创业板市场引入做市商制度的研究

一个健康的证券市场必须是流动的 ,创业板市场良性发展的基础是要有一套保证市场流动性的交易机制。通过对做市商制度和创业板上市公司及投资者特殊性的研究 ,认为在我国创业板市场引入做市商制度不仅在增加市场流动性方面有着巨大的优越性 ,还可避免主板市场交易制度的一些弊端和起到提高交易效率、降低市场风险、维持价格稳定等作用。针对我国在现阶段引入做市商制度存在的一些障碍 ,在借鉴国外的成功经验并结合我国实际情况的基础上提出了改善外部环境、建立做市商制度方面的建议 ,并对具体的交易制度提出了几点构想。

Research about introducing market maker rule into second board market

A normal stock market must be fluid. A set of trading mechanism to ensure market fluidity is the foundation of the favorable development of Second Board Market. Through studying Market Maker Rule and the peculiarity of the listed company and investor in Second Board Market, the writer thinks that the second Board Market not only has great superiority on increasing market fluidity, but also can avoid some shortcomings of the trading mechanism of Main Board Market, enhance trading efficiency, decrease market risks and maintain price stability to introduce Market Maker Rule. Aimed at some obstacles of introducing Market Maker Rule, the writer offers some advice to improve the external environment ,set up Market Maker Rule and design some concrete trading rules on the base of absorbing successful foreign experiences according to the domestic situations.