本文選題：場外交易市場　切入點：做市商制度　出處：《天津財經(jīng)大學》2012年碩士論文

【摘要】：做市商制度在發(fā)達國家的證券市場上已有近50年的歷史,做市商制度的運用,提高了場外交易市場的流動性,在創(chuàng)造市場交易,活躍市場,保障場外交易市場的穩(wěn)健等方面發(fā)揮了巨大的作用。 我國“十二五”規(guī)劃中,強調(diào)要深化金融體制改革,其中,繼“十一五”規(guī)劃提出“構(gòu)建場外交易市場,逐步形成各層次市場間有機聯(lián)系的股票市場體系”后,進一步明確“擴大代辦股份轉(zhuǎn)讓系統(tǒng)試點,加快發(fā)展場外交易市場”的資本市場改革方向。最近,證監(jiān)會正著手籌建統(tǒng)一監(jiān)管下的全國性場外交易市場。目前我國場外交易市場主要由地方產(chǎn)權(quán)交易市場、代辦股份轉(zhuǎn)讓系統(tǒng)和股權(quán)交易市場組成,普遍存在著規(guī)模較小、交易量少、流動性不足以及信息不透明等問題。發(fā)展做市商制度對于推動我國場外交易市場的良性發(fā)展,構(gòu)建我國多層次資本市場具有重要意義。 論文在闡述做市商制度的含義、功能和相關(guān)理論的基礎(chǔ)上,梳理了傳統(tǒng)做市商制度的發(fā)展脈絡(luò),探討了混合型做市商制度形成的節(jié)點,主要包括：削弱做市商對報價權(quán)的壟斷,降低投資者的交易成本；電子交易報價系統(tǒng)競爭的推動；創(chuàng)造市場流動性的要求等,并提出對我國借鑒之處。緊接著論文回顧了我國場外交易市場的發(fā)展歷程,剖析了我國場外交易市場做市商制度存在的問題：包括尚未普遍采用做市商制度；缺乏數(shù)量足夠和質(zhì)量合格的做市商,難以形成合理的市場價格；做市商存貨成本高；缺乏優(yōu)質(zhì)機構(gòu)投資者參與做市以及做市商違規(guī)操作,對其監(jiān)管不力等問題。并探討了上述問題形成的原因。論文在分析我國場外交易市場發(fā)展做市商制度重要意義的基礎(chǔ)上,提出構(gòu)建我國場外交易市場做市商制度的對策,包括：出臺相關(guān)法律法規(guī)；培育優(yōu)質(zhì)做市商；規(guī)定做市商的權(quán)利與義務(wù)；降低做市商交易成本；并從規(guī)范做市商準入、監(jiān)督做市商行為和建立做市商退出機制等方面提出了完善做市商監(jiān)管體系的對策建議。
[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.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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相關(guān)期刊論文 前10條

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