本文選題：創(chuàng)業(yè)板　切入點：交易模式　出處：《河北大學》2012年碩士論文　論文類型：學位論文

【摘要】：創(chuàng)業(yè)板是我國多層次資本體系中的重要環(huán)節(jié)，然而由于我國創(chuàng)業(yè)板市場起步較晚，而且其上市公司多為規(guī)模較小的中小型企業(yè)，導致創(chuàng)業(yè)板在發(fā)展過程中面臨著一系列如流動性問題、穩(wěn)定性問題等。解決這些問題是否引入國外已經成熟的做市商制度，關乎我國創(chuàng)業(yè)板投資者的切身利益，也事關創(chuàng)業(yè)板的前途命運。本文在對做市商的概念、沿革歷史、我國引入做市商交易模式的必要性、可行性、我國引入做市商制度前應該做的制度完善等問題進行分析的基礎上，對我國創(chuàng)業(yè)板市場是否應該引入做市商制度進行了研究。 本文除引言、結語外，分為四大部分。首先是對做市商制度的主要內容、歷史沿革及其優(yōu)勢以及缺陷的介紹。其次是對我國創(chuàng)業(yè)板市場引入做市商制度的必要性和可行性進行了分析。第三部分是對國外現(xiàn)有做市商制度的介紹。第四部分對我國創(chuàng)業(yè)板市場引入做市商制度提出了若干建議，內容包括我國引入做市商制度前應該掃清的法律障礙、做市商基本運行規(guī)則的建設、以及與引入做市商交易模式相關的配套制度的建設等方面。 競價交易制度的優(yōu)點在于交易成本較為低廉，交易過程較為公正，監(jiān)管成本較低；缺點在于如果遇到經濟低迷或者證券市場是以知名度低、規(guī)模較小的中小企業(yè)為主的創(chuàng)業(yè)板，實行單一競價交易制度的證券市場很可能會面臨流動性差的問題。做市商制度的優(yōu)勢在于能夠提高證券市場的流動性以及穩(wěn)定性；但缺陷在于做市商可能為了獲取更多的經濟利益而罔顧交易規(guī)則，，任意擴大報價價差，損害投資者利益。筆者認為我國創(chuàng)業(yè)板市場在競價交易模式的基礎上引入做市商交易模式是符合國際發(fā)展趨勢的。
[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.

【學位授予單位】：河北大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：D922.287;F832.51

【參考文獻】

相關期刊論文 前10條

1 常紅軍;;試論我國創(chuàng)業(yè)板的特點和設立的作用[J];甘肅社會科學;2009年06期

2 陳維濤;趙東紅;;淺議NASDAQ做市商的收入、成本與功能[J];湖南財經高等�？茖W校學報;2010年03期

3 甫玉龍;吳昊;;我國創(chuàng)業(yè)板市場做市商交易制度構建[J];海南大學學報(人文社會科學版);2010年02期

4 舒俊;全球主要創(chuàng)業(yè)板市場交易制度及對比研究[J];科技管理研究;2004年06期

5 邢翠;朱文慧;;淺議風險投資退出的原因及方式[J];商場現(xiàn)代化;2010年21期

6 劉俊海;論證券市場法律責任的立法和司法協(xié)調[J];現(xiàn)代法學;2003年01期

7 馮巍;海外做市商制度的實踐及其相關理論問題綜述[J];證券市場導報;2005年01期

8 吳林祥;我國證券市場引入做市商制度的思考[J];證券市場導報;2005年01期

9 隆武華,陳煒,吳林祥;海外做市商雙向報價規(guī)則及其借鑒[J];證券市場導報;2005年07期

10 崔媛媛;王建瓊;盧濤;湯弦;;融資融券運行現(xiàn)狀分析及問題剖析[J];證券市場導報;2010年10期

相關博士學位論文 前1條

1 姚秦;債券市場微觀結構與做市商制度:中國銀行間市場的理論及實證[D];復旦大學;2006年

相關碩士學位論文 前3條

1 楊晉;經濟法視野下的行業(yè)協(xié)會及其職能研究[D];重慶大學;2006年

2 羅春林;銀行間債券市場做市商制度研究[D];西南財經大學;2007年

3 申志遠;我國風險投資退出法律機制研究[D];廈門大學;2008年

本文編號：1584154