“新三板”做市商制度之法律建构

发布时间：2019-06-20 20:32

【摘要】：“新三板”是对证券公司代办股份转让系统中关村科技园区非上市股份有限公司股份报价转让试点的形象称谓,它是非上市非公众股份公司股份流通转让的平台,是上市资源的“孵化器”和“蓄水池”,是对统一监管下的非上市股份转让制度的积极探索。新三板市场中的股份以询价交易的方式进行成交转让,该交易制度在新三板成立初期为市场的平稳运行发挥了积极的作用。但是随着市场发展的不断深化,这种“一对一”的交易方式暴露出交投清淡、价格发现效率低、券商积极性差等问题。为了推进市场的持续健康发展,新三板的交易制度亟需改进和完善。做市商制度适用于交投清淡、知名度低的证券交易。结合我国新三板的特点及其现有的问题进行分析,做市商制度与竞价交易制度相比,在改善流动性、提高价格发现效率、调动券商积极性、推介挂牌公司以及稳定股票价格等方面均占有优势。新三板应通过引入做市商制度来完善现有的交易制度。由于我国证券市场缺乏做市商制度的实践,因此有必要通过借鉴境内外其他市场的经验来构建新三板的做市商制度。本文共分四章。第一章介绍了新三板交易制度的发展历程和现状,分析了现有交易制度中存在的问题。第二章结合竞价交易制度与做市商制度的特点、新三板的特点以及现有交易制度存在的问题,论证了引入做市商制度对于完善新三板交易制度的必要性;通过分析制度的现有规定和市场的现有条件,论证了新三板引入做市商制度的可行性。第三章通过选取美国纳斯达克市场、台湾兴柜市场、天津股权交易所、我国银行间债券市场和银行间外汇市场作为考察对象,通过对不同国家和地区、不同领域、不同发展程度市场中做市商制度的特点和发展经验的分析,为新三板市场的做市商制度建构进行了理论铺垫。第四章结合新三板市场的特点和存在的问题、新三板引入做市商存在的障碍以及其他市场实行做市商制度的经验,提出了在我国新三板市场建构做市商制度的设想。
[Abstract]:The "new third board" is the image name for the pilot stock quotation transfer of Zhongguancun Science and Technology Park unlisted joint stock limited company in Zhongguancun Science and Technology Park. It is the platform of share circulation transfer of non-listed non-public joint-stock company, the "incubator" and "reservoir" of listed resources, and it is an active exploration of the unlisted share transfer system under unified supervision. The shares in the new third board market are transferred by inquiry transaction, and the trading system played an active role in the smooth operation of the market at the beginning of the establishment of the new third board. However, with the deepening of the development of the market, this "one-to-one" trading method has exposed some problems, such as light trading, low efficiency of price discovery, poor enthusiasm of securities firms and so on. In order to promote the sustained and healthy development of the market, the trading system of the new third board needs to be improved and improved. The market maker system is suitable for light trading and low popularity of securities trading. Combined with the characteristics of the new third board and its existing problems, compared with the bidding trading system, the market maker system has advantages in improving liquidity, improving the efficiency of price discovery, arousing the enthusiasm of securities firms, promoting listed companies and stabilizing stock prices. The new third board should improve the existing trading system by introducing the market maker system. Because of the lack of practice of market maker system in China's securities market, it is necessary to construct the new third board market maker system by drawing lessons from the experience of other markets at home and abroad. This paper is divided into four chapters. The first chapter introduces the development course and present situation of the new third board trading system, and analyzes the problems existing in the existing trading system. The second chapter, combining the characteristics of the bidding trading system and the market maker system, the characteristics of the new third board and the existing problems of the existing trading system, demonstrates the necessity of introducing the market maker system to perfect the new third board trading system, and demonstrates the feasibility of introducing the new third board into the market maker system by analyzing the existing regulations of the system and the existing conditions of the market. In the third chapter, the characteristics and development experience of market maker system in different countries and regions, different fields and different levels of development are analyzed by selecting NASDAQ market, Taiwan Xingcabinet market, Tianjin stock exchange, interbank bond market and interbank foreign exchange market as the object of investigation, which paves the way for the construction of market maker system in the new third board market. The fourth chapter combines the characteristics and existing problems of the new third board market, the obstacles existing in the introduction of the new third board market maker and the experience of implementing the market maker system in other markets, and puts forward the idea of constructing the market maker system in the new third board market of our country.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

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