我国新三板市场做市商制度设计研究

发布时间：2017-12-31 11:33

本文关键词：我国新三板市场做市商制度设计研究　出处：《重庆师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：做市商制度(Market Maker Rule)就是以做市商报价形成交易价格、从而提高市场流动性并对证券进行主动性定价的证券交易方式。做市商制度对于支持中小型科技企业进入资本市场融资有重要的意义。因为中小科技型企业,由于其目前规模比较小,成长性比较好,如果采用竞价或者其他非做市商交易制度不利于发挥资本市场的定价功能。因此,本文在理论和实际的基础上,对于做市商制度,特别是交易制度,做了比较全面的研究。本文查阅国内外文献的对做市商的研究的基础上,阐述了普遍意义上的做市商的涵义、特点和功能、以及做市商制度的运作机理。然后,通过对于我国新三板市场结构和特点的分析,在研究新三板做市交易规则、现状等问题后,对我国新三板市场实施做市交易制度后存在的问题进行了分析。通过以上的研究,通过以上的研究,在对比国内外各大交易所做市商的发展的基础上,提出了若干制度设计的建议,包括做市商优先获取相关信息;大宗交易迟延报告制度;通过返佣等方式来鼓励其参与做市;做市商存货风险管理制度;等等。.
[Abstract]:Market-maker system (Market Maker Rule) is to form the transaction price with the market maker's quotation. The market maker system is of great significance to support the small and medium-sized science and technology enterprises to enter the capital market for financing, because small and medium-sized science and technology enterprises. Because its current scale is relatively small, growth is good, if the use of bidding or other non-market-makers trading system is not conducive to play the pricing function of the capital market. Therefore, this paper is based on the theory and practice. For the market maker system, especially the trading system, has done a more comprehensive study. This paper refers to the domestic and foreign literature on the basis of market makers research, elaborated the meaning, characteristics and functions of market makers in the general sense. And the operation mechanism of market maker system. Then, through the analysis of the structure and characteristics of the new third board market, after the study of the new third board market trading rules, the status quo and other issues. Through the above research, through the above research, on the basis of comparing the development of the domestic and foreign major exchange market makers, this paper analyzes the existing problems after the implementation of the market making system in the new third board market of our country. Some suggestions of system design are put forward, including the priority of market makers to obtain relevant information; Large transaction delay reporting system; Encourage their participation in the market through, for example, the return of domestic workers; Market maker inventory risk management system; Wait.
【学位授予单位】：重庆师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51

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