【摘要】：新三板市場作為我國新興的資本市場,很好地解決了中小企業(yè)在成立之初融資困難的問題,但是目前新三板市場的交易并不活躍,做市商法律制度作為有助于提高新三板市場流動性的交易模式,一直受到擬掛牌新三板企業(yè)以及業(yè)界人士的諸多關注。在實踐操作過程中,做市商通常采用以下交易方式:利用自有資金購買股票庫存,當投資者想要買這種股票時就直接和擁有該庫存股票的做市商進行交易。這種方式的好處在于增加了市場的流動性,也使交易更加方便安全。但是,我國目前規(guī)制做市商法律制度的規(guī)定還處在試行階段,實踐中在新三板掛牌的公司采取做市商交易模式的比例還非常低,究其原因在于我國的法律規(guī)定還相當不完善,因此提出完善相關法律法規(guī)的必要性。本文通篇以做市商法律制度實施模式的設定、做市交易各方權利義務的規(guī)定以及對做市商的監(jiān)管為主要線索,通過對全球相似市場制度的對比研究,具體分析我國新三板市場已經出現(xiàn)的做市商違法案例,對比美國納斯達克市場做市商法律制度,探究我國新三板市場做市商法律制度的現(xiàn)狀、完善的必要性及存在的缺陷和不足,提出具體的改進措施。除了引言和結論部分外,本文主要分為四部分進行闡述:第一部分,對新三板市場以及做市商法律制度進行一個基本概述。本部分簡單介紹了新三板市場的特殊性、多層次資本市場中做市商法律制度與其他交易模式的優(yōu)劣比較,通過對目前已經出現(xiàn)的典型案例的考量明確我國做市商法律制度的現(xiàn)有狀態(tài)與做市商主要違法行為,為后文實際問題的分析奠定理論基礎與現(xiàn)實基礎。第二部分,詳細闡述了完善我國新三板市場做市商法律制度的必要性,結合具體法條從交易運行模式、交易各方權利義務以及監(jiān)管制度等三方面提出現(xiàn)有制度存在的缺陷,以期為下一步有針對性地提出解決對策做好鋪墊。第三部分,從效率與公平的價值取向維度對國內外相關做市商法律制度進行研究,尤其著重對類似于我國新三板市場的美國納斯達克市場中做市商法律制度的具體分析,通過比較研究得出對我國做市商法律制度完善的啟發(fā)。第四部分,根據(jù)前文分析出的我國新三板市場做市商法律制度的缺陷和不足,從法律層面提出行之有效并且具有可實施性的的完善建議,通過具體運行模式的設立、交易各方權利義務的規(guī)定和監(jiān)管路徑的設置,希望可以進一步促進我國新三板市場做市商法律制度的發(fā)展。
[Abstract]:As a new capital market in China, the new third board market has solved the problem of financing difficulties for small and medium-sized enterprises at the beginning of its establishment, but at present, the transactions in the new third board market are not active. As a trading mode which helps to improve the liquidity of the new third board market, the legal system of market makers has always attracted a lot of attention from the new third board enterprises and people in the industry. In the process of practice, market makers usually use the following trading methods: using their own funds to buy stock inventory, when investors want to buy such stock, they trade directly with the market maker who owns the stock. The advantage of this approach is that it increases the liquidity of the market and makes transactions more convenient and secure. However, the regulation of the legal system of market makers in our country is still in the trial stage. In practice, the proportion of companies listed on the new third board to adopt the trading mode of market makers is still very low, the reason is that the legal provisions of our country are still quite imperfect. Therefore, it is necessary to improve the relevant laws and regulations. This article takes the establishment of the implementation mode of the legal system of the market maker, the provisions of the rights and obligations of all parties to the market making transaction and the supervision of the market maker as the main clues, through the comparative study of the global similar market system. This paper analyzes the illegal cases of market makers in the new third board market in China, compares the legal system of market makers in NASDAQ market in the United States, and probes into the present situation of the legal system of market makers in the new third board market in China. The necessity of perfection and the existing defects and shortcomings are put forward. In addition to the introduction and conclusion, this paper is mainly divided into four parts: the first part, a basic overview of the new third board market and the legal system of market makers. This part briefly introduces the particularity of the new third board market and the comparison between the legal system of market makers and other trading modes in the multi-level capital market. Through the consideration of the typical cases that have appeared at present, this paper clarifies the existing state of the legal system of market makers in our country and the main illegal acts of market makers, and lays a theoretical and practical foundation for the analysis of the following practical problems. The second part expounds in detail the necessity of perfecting the legal system of market makers in the new third board market of our country, and puts forward the defects of the existing system from three aspects: the operation mode of the transaction, the rights and obligations of all parties to the transaction and the supervision system. In order to lay the groundwork for the next step to put forward countermeasures. The third part studies the legal system of market makers at home and abroad from the perspective of value orientation of efficiency and fairness, especially focuses on the specific analysis of the legal system of market makers in the NASDAQ market, which is similar to the new third board market in China. Through the comparative study, we can get the inspiration to the perfection of the legal system of market makers in our country. The fourth part, according to the defects and shortcomings of the legal system of the new third board market makers in China, puts forward effective and enforceable suggestions from the legal level, and through the establishment of the specific operation mode, The provisions of the rights and obligations of all parties to the transaction and the establishment of the regulatory path hope to further promote the development of the legal system of market makers in the new third board market in China.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D923.99

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