【作者】 李鑫；

【导师】 罗国锋；

【作者基本信息】 东北大学 ， 政治经济学， 2017， 硕士

【摘要】 中国新三板市场是创新型的证券交易市场,于2014年8月25日正式引进做市商制度。做市商制度在发达证券市场已有40多年的运行历史并且其在证券市场所起的作用已获得了国际金融市场上的广泛认可。做市商制度依靠的是公开、有序、即时、竞争的报价驱动机制,由做市商向市场提供双边报价,投资者根据做市商所报价格选择是否与做市商交易,这样可以保证证券交易的规范性和交易效率。做市商以其自有资金和证券保证与投资者的交易得以顺利进行,从而为证券市场流动性提供保证。本文在充分调研中国新三板做市商制度研究背景及理论意义基础上,又查阅大量有关做市商制度文献,主要研究内容如下:(1)本文研究了做市商制度的理论基础,包括做市商制度的定义、分类、特征、做市商功能、做市商资格条件、运行机制等。(2)本文研究了中国新三板市场自2014年8月25日至2017年5月31日期间,即新三板市场采用做市商制度将近三年以来的实施现状、面临问题和急需改进的方面。通过考察中国做市商制度实施将近三年以来的市场最新数据,总结了新三板做市商制度未能在新三板市场中发挥出期望的效果,依然面临流动性不足、估值失真,市场不稳定、违规乱象频发等问题。(3)本文通过多案例分析并结合图表的方法分析了外部环境、做市商、做市企业(股东及投资者)和监管部门四个方面(并展开十一个维度)对中国新三板引进做市商制度以来实施效果的影响。提出了中国新三板市场采用做市商制度实施效果影响因素的三棱锥模型,并通过案例间分析研究得出四个理论命题。(4)本文在多案例分析的基础上给出了建议和对策,最后从增加市场流动性、抑制股票波动性和防范做市商和挂牌企业违规问题等方面为中国新三板市场更好的实施做市商制度提出建议,并对优化做市商交易机制进行了展望。更多还原

【Abstract】 China’s NEEQ market is an innovative stock market,which was officially introduced on August 25,2014.It has a history of more than 40 years in the developed stock market,and its role has gained widely acceptance in the international financial market.Market maker system relys on the open,orderly,timely,and competitive driving mechanism of price.Market makers provide two-way quotation.According to the quotation,investors choose whether clinch the transation with marketmakers or not.This guarantees the specification and effciency of securities market and Marketmakers,with their own capital and securities,guarantee the trade of investors will be carried out smoothly,and guarantee the market liquidity.Based on the investigation of China’s NEEQ market maker system and its background and significance,and refering to a large number of papers market-maker system,the main contents are as follows:(1)This paper studied the theories of market maker system,including its definition,classification,characteristics,function and market makers’ qualifications,operational mechanism,etc.(2)This paper studied the new three boards market during from August 25 in 2014 May 31 in 2017.The new three boards market has introduced market maker system for almost three years until now.This paper studied the implementation of the effect,problems,and in need of improvement.Market-maker system investigated the latest data of the market in the last three years,and summarized the new three boards market maker system has not been able to play the expectation effect in the new three boards market,still facing the liquidity shortage,the valuation distortion,market instability,frequent violations chaos and so on.(3)This paper,by means of studying cases and combining with chart,will analyze the external environment,market makers,market making enterprises and investors(shareholders)and regulators(and expand the eleven dimensions)of China’s new three boards market maker system’s implementation effect.Proposing China’s new three board market introduces market-making system implementation effect triangular pyramid model of influential factors,and through the analysis among the cases drawing out four theoretical propositions.(4)This paper presents the suggestions and countermeasures on the basis of Multiple-case study.Eventually,the paper proposed some advices from the increasing liquidity of market,inhibition of stock,volatility of marketmakers and listed companies to prevent violations of the implementation of the new three boards market in China and the prospects of marketmakers trade mechanism is also discussed.更多还原