中国场外交易市场做市商制度发展研究

发布时间：2018-03-23 21:26

本文选题：场外交易市场　切入点：做市商制度　出处：《天津财经大学》2012年硕士论文

【摘要】：做市商制度在发达国家的证券市场上已有近50年的历史,做市商制度的运用,提高了场外交易市场的流动性,在创造市场交易,活跃市场,保障场外交易市场的稳健等方面发挥了巨大的作用。我国“十二五”规划中,强调要深化金融体制改革,其中,继“十一五”规划提出“构建场外交易市场,逐步形成各层次市场间有机联系的股票市场体系”后,进一步明确“扩大代办股份转让系统试点,加快发展场外交易市场”的资本市场改革方向。最近,证监会正着手筹建统一监管下的全国性场外交易市场。目前我国场外交易市场主要由地方产权交易市场、代办股份转让系统和股权交易市场组成,普遍存在着规模较小、交易量少、流动性不足以及信息不透明等问题。发展做市商制度对于推动我国场外交易市场的良性发展,构建我国多层次资本市场具有重要意义。论文在阐述做市商制度的含义、功能和相关理论的基础上,梳理了传统做市商制度的发展脉络,探讨了混合型做市商制度形成的节点,主要包括：削弱做市商对报价权的垄断,降低投资者的交易成本；电子交易报价系统竞争的推动；创造市场流动性的要求等,并提出对我国借鉴之处。紧接着论文回顾了我国场外交易市场的发展历程,剖析了我国场外交易市场做市商制度存在的问题：包括尚未普遍采用做市商制度；缺乏数量足够和质量合格的做市商,难以形成合理的市场价格；做市商存货成本高；缺乏优质机构投资者参与做市以及做市商违规操作,对其监管不力等问题。并探讨了上述问题形成的原因。论文在分析我国场外交易市场发展做市商制度重要意义的基础上,提出构建我国场外交易市场做市商制度的对策,包括：出台相关法律法规；培育优质做市商；规定做市商的权利与义务；降低做市商交易成本；并从规范做市商准入、监督做市商行为和建立做市商退出机制等方面提出了完善做市商监管体系的对策建议。
[Abstract]:The market maker system has a history of nearly 50 years in the securities markets of developed countries. The application of the market maker system has increased the liquidity of the over-the-counter market, created market transactions and activated the market. Protection of the over-the-counter market stability and so on has played a huge role. In the 12th Five-Year Plan of our country, emphasis is placed on deepening the reform of the financial system, among which, after the 11th Five-Year Plan put forward "constructing the over-the-counter trading market and gradually forming the stock market system with organic links among the various levels of markets", To further clarify the direction of the capital market reform of "expanding the pilot project of the agency share transfer system and speeding up the development of the over-the-counter market." recently, The CSRC is preparing to set up a nationwide over-the-counter market under unified supervision. At present, the over-the-counter market in China is mainly composed of local property rights trading markets, the agency share transfer system and the equity trading market. Generally speaking, there is a relatively small scale. The development of market maker system is of great significance to promote the benign development of China's over-the-counter market and to construct a multi-level capital market. On the basis of expounding the meaning, function and related theory of market maker system, the paper combs the development of traditional market maker system, and discusses the node of mixed market maker system. It mainly includes: weakening the monopoly of market makers on the right to quote, reducing the transaction cost of investors; promoting the competition of electronic trading quotation system; creating the requirement of market liquidity, etc. Then the paper reviews the development of China's over-the-counter market and analyzes the problems existing in the over-the-counter market of our country: including that the market maker system has not been widely adopted; Lack of sufficient and qualified market makers to form reasonable market prices; high inventory costs for market makers; lack of high-quality institutional investors to participate in market making and market makers' illegal operations, On the basis of analyzing the significance of the development of the market maker system in China's over-the-counter market, the paper puts forward the countermeasures to construct the market maker system of our country's over-the-counter market. They include: introducing relevant laws and regulations; cultivating high-quality market makers; stipulating the rights and obligations of market makers; reducing transaction costs of market makers; and regulating market makers' access. In order to supervise and establish the exit mechanism of market makers, this paper puts forward some countermeasures and suggestions to perfect the supervision system of market makers.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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