本文選題：新三板 + 做市商　； 參考：《山東大學(xué)》2017年碩士論文

【摘要】：在新三板證券交易市場擴(kuò)容之后,為增強(qiáng)市場活躍度、提高市場流動性,我國采用了做市商交易制度。由于新三板市場本身就是一個比較年輕的市場,作為其新引入的交易制度的做市商制度的發(fā)展也不會太過順利,相應(yīng)地會出現(xiàn)各種問題。當(dāng)然做市商制度對資本市場的貢獻(xiàn)是非常重要的,主要表現(xiàn)在增強(qiáng)交易活躍度、提高市場流動性、促進(jìn)價格發(fā)現(xiàn)、維護(hù)市場穩(wěn)定、提高信息透明度等方面。然而,在我國,這些多方面的優(yōu)勢還未能充分發(fā)揮,并且存在一定程度的違法違規(guī)問題,主要原因在于我國做市商的義務(wù)權(quán)利規(guī)制、準(zhǔn)入退出規(guī)制和法律監(jiān)管等方面存在欠缺,可以說,要想讓做市商的功能得到充分發(fā)揮,促進(jìn)市場流動性,保障新三板市場良性發(fā)展,必須重視這些問題,完善法律監(jiān)管制度。本文會從對做市商進(jìn)行監(jiān)管的角度入手,研究新三板市場做市商制度的監(jiān)管現(xiàn)狀、對做市商進(jìn)行監(jiān)管的原因以及對做市商進(jìn)行監(jiān)管的系統(tǒng)設(shè)計,希望能夠為我國的新三板證券交易市場做市商制度的健康發(fā)展提供有利的幫助。本文主要分為三個大部分:第一部分主要介紹做市商交易制度的內(nèi)涵,并對做市商這一概念與莊家、證券經(jīng)紀(jì)商進(jìn)行比較,主要目的在于為后文論述的展開做鋪墊。第二部分簡要介紹做市商制度的作用,主要介紹做市商這一市場行為主體在實踐中出現(xiàn)的主要法律問題,找出對做市商進(jìn)行監(jiān)管的原因,來對下文介紹監(jiān)管的系統(tǒng)設(shè)計進(jìn)行必要性分析。第三部分專門論述對做市商進(jìn)行監(jiān)管的系統(tǒng)設(shè)計,主要從監(jiān)管依據(jù)即法律規(guī)制情況、監(jiān)管主體即監(jiān)管體制、做市商市場準(zhǔn)入退出方面進(jìn)行監(jiān)管以及對做市商的主要行為進(jìn)行監(jiān)管,本文無意于具體交易流程安排的探討,而是集中研究做市商在交易中的報價行為、信息披露行為所出現(xiàn)的問題和其他違規(guī)行為以及如何對這些影響證券交易市場穩(wěn)定和發(fā)展的主要行為進(jìn)行監(jiān)管。
[Abstract]:In order to enhance market activity and increase market liquidity, market maker trading system has been adopted in China after the expansion of the new third-board securities trading market. As the new third board market itself is a relatively young market, the development of the market maker system, as its newly introduced trading system, will not be too smooth, and there will be various problems accordingly. Of course, the contribution of market maker system to the capital market is very important, mainly in the aspects of enhancing transaction activity, improving market liquidity, promoting price discovery, maintaining market stability and improving information transparency. However, in our country, these advantages have not been brought into full play, and there are some illegal and illegal problems, which are mainly due to the deficiency in the regulation of the rights of market makers, the regulation of withdrawal of access and the regulation of law, and so on. It can be said that if we want to give full play to the function of market makers, promote market liquidity and ensure the healthy development of the new three boards, we must attach importance to these problems and perfect the legal supervision system. From the angle of supervision of market makers, this paper will study the current situation of supervision of the market maker system in the new three boards market, the reasons for the supervision of market makers and the systematic design of supervision of market makers. It is hoped that it can provide favorable help for the healthy development of the market maker system of the new three-board securities market in our country. This paper is divided into three major parts: the first part mainly introduces the connotation of market maker trading system, and compares the concept of market maker with that of makers and securities brokers, the main purpose of which is to lay the groundwork for the later discussion. The second part briefly introduces the role of the market maker system, mainly introduces the market maker, the main legal problems in practice, to find out the reasons for the supervision of market makers. To introduce the following regulatory system design for the necessity analysis. The third part specifically discusses the system design of market makers supervision, mainly from the regulatory basis, that is, the legal regulation situation, the supervision of the main body that is the regulatory system, This paper does not intend to discuss the arrangement of specific transaction flow, but focuses on the pricing behavior of market makers in the transaction. Problems and other irregularities in information disclosure and how to regulate the main behaviors that affect the stability and development of the securities market.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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本文編號：1843290