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基于中国新三板市场的特殊环境,研究了作为金融信息中介的分析师和作为金融交易中介的做市商对新三板市场质量的影响及其作用机制。结果发现:新三板市场的分析师跟踪和做市商做市均能显著提高股票流动性,且两者对股票流动性的作用具有替代性;做市商做市能够显著提高信息的有效性,但分析师跟踪对信息有效性的作用不显著,且两者对信息有效性不存在显著的交互作用。
Based on the special circumstances of China’s new third board market, this paper studies the impact of the analyst as a financial intermediary and the market maker as a financial intermediary on the quality of the new third board market and its mechanism. The result shows that the analyst tracking and market making in the new three-board market can significantly improve the stock liquidity, and the two have an alternative effect on the liquidity of the stock market; the market maker can significantly improve the effectiveness of the information, However, the effect of analyst tracking on the validity of information is not significant, and there is no significant interaction between the two on information validity.