规
定的完善有所裨益

关键词：挂牌企业；新三板；流动性；做市商广东财经大学专业学位硕士论文 做市商制度对新三板公司流动性价值影响分析
II
ABSTRACT
The New-Third-Board-Market is the most great reforill of the capital market for
our country,which is benefit for the China&39;s capital market structure、capital market
allocation of resources．It plays an important role in supporting the development of
small and medium-size enterprises。To the end of 2016, the New-Third-Board-Market
listed companies10163， the formation of science and technology, growth, innovative
small and medium enterprises as the main market. However, with the rapid growth in
the number of listed companies does not match liquidity slump. In order to improve
the liquidity of the New-Third-Board-Market listed companies, in August 2014 a
New-Third-Board-Market transfer system, the market maker play a role in the
promotion of stock market liquidity, but in the process of making stocks and follow
the market to do market chaos As frequently, and even affected the market liquidity.
In this paper, we choose the data of listed companies before 2016, and make an
empirical study on the stock liquidity and the number and scale of the new stock
market, The number of shares between the relationship. The results show that there is
a significant positive correlation between the number and size of market makers, the
trading price of treasury stocks and the liquidity, and the proportion of treasury stocks
is negatively correlated with liquidity. There is a significant positive correlation
between the number of market makers, the average daily trading volume and stock
turnover, and the exchange rate. There is a very significant positive correlation
between the transaction value of stock stocks and the turnover rate. The ratio of the
total equity and the average daily turnover there is a very significant negative
correlation.
This paper analyzes the liquidity of the new stock market by analyzing the
liquidity of the stock market; secondly, through the number and scale of the market
maker, this paper obtains the price, Analyzes the impact of market makers on market
liquidity, and fills the gaps in related research. Thirdly, this article clarifies the
contribution of the market maker to the liquidity of the stock market. At the same time,
the research on the stock price and proportion provides the decision reference for the
stock transfer system, which is helpful to perfect the market transfer policy.
Key Words:List-companies;New-Third-Board-Market;Liquidity;Market maker广东财经大学专业学位硕士论文 做市商制度对新三板公司流动性价值影响分析
III
目 录
摘要..I
ABSTRACT........ II
目 录.......III
1 引言...........1
1.1 问题的提出.......1
1.2 研究目的...........3
1.3 研究意义和可能贡献...5
1.4 论文结构...........6
2 文献综述...7
2.1 场外交易市场研究.......7
2.2 做市商体制研究...........8
2.2.1 做市商制度对交易报价和交易过程的影响.......... 9
2.2.2 做市商制度与市场流动性研究.......9
2.2.3 做市商数量对企业价值的影响.....11
3 我国新三板做市商制度的发展现状与存在的问题....13
3.1 我国新三板做市商制度的建立.........13
3.1.1 新三板市场的发展.13
3.1.2 新三板做市商制度实施.....15
3.2 新三板做市转让典型案例及启示.....15
3.2.1 明利仓储做市转让基本情况.........16
3.2.2 明利仓储做市商启示.........18
3.3 新三板做市商制度存在的问题.........20
4 实证分析.21
4.1 研究假设.........21
4.2 研究样本.........23
4.3 被解释变量和解释变量的选取.....
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