【摘要】：新三板市場(chǎng)作為我國(guó)新興的資本市場(chǎng),很好地解決了中小企業(yè)在成立之初融資困難的問(wèn)題,但是目前新三板市場(chǎng)的交易并不活躍,做市商法律制度作為有助于提高新三板市場(chǎng)流動(dòng)性的交易模式,一直受到擬掛牌新三板企業(yè)以及業(yè)界人士的諸多關(guān)注。在實(shí)踐操作過(guò)程中,做市商通常采用以下交易方式:利用自有資金購(gòu)買(mǎi)股票庫(kù)存,當(dāng)投資者想要買(mǎi)這種股票時(shí)就直接和擁有該庫(kù)存股票的做市商進(jìn)行交易。這種方式的好處在于增加了市場(chǎng)的流動(dòng)性,也使交易更加方便安全。但是,我國(guó)目前規(guī)制做市商法律制度的規(guī)定還處在試行階段,實(shí)踐中在新三板掛牌的公司采取做市商交易模式的比例還非常低,究其原因在于我國(guó)的法律規(guī)定還相當(dāng)不完善,因此提出完善相關(guān)法律法規(guī)的必要性。本文通篇以做市商法律制度實(shí)施模式的設(shè)定、做市交易各方權(quán)利義務(wù)的規(guī)定以及對(duì)做市商的監(jiān)管為主要線索,通過(guò)對(duì)全球相似市場(chǎng)制度的對(duì)比研究,具體分析我國(guó)新三板市場(chǎng)已經(jīng)出現(xiàn)的做市商違法案例,對(duì)比美國(guó)納斯達(dá)克市場(chǎng)做市商法律制度,探究我國(guó)新三板市場(chǎng)做市商法律制度的現(xiàn)狀、完善的必要性及存在的缺陷和不足,提出具體的改進(jìn)措施。除了引言和結(jié)論部分外,本文主要分為四部分進(jìn)行闡述:第一部分,對(duì)新三板市場(chǎng)以及做市商法律制度進(jìn)行一個(gè)基本概述。本部分簡(jiǎn)單介紹了新三板市場(chǎng)的特殊性、多層次資本市場(chǎng)中做市商法律制度與其他交易模式的優(yōu)劣比較,通過(guò)對(duì)目前已經(jīng)出現(xiàn)的典型案例的考量明確我國(guó)做市商法律制度的現(xiàn)有狀態(tài)與做市商主要違法行為,為后文實(shí)際問(wèn)題的分析奠定理論基礎(chǔ)與現(xiàn)實(shí)基礎(chǔ)。第二部分,詳細(xì)闡述了完善我國(guó)新三板市場(chǎng)做市商法律制度的必要性,結(jié)合具體法條從交易運(yùn)行模式、交易各方權(quán)利義務(wù)以及監(jiān)管制度等三方面提出現(xiàn)有制度存在的缺陷,以期為下一步有針對(duì)性地提出解決對(duì)策做好鋪墊。第三部分,從效率與公平的價(jià)值取向維度對(duì)國(guó)內(nèi)外相關(guān)做市商法律制度進(jìn)行研究,尤其著重對(duì)類(lèi)似于我國(guó)新三板市場(chǎng)的美國(guó)納斯達(dá)克市場(chǎng)中做市商法律制度的具體分析,通過(guò)比較研究得出對(duì)我國(guó)做市商法律制度完善的啟發(fā)。第四部分,根據(jù)前文分析出的我國(guó)新三板市場(chǎng)做市商法律制度的缺陷和不足,從法律層面提出行之有效并且具有可實(shí)施性的的完善建議,通過(guò)具體運(yùn)行模式的設(shè)立、交易各方權(quán)利義務(wù)的規(guī)定和監(jiān)管路徑的設(shè)置,希望可以進(jìn)一步促進(jìn)我國(guó)新三板市場(chǎng)做市商法律制度的發(fā)展。
[Abstract]:As a new capital market in China, the new third board market has solved the problem of financing difficulties for small and medium-sized enterprises at the beginning of its establishment, but at present, the transactions in the new third board market are not active. As a trading mode which helps to improve the liquidity of the new third board market, the legal system of market makers has always attracted a lot of attention from the new third board enterprises and people in the industry. In the process of practice, market makers usually use the following trading methods: using their own funds to buy stock inventory, when investors want to buy such stock, they trade directly with the market maker who owns the stock. The advantage of this approach is that it increases the liquidity of the market and makes transactions more convenient and secure. However, the regulation of the legal system of market makers in our country is still in the trial stage. In practice, the proportion of companies listed on the new third board to adopt the trading mode of market makers is still very low, the reason is that the legal provisions of our country are still quite imperfect. Therefore, it is necessary to improve the relevant laws and regulations. This article takes the establishment of the implementation mode of the legal system of the market maker, the provisions of the rights and obligations of all parties to the market making transaction and the supervision of the market maker as the main clues, through the comparative study of the global similar market system. This paper analyzes the illegal cases of market makers in the new third board market in China, compares the legal system of market makers in NASDAQ market in the United States, and probes into the present situation of the legal system of market makers in the new third board market in China. The necessity of perfection and the existing defects and shortcomings are put forward. In addition to the introduction and conclusion, this paper is mainly divided into four parts: the first part, a basic overview of the new third board market and the legal system of market makers. This part briefly introduces the particularity of the new third board market and the comparison between the legal system of market makers and other trading modes in the multi-level capital market. Through the consideration of the typical cases that have appeared at present, this paper clarifies the existing state of the legal system of market makers in our country and the main illegal acts of market makers, and lays a theoretical and practical foundation for the analysis of the following practical problems. The second part expounds in detail the necessity of perfecting the legal system of market makers in the new third board market of our country, and puts forward the defects of the existing system from three aspects: the operation mode of the transaction, the rights and obligations of all parties to the transaction and the supervision system. In order to lay the groundwork for the next step to put forward countermeasures. The third part studies the legal system of market makers at home and abroad from the perspective of value orientation of efficiency and fairness, especially focuses on the specific analysis of the legal system of market makers in the NASDAQ market, which is similar to the new third board market in China. Through the comparative study, we can get the inspiration to the perfection of the legal system of market makers in our country. The fourth part, according to the defects and shortcomings of the legal system of the new third board market makers in China, puts forward effective and enforceable suggestions from the legal level, and through the establishment of the specific operation mode, The provisions of the rights and obligations of all parties to the transaction and the establishment of the regulatory path hope to further promote the development of the legal system of market makers in the new third board market in China.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D923.99

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本文編號(hào)：2480892