摘要
台湾证券柜台交易市场在促进台湾中小型高科技企业的快速成长和规范非上市公开发行公司的股权报价转让等方面发挥着不可替代的重要作用。本文详细考察了台湾证券柜台交易市场上柜股票和兴柜股票的交易模式,研究表明兴柜市场实行的以分散报价、集中成交的竞争性做市商交易模式具有内在的制度优势,是适宜个人投资者为主的柜台交易市场。台湾柜台交易中心取得成功的关键在于,以满足柜台交易市场交易性需求、流动性需求、波动性需求和透明度需求为基础,通过构建合理的市场结构创造性地引入包括竞价交易机制在内、与市场功能和交易对象的风险特性相适应的混合交易模式。
Taiwan securities OTC market has been playing an irreplaceable role in promoting small/medium-cap hi-tech business, and in regulating equity quotation and transfer of non-listed companies. The article examines the trading pattern of OTC stocks and emerging stocks in details. It shows that the competitive market maker pattern, characterized by bid dispersion and concentrated trading, has inherent advantage and is suitable for OTC market. And hybrid trading pattern is also the key to the success of Taiwan Securities OTC Market.
出处
《上海金融》
CSSCI
北大核心
2008年第7期58-61,共4页
Shanghai Finance
关键词
柜台交易市场
兴柜交易模式
做市商
混合交易模式
OTC Market
Emerging Market Trading Pattern
Market Maker
Hybrid Trading Pattern
