本文關鍵詞：我國新三板市場做市商制度設計研究　出處：《重慶師范大學》2015年碩士論文　論文類型：學位論文

  更多相關文章： 新三板市場 做市商 制度設計

【摘要】：做市商制度(Market Maker Rule)就是以做市商報價形成交易價格、從而提高市場流動性并對證券進行主動性定價的證券交易方式。做市商制度對于支持中小型科技企業(yè)進入資本市場融資有重要的意義。因為中小科技型企業(yè),由于其目前規(guī)模比較小,成長性比較好,如果采用競價或者其他非做市商交易制度不利于發(fā)揮資本市場的定價功能。因此,本文在理論和實際的基礎上,對于做市商制度,特別是交易制度,做了比較全面的研究。本文查閱國內(nèi)外文獻的對做市商的研究的基礎上,闡述了普遍意義上的做市商的涵義、特點和功能、以及做市商制度的運作機理。然后,通過對于我國新三板市場結構和特點的分析,在研究新三板做市交易規(guī)則、現(xiàn)狀等問題后,對我國新三板市場實施做市交易制度后存在的問題進行了分析。通過以上的研究,通過以上的研究,在對比國內(nèi)外各大交易所做市商的發(fā)展的基礎上,提出了若干制度設計的建議,包括做市商優(yōu)先獲取相關信息;大宗交易遲延報告制度;通過返傭等方式來鼓勵其參與做市;做市商存貨風險管理制度;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.
【學位授予單位】：重慶師范大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F832.51

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本文編號：1359603