我国新三板做市商相关法律问题研究
发布时间：2018-11-16 09:26
【摘要】：2014年6月5日,全国股份转让系统公司(以下简称“股转公司”)发布了《全国中小企业股份转让系统做市商做市业务管理规定(试行)》,标志着新三板市场正式引入了做市商制度。根据一般理论和域外实践,引入做市商制度最主要的功能在于改善新三板市场的流动性,但是在我国的实践中,做市商制度并未在新三板市场发挥其应有的制度功能,突出表现在市场的流动性仍然有很大的提升空间,做市商的做市积极性不强。本文在结合新三板市场数据的基础上,通过具体地分析市场中主要参与者的基本交易行为和动机,深入探究新三板市场流动性仍有提升空间的原因。结合我国的具体实践,通过对比分析我国与纳斯达克市场做市商制度和兴柜市场做市商制度的相关规定,认为做市商权利义务的不平衡以及自律监管的不完善是导致做市商制度未能在新三板市场充分发挥制度功能的主要原因。为了充分发挥新三板市场在我国多层次资本市场中基础和前台的作用,本文在借鉴域外市场的相关规定的基础上,从平衡做市商权利和义务和完善自律监管两个方面出发,提出了完善新三板做市商制度的具体的建议。
[Abstract]:On June 5, 2014, the National Stock transfer system Company (hereinafter referred to as "the Stock transfer Company") issued the "National small and Medium-sized Enterprises share transfer system Market-making Business Management provisions (try out)", Marked the new three-board market formally introduced the market maker system. According to the general theory and overseas practice, the main function of introducing market maker system is to improve the liquidity of the new third board market. However, in our country's practice, the market maker system has not played its proper system function in the new third board market. Outstanding performance in the market liquidity still has a lot of room for improvement, market-makers not strong enthusiasm to make the market. Based on the new three board market data, this paper analyzes the basic transaction behavior and motivation of the main participants in the market, and probes into the reasons why the liquidity of the new third board market still has room for improvement. Combined with the concrete practice of our country, through the comparative analysis of the market maker system and the relevant regulations of the market maker system in the stock market of our country and NASDAQ, It is considered that the imbalance of the rights and obligations of market makers and the imperfection of self-regulation and supervision are the main reasons for the failure of the market maker system to give full play to its function in the new third board market. In order to give full play to the role of the new third board market in the multi-level capital market of our country, this paper, on the basis of drawing lessons from the relevant regulations of the extraterritorial market, starts from two aspects: balancing the rights and obligations of market makers and perfecting self-regulation and supervision. The concrete suggestion of perfecting the new three-board market maker system is put forward.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287
[Abstract]:On June 5, 2014, the National Stock transfer system Company (hereinafter referred to as "the Stock transfer Company") issued the "National small and Medium-sized Enterprises share transfer system Market-making Business Management provisions (try out)", Marked the new three-board market formally introduced the market maker system. According to the general theory and overseas practice, the main function of introducing market maker system is to improve the liquidity of the new third board market. However, in our country's practice, the market maker system has not played its proper system function in the new third board market. Outstanding performance in the market liquidity still has a lot of room for improvement, market-makers not strong enthusiasm to make the market. Based on the new three board market data, this paper analyzes the basic transaction behavior and motivation of the main participants in the market, and probes into the reasons why the liquidity of the new third board market still has room for improvement. Combined with the concrete practice of our country, through the comparative analysis of the market maker system and the relevant regulations of the market maker system in the stock market of our country and NASDAQ, It is considered that the imbalance of the rights and obligations of market makers and the imperfection of self-regulation and supervision are the main reasons for the failure of the market maker system to give full play to its function in the new third board market. In order to give full play to the role of the new third board market in the multi-level capital market of our country, this paper, on the basis of drawing lessons from the relevant regulations of the extraterritorial market, starts from two aspects: balancing the rights and obligations of market makers and perfecting self-regulation and supervision. The concrete suggestion of perfecting the new three-board market maker system is put forward.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287
【相似文献】
相关期刊论文 前10条
1 靳可轶;做市商制能否为我国所用[J];w挛胖芸，
本文编号：2335134
本文链接：https://www.wllwen.com/falvlunwen/jingjifalunwen/2335134.html
