我国创业板市场引入做市商制度研究

发布时间：2018-03-08 13:49

本文选题：创业板　切入点：交易模式　出处：《河北大学》2012年硕士论文　论文类型：学位论文

【摘要】：创业板是我国多层次资本体系中的重要环节，然而由于我国创业板市场起步较晚，而且其上市公司多为规模较小的中小型企业，导致创业板在发展过程中面临着一系列如流动性问题、稳定性问题等。解决这些问题是否引入国外已经成熟的做市商制度，关乎我国创业板投资者的切身利益，也事关创业板的前途命运。本文在对做市商的概念、沿革历史、我国引入做市商交易模式的必要性、可行性、我国引入做市商制度前应该做的制度完善等问题进行分析的基础上，对我国创业板市场是否应该引入做市商制度进行了研究。本文除引言、结语外，分为四大部分。首先是对做市商制度的主要内容、历史沿革及其优势以及缺陷的介绍。其次是对我国创业板市场引入做市商制度的必要性和可行性进行了分析。第三部分是对国外现有做市商制度的介绍。第四部分对我国创业板市场引入做市商制度提出了若干建议，内容包括我国引入做市商制度前应该扫清的法律障碍、做市商基本运行规则的建设、以及与引入做市商交易模式相关的配套制度的建设等方面。竞价交易制度的优点在于交易成本较为低廉，交易过程较为公正，监管成本较低；缺点在于如果遇到经济低迷或者证券市场是以知名度低、规模较小的中小企业为主的创业板，实行单一竞价交易制度的证券市场很可能会面临流动性差的问题。做市商制度的优势在于能够提高证券市场的流动性以及稳定性；但缺陷在于做市商可能为了获取更多的经济利益而罔顾交易规则，，任意扩大报价价差，损害投资者利益。笔者认为我国创业板市场在竞价交易模式的基础上引入做市商交易模式是符合国际发展趋势的。
[Abstract]:Gem is an important part of the multi-level capital system in our country, but because of the GEM market in China started late, and the listed companies are mostly small scale of small and medium-sized enterprises, resulting in the gem in the development process is facing a series of problems such as liquidity, stability and so on. To solve these problems is the introduction of foreign mature market maker system, related to China's GEM investors interests, but also related to the future and destiny of the gem. The evolution of market maker in the concept, history, necessity of the introduction of market maker trading mode in our country, feasibility, based on the analysis of the problems should be done before the introduction of market maker system in China the improvement of the system, the gem in China should introduce market maker system is studied.
In addition to the introduction and conclusion, is divided into four parts. The first is the main content of the market maker system, and its advantages and defects of the historical evolution. Secondly the necessity and feasibility of introducing the market maker system on the GEM market in China is analyzed. The third part is the existing market maker system for foreign introduction. The fourth part puts forward some suggestions on China's GEM market introduction of market maker system, including the introduction of market maker system in China should clear the legal obstacles, the construction of the basic operating rules of market maker, and with the introduction of market maker trading patterns related supporting system construction.
The advantages of the auction system is the transaction cost is relatively low, the transaction process is fair, supervision cost is low; the disadvantage is if you encounter the economic downturn or the stock market is in low visibility, the gem small medium and small enterprises, the implementation of a single transaction system of the securities market are likely to face the problem of poor liquidity. The market maker system has the advantage of improving market liquidity and stability; but the drawback is that the market maker may be in order to gain more economic benefits while ignoring the trading rules, arbitrary expansion of quotation price difference, damage to the interests of investors. The author believes that the gem market in China based on the bidding mode on the introduction of market maker trading mode is appropriate the international development trend.

【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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