创业板市场做市商制度的法律研究-经济法专业论文.docxVIP

际市场接轨，它的出台还具有典型的中国特色。这就增加了不确定因素和操作难度。 因此从某种意义上来讲，我国即将推出的创业板市场并引入和实行做市商制度具有 独创性、开拓性、前瞻性和探索性。 由于采用做市商制度的交易成本高于竞价制度，做市商制度缺乏透明度，做市 商被查出合谋以及人为地提高交易成本等，这引起了投资者和社会公众的不满。尤 其是，近年来随着电子化竞价交易系统的不断完善和网上交易的日益普及，单一做 市商制度存在的基础进一步被动摇。作为做市商市场最主要的代表纳斯达克市场和 伦敦市场 HYPERLINK / ，近年来也开始先后调整了做市商制度的使用范围和使用方式。海外市场 的做市商也出现了调整和重整的新趋势 HYPERLINK / 。足以说明混合交易制度才是我国创业板市 场的未来趋势。 针对国际资本市场上的一大亮点，国内却是实施难点的创业板市场做市商制度， 笔者认为应兼顾眼前与长远。本文在最后一章从现阶段和长远前景两方面提出如下 对策：建立健全配套的法律法规；培育合格的做市商群；健全完善的资本市场体系； 试行卖空机制，开设避险工具市场；调整监管框架，加强对做市商的监管。因此， 我们应结合中国的国情和国内外的成功经验，循序渐进地建立一个以集中竞价制度 和做市商制度互为补充的创业板交易制度，推动“干预少一点，监管严一点，透明 多一点”的创业板市场的健康发展。 关键词：创业板市场 做市商制度 混合交易制度 Abstract Today global economy and the development of science and technology, we will establish GEM and promote the development of miniature corporations. Under the background that China is going to open GEM, it is of special significance to discuss how to introduce market-making system into GEM. Market-making system is one of securities exchange system. Different from price-contesting system, it realizes business each other by dint of agency effect, so the “Market-Maker” system can heighten the liquidity of market. Also because of advantage，the market-making system is important of exchange system, especially the market-making system of NASDAQ. Today it promises the market-making system of GEM around the world. Although the successful of NASDAQ, there are many obstacles in market-making system of China. Our securities law are not relate to market-maker, even something is blank. At first, our country is short of more arrangement securities system. Second, we adopt price-contesting system, even confuse between market-maker and banker. But it is natural that the “market-maker” system should be introduced to Chinese Second Board. First, the “Market-Maker” system can heighten the liquidity of market. Second，it take part in collocating resource in securities system. Third，it can acclimate international process. At the same time, we should consider about form a complete set fo