我国新三板证券交易市场做市商的监管问题研究

发布时间：2018-05-04 14:19

本文选题：新三板 + 做市商　；参考：《山东大学》2017年硕士论文

【摘要】：在新三板证券交易市场扩容之后,为增强市场活跃度、提高市场流动性,我国采用了做市商交易制度。由于新三板市场本身就是一个比较年轻的市场,作为其新引入的交易制度的做市商制度的发展也不会太过顺利,相应地会出现各种问题。当然做市商制度对资本市场的贡献是非常重要的,主要表现在增强交易活跃度、提高市场流动性、促进价格发现、维护市场稳定、提高信息透明度等方面。然而,在我国,这些多方面的优势还未能充分发挥,并且存在一定程度的违法违规问题,主要原因在于我国做市商的义务权利规制、准入退出规制和法律监管等方面存在欠缺,可以说,要想让做市商的功能得到充分发挥,促进市场流动性,保障新三板市场良性发展,必须重视这些问题,完善法律监管制度。本文会从对做市商进行监管的角度入手,研究新三板市场做市商制度的监管现状、对做市商进行监管的原因以及对做市商进行监管的系统设计,希望能够为我国的新三板证券交易市场做市商制度的健康发展提供有利的帮助。本文主要分为三个大部分:第一部分主要介绍做市商交易制度的内涵,并对做市商这一概念与庄家、证券经纪商进行比较,主要目的在于为后文论述的展开做铺垫。第二部分简要介绍做市商制度的作用,主要介绍做市商这一市场行为主体在实践中出现的主要法律问题,找出对做市商进行监管的原因,来对下文介绍监管的系统设计进行必要性分析。第三部分专门论述对做市商进行监管的系统设计,主要从监管依据即法律规制情况、监管主体即监管体制、做市商市场准入退出方面进行监管以及对做市商的主要行为进行监管,本文无意于具体交易流程安排的探讨,而是集中研究做市商在交易中的报价行为、信息披露行为所出现的问题和其他违规行为以及如何对这些影响证券交易市场稳定和发展的主要行为进行监管。
[Abstract]:In order to enhance market activity and increase market liquidity, market maker trading system has been adopted in China after the expansion of the new third-board securities trading market. As the new third board market itself is a relatively young market, the development of the market maker system, as its newly introduced trading system, will not be too smooth, and there will be various problems accordingly. Of course, the contribution of market maker system to the capital market is very important, mainly in the aspects of enhancing transaction activity, improving market liquidity, promoting price discovery, maintaining market stability and improving information transparency. However, in our country, these advantages have not been brought into full play, and there are some illegal and illegal problems, which are mainly due to the deficiency in the regulation of the rights of market makers, the regulation of withdrawal of access and the regulation of law, and so on. It can be said that if we want to give full play to the function of market makers, promote market liquidity and ensure the healthy development of the new three boards, we must attach importance to these problems and perfect the legal supervision system. From the angle of supervision of market makers, this paper will study the current situation of supervision of the market maker system in the new three boards market, the reasons for the supervision of market makers and the systematic design of supervision of market makers. It is hoped that it can provide favorable help for the healthy development of the market maker system of the new three-board securities market in our country. This paper is divided into three major parts: the first part mainly introduces the connotation of market maker trading system, and compares the concept of market maker with that of makers and securities brokers, the main purpose of which is to lay the groundwork for the later discussion. The second part briefly introduces the role of the market maker system, mainly introduces the market maker, the main legal problems in practice, to find out the reasons for the supervision of market makers. To introduce the following regulatory system design for the necessity analysis. The third part specifically discusses the system design of market makers supervision, mainly from the regulatory basis, that is, the legal regulation situation, the supervision of the main body that is the regulatory system, This paper does not intend to discuss the arrangement of specific transaction flow, but focuses on the pricing behavior of market makers in the transaction. Problems and other irregularities in information disclosure and how to regulate the main behaviors that affect the stability and development of the securities market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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