证券市场交易组织方式比较──二板市做市场制度探微

The Comparative Organization Formof Transaction in the Stock Market

［摘 要］证券市场有竞价和做市商两种典型的交易组织方式。该文以 NASDAQ市场为例，从做市商制度对证券市场基本属性的影响来看，做市商制度相对于竞价市场有一定优越性，并对该项制度的运作功能作了必要的澄清。在此基础上探讨了我国二板市场推行做市商制度的理由。实施的可行性和必须注意的问题。

Abstract:There are two typical ytsndsvyion methods, that is the competitive price and the commerce in the stock mar-ket. The author takes the NASDAQ market as an example, he thinks the commerce system has more advantage than thecompetitive price. In this article, Ihe author dwells on the reasons and feasibilities that the commerce system is carriedout in our secondary market and some problems should be paid attention to.