双学位毕业论文创业板块引入做市场交易制度研究.docVIP

PAGE PAGE I 创业板块引入做市场交易制度研究 Research about introdueting market-maker rule into Second-board market 专　　　　业： 财务管理 姓　　　　名： 指导教师姓名： 申请学位级别： 学士 论文提交日期： 2013年5月6日 学位授予单位： 摘 要 随着市场经济的不断发展，资本市场已成为我国市场经济中的重要组成部分。十多年来，中国经济一直保持较高的发展速度，尤其是最近几年，我国宏观经济呈现出良好发展趋势，同时中国资本市场也进入一个快速发展的新时期。但我国证券市场仍处于新兴时期，更多深层次的问题直接阻碍着中国证券市场的快速发展。 我国创业板市场与主板市场竞价交易制度保持一致，但两者的特点并不完全相同，创业板市场具有更高的不确定性、成长性和信息不对称性，更需要流动性和稳定性。我国创业板市场实行竞价交易制度，表面似乎不缺乏流动性，但仔细考察不难发现，成交量整体仍处于下降趋势，价格波强烈，单边趋势非常明显，市场稳定性差。做市商交易制度具有提高市场流动性，稳定市场价格，防止市场操纵等优势。正是由于做市商交易制度的这些优势，国外证券市场，尤其是创业板市场大多实行做市商交易制度，采用其与竞价交易制度相混合的交易模式，这也成为了创业板市场交易制度的发展的必然趋势。本文分析了我国创业板市场引入做市商交易制度的可行性、必要性，并为创业板市场做市商交易制度的构建提出了可行性建议。 关键词:创业板块；做市商制度；交易制度；必要性 Abstract With the continuous development of market economy， the capital market has become an important part of Chinas market economy. 10 years， Chinas economy has maintained a high growth rate， particularly in recent years， Chinas macroeconomic showing a good trend of development， Chinas capital market has entered a new period of rapid development. Chinas Growth Enterprise Market of the Main Board auction system is consistent， but not identical to the characteristics of both the Growth Enterprise Market (GEM) has a higher level of uncertainty， growth and asymmetric information， need more liquidity and stability. Chinas GEM implementation of the auction system， the surface does not seem to lack of liquidity， but a closer examination is not difficult to find， the volume as a whole is still in a downward trend， a strong wave of price， the unilateral trend is very clear， poor market stability. Market maker trading system has to improve market liquidity and stabilize market prices to prevent market manipulation and other advantages. It is because of these advantages of the market maker trading system， foreign stock markets， especially most of the Growth Enterprise Market (GEM) Market Maker trading system， its mixed trading patterns with the auction system， which has become the GEM market trading systemthe inevitable trend