我国创业板市场做市商制度的引进与构建  

Establish the Market Maker System in Our Growth Enterprise Market

作　　者：韩良[1] 刘彬[1] 

机构地区：[1]南开大学法学院,天津300071

出　　处：《天津法学》2013年第1期58-64,共7页Tianjin Legal Science

摘　　要：我国创业板市场建立两年多来,出现了一系列的问题,特别是流动性和股价波动问题日益凸显。传统的竞价制度已不符合我国创业板市场的需要。从美国、日本等国资本市场的实践来看,做市商交易制度在维护市场流动性和价格稳定性方面均发挥了重要作用。我国创业板市场有必要引入做市商交易制度,并已初步具备了引入做市商制度的条件。成功引入做市商制度的关键是实现各方利益的平衡。我国应立足创业板发展现状,借鉴资本市场发达国家的经验,制定和完善相关法规,建立以混合交易制度为基础、兼顾做市商权益以实现各方利益平衡的交易制度。Since our Growth Enterprise Market（GEM） was established two years ago, a series of problems have appeared, in which the fluidity and the fluctuation have been especially the most serious. Traditional auction system does not meet the needs of China＇s Growth Enterprise Market. From the practical point of view of the capital markets of the United States, Japan and other countries, the market maker trading system have played system. The key to the successful introduction of the market maker system is to achieve the balance of the in terests of all parties. Based on the Growth Enterprise Market development status, the experience of the capital markets in developed countries, and developing and improving the relevant laws and regulations we should establish trading system based on hybrid trading system in order to achieve a balance of interests of all parties, taking into account the market-maker interests.

关 键 词：做市商制度 混合交易制度 创业板 纳斯达克 

分 类 号：D922.28[政治法律—经济法学]