我国证券市场引入做市商制度的思考  

Reflection on Introducing Market Making System in China Securities Market

作　　者：吴林祥[1] 

机构地区：[1]深圳证券交易所综合研究所

出　　处：《证券市场导报》2005年第1期72-77,共6页Securities Market Herald

摘　　要：引入做市商制度一直是我国证券市场争论的焦点之一。在回顾相关研究结论和竞价交易市场引入做市商制度的实践后,本文认为,混合交易制度在一定程度上代表了交易制度发展的趋势。在借鉴我国银行间债券市场引入做市商制度的经验后,本文提出了混合模式和平行模式并分析了其利弊。Dispute has been going on about introducing marketmaking system in China securities market. Based on his in-depthstudy of relevant research results and the experience of otherauction markets, the author believes that a hybrid trading system,to some extent, embodies the development trend of tradingsystem. Given the market making experience in China inter-bankrepo market, the author brings forward the ideas of a hybridmodel and parallel model, with an illustration of their advantagesand disadvantages.

关 键 词：做市商制度 证券市场 中国 竞价交易 银行间债券市场 交易制度 发展 代表 和平 利弊 

分 类 号：F832[经济管理—金融学] F830