协议转让、做市商与区域性股权市场交易制度选择--基于湖南省股权交易市场科技创新专板的前瞻性分析

Agreement Transfer,Market Maker and the Choice of Trading System in Regional Equity Market--A prospective analysis based on the scientific and technological innovation board of Hunan equity trading market

科技创新专板是我国区域性股权市场建设的一项制度创新,为区域性股权市场转轨主板市场提供了契机。但是区域性股权市场的交易制度却依然沿袭标准板转让协议定价制度,难以满足科技创新专板的设置预期。为探讨科技创新专板实行做市商制度的可能性,文章基于Gehrig对直接交换市场与中介机构的模型解释,建立起协议转让与做市商的效用函数模型,在随机配对、有效配对以及引入做市商的三种情形下,分析市场总福利的差异。函数模型的推导结果显示做市商通过提供价格信息,分离了市场中的买卖方分布,进而提高了协议转让市场的配对效率以及市场的总福利。这个结论为我国区域性股权市场局部引入做市商制度提供了理论依据,并因此提出了相应的前瞻性建议。

The special board for scientific and technological innovation is an institutional innovation in the construction of China’s regional equity market, which provides an opportunity for the transition of regional equity market to the main board market. However, the trading system of the regional equity market still follows the transfer agreement pricing system of the standard board, which is difficult to meet the setting expectation of the special board for scientific and technological innovation. In order to explore the possibility of implementing the market maker system on the special board of scientific and technological innovation,based on Gehrig’s model explanation of direct exchange market and intermediary, this paper establishes the utility function model of agreement transfer and market maker, and analyzes the difference of total market welfare in three cases: random pairing, effective pairing and the introduction of market maker. The derivation results of the function model show that market makers separate the distribution of buyers and sellers in the market by providing price information, so they improve the pairing efficiency and the total welfare of the agreement transfer market. This conclusion provides a theoretical basis for the local introduction of market maker system in China’s regional equity market, and puts forward corresponding prospective suggestions.