Abstract:
Based on the data of 1542 listed firms for the period of 2014-2016 and the DID method, this paper takes the implementation of market maker system in NEEQ market as research background to study the impact of choosing market making on liquidity. We find that the market maker system has not improve the liquidity, which suffers from “Liquidity Paradox”.It’s favorable for the large-cap stocks if they choose market making transaction, while it is unfavorable for small-cap stocks. Therefore, NEEQ should focus on the matching of trading system development and market regulation, increase the number of market makers, and lead the companies to choose market making transaction.
郑建明, 李金甜, 刘琳. 新三板做市交易提高流动性了吗？——基于“流动性悖论”的视角[J]. 金融研究, 2018, 454(4): 190-206.
ZHENG Jianming, LI Jintian, LIU Lin. Can NEEQ Market Making Improve Liquidity? From the Perspective of Liquidity Paradox. Journal of Financial Research, 2018, 454(4): 190-206.
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