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xin san ban shi chang zuo shi shang zhi du yu liu dong xing guan xi jian yan
Author(s): 
Pages: 139-145
Year: Issue:  10
Journal: Finance and Accounting Monthly

Keyword:  新三板做市商流动性PSM-DID模型;
Abstract: 以新三板挂牌企业为样本,基于新三板实行做市商制度这一“准自然实验”,运用PSM-DID模型对做市日前后的流动性差异进行实证研究,验证做市商制度与新三板流动性之间是否存在正相关关系。研究表明,新三板实行做市商制度后流动性显著提高,因此做市商制度有利于改善新三板流动性。做市商制度是新三板必不可少的运行机制,有利于解决新三板流动性不足的问题,同时为了健全做市商制度,提高新三板融资效率,基于我国做市商制度的运行现状提出规范做市商法规环境、多元化做市商体系、健全做市商利益补偿机制的建议。
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