产权市场引入做市商制度的分析

Analysis on the application of the market maker mechanism in Chinese propriety market

中国产权市场属于资本市场,并且将发展成为初级的场外交易市场。通过对国际场外交易市场普遍采用的做市商制度的研究以及对中国产权市场的现状分析,提出了在中国产权市场引入做市商制度的建议。研究表明,中国产权市场确实有引入做市商制度,从而使产权市场规范化、市场化的必要性,只是在可行上仍然存在制度上和政策上的限制,但只要设计合理的实施方案,在政策和法律上不断完善和支持,做市商制度在产权市场的应用就可以实现。并且还阐述了在中国产权市场引入做市商制度的方案设计,分析了方案实施的主要障碍,并提出了解决思路和方法。

Chinese propriety market belongs to the capital market and it will be the primary OTC market. In this thesis, the authors make analysis on the market maker mechanism used in the overseas OTC market universally and the current situation of Chinese propriety market, put forward the opinion of adopting the market maker mechanism in Chinese propriety market. Researching on it,the authors conclude that it is necessary to adopt the market maker mechanism in order to make the Chinese propriety market standard, although there are still some obstacles of system and policy. The market maker mechanism will be applied in the Chinese propriety market successfully so long as we can design a reasonable implementation details. In the end,the thesis sets forth the practical project of applying the market maker mechanism in the Chinese propriety market and analyses the realistic obstacles and the solutions.