Research On The Market-maker System Of The Growth Enterprise Market

The construction of the Growth Enterprise Board is the key link to set up the multi-level market in our country, but it's still a board in the design. Studying on and drawing from other country's successful experiences of operating original board market , and probing into a set of the operating mode with characteristics, and especially in the aspect of the exchange system, scholars are now divergent on the question of whether to introduce the Market-maker system .This article attempts to discuss the introduction of the Market-maker system in China from the legal angle. In the research, the major points are the introduction of the Market-maker system is the inevitable tendency. And after the introduction, the Market-maker system 's feasibility must take the reconstruction of the good faith and the consummation of the legal framework as prerequisite. And the Market-maker system's successful introduction will be the turning point to the development of the negotiable securities transaction market in our country. The article includes the investigation of the landscape orientation and the vertical orientation, it pays attention to both the system and the depth of the theory. The article also goes from the general way to the special way, using the deduction method. And the special cases strengthen the article's vitality and operability.Besides the conclusion, the article consists of the following parts:The summary. This chapter includes the background of the research, the summary of the literature.Chapter one, the non-fortuitousness of the Market-maker system's production . This chapter analyze from the obtains to the overseas multi-level negotiable securities transaction market. Through the summary of "the low threshold" of the condition to go on the Second Board; "the high standard" of the risk guard; "the high request" of the information discloses and "the high strength" of the management's legal characteristic, the article discovers the nature relation between the Market-maker system and The Second Board. Then the article comprehensively analyze the Market-maker's origin, the constructing of the system, and the operation principles from the legal angle. The article also thoroughly analysis the balance and the imbalance of the Market-maker's special rights and the dual duties, and the Market-maker's dual status.Chapter two, the limit and the breakthrough of the development of the Market-maker system. This chapter points out the source of "the economic man "enumerates many kinds of bad results because of the greedy to the benefits, and it discovers the limit of the development of the Market-maker system. In view of this limit, the article has analyzed the existing breakthrough pattern—the Mix transaction system which organically unifies from the Market-maker system and the price-contesting system. Simultaneously, the article doubt the new system's perfect.Chapter three, the introduction of the Market-maker system . This chapter returns to our country's condition, compares "the banker" with the Market-maker system, and analyze the gain and the lost of the Market-maker system 's attempt in China. Then it gets the feasibility from the gain, and gets the barriers from the lost.Chapter four, the anticipation of the Market-maker system to the Small and medium-sized enterprises Board. This chapter futher discusses the Small and medium-sized enterprises Board's anticipation , and analyzes the difference between the LOF host transaction business and the Market-maker system.The article designs a law system for it. And this will be a key to construct the Second Board and the multi-level market in our country.Greenspan once pointed out that, I knew we all hoped to discover one systemwhich only have the merit to the market, but I have to regrettably point out, such system does not exist ,so does the Market-maker system. Since we can not request the perfect, we have to keep the essence and discard the dregs. The building of the Market-maker system should be done step by step, otherwise it will goes to the opposite way. We should consummate related laws , regulations and supervising rules, to solve the disadvantage which exist in the market now. At the same time, we must construct the good faith of the market and change the narrow viewpoint.So, the introduction of the Market-maker system is not only a fresh blood which pours into the traditional market, a transformation to the original stock market, and a start of the multi-level stock market's constructed but also a transformation of the thinking mode , a general acceptance of the good faith , a respect and a belief to the law deeply from our hearts.