我国创业板市场做市商交易制度构建

To Build the Market Maker Trading System of China's Growth Enterprise Market

我国创业板市场推出以来,表面上似乎不缺乏流动性,但仔细考察不难发现,其成交量整体处于下降趋势。引入做市商交易制度,实行竞价交易制度为主做市商交易制度为辅的混合型交易模式,能够有效保证和提高创业板市场的流动性、稳定性,是我国创业板市场发展的必然方向。文章从做市商交易制度的基本理论出发,分析创业板市场引入做市商交易制度的必要性,同时提出构建做市商交易制度的若干建议。

Since the launch of China＇s growth enterprise market （GEM）, it does not seem like to lack market fluidity apparently, but it is not difficult to find that the whole trade volume is in a downward trend by carefully examining. To introduce market maker trading system by implementing a kind of hybrid trading model based on auction trading system and supplemented by market maker trading system can guarantee and improve the fluidity and stability of the GEM effectively. It is the inevitable direction of the development of GEM. This paper reviewed the essential theory of market maker trading system, discussed necessity of the introduction of the system into GEM, and then proposed advices to build up the system.