美国OTCBB做市商制度成功运作的原因探究

On the Reasons for the Successful Operation of the U.S.OTCBB Market Maker System

OTCBB是美国中小企业利用资本市场直接融资的专门场所。引入做市商是办好OTCBB的必备条件,但是,做市商存在既要以盈利最大化为目标、又要承担市场中介和组织者功能的天然矛盾,使许多国家柜台市场运行不成功。本文在深入探讨了美国OTCBB做市商成功运行的理论、制度、技术原因后认为:美国OTCBB做市商成功运作的经验对我国新三板做市商制度建设有重大启示意义。

OTCBB is a special place where small and medium-sized enterprises in U.S. use capital market to obtain direct financing. The introduction of market makers is a prerequisite to run OTCBB well. However, many over-the-counter markets in different states can＇ t operate successfully due to the natural contradiction that the mar- ket makers want to get the profit maximization while act as market intermediary and organizer. This paper ex- plores the theory, system and technical reasons of the U.S. OTCBB market makers successfully running in depth and draws the conclusions： the experience of the successful operation of the U.S. OTCBB market makers is of great significance to China＇ s new version of the market-maker system construction.