Abstract: Selected from the fourth quarter of 2014 to 2016 second quarter, with the the sample of new three board after expansion, whether the introduction of market maker system impacts the liquidity of new three board market are examined. Results showed that in all samples trade agreement and market transactions are included; and in the samples only trade agreement turn to market transactions are included. On behalf of market maker system virtual variables, and on behalf of market makers number of continuous variables, impact on the epidemic indexes was significantly negative, which proved that the introduction to market maker system significantly improved the new three board market liquidity. And in competitive market maker system implemented, the number of market makers significantly affects the liquidity of the listed shares.

Key words: market maker system, new three board, liquidity

摘要： 选取2014年第4季度至2016年第2季度时间区间，以新三板扩容后的上市股份为样本，检验做市商制度的引入对新三板流动性的影响。结果显示：代表做市商制度的虚拟变量和代表做市商数量的连续变量对非流行性指标的影响均显著为负，证明做市商制度的引入显著提升了新三板市场的流通性。并且在已经实施的竞争性做市商制度中，做市商数量显著正向影响上市股份的流动性。

关键词: 做市商制度, 新三板, 流动性