A Study On The Market Maker System Of China's Growth Enterprise Market

Nowadays China is building the Multi-level Capital Market System and the establishment of the Growth Enterprise Market plays an important role in it.As a new-born market of low level,the Growth Enterprise Market will probably face several problems,such as the liquidity problem,the stability problem and the stock-price manipulation problem.A successful Growth Enterprise Market should have good system insurance to conquer these problems.With regard to the liquidity protection system,the success of Growth Enterprise Market and vital interests of the investors depend mainly on whether the comparatively mature Market Maker System should be introduced to China.With view to the development trend of security trading mechanism abroad,the combination of the Market Maker System with the Competitive Bidding System is now an inevitable trend,which proves the necessity and rationality of the Market Maker System.However,according to the reality of security market in China,there are still a lot of obstacles on introducing the Market Maker System.Based on the analysis of the necessity,feasibility,modes and values of the Market Maker System,the thesis carries out research on the construction of the Market Maker System.In the thesis,the Market Maker System is divided into two parts,i.e.business rules and supervision system.Apart from the introduction and conclusion,the thesis consists of four parts.In chapterⅠ,the necessity,feasibility,modes selection of the Growth Enterprise Market is analyzed.Based on the introduction of the Market Maker System and the Growth Enterprise Market,the thesis analyzes the effect that the Market Maker System has on improving the liquidity and stability of the Growth Enterprise Market and proposed the author's own opinions on two mixed transaction modes.In chapterⅡ,the thesis analyzed legal issues of the Market Maker System.On the basis of building the legal system of the Market Maker System,the thesis analyzes the legal principles,legal framework of the system and divides the legal framework both vertically and horizontally,with emphasis on the Market Maker Supervision System. In chapterⅢ,current Market Maker Systems abroad are introduced.On the aspect of business rules,the thesis chooses the rules of National Association of Securities Dealers Automated Quotations(NASDAQ),the London Stock Exchange and Taiwan Emerging Stock.As to the supervision rules,the thesis mainly introduces the Market Maker Supervision System in the U.S.A.In the last chapter,several proposals are put forward on how to build legal systems of the Market Maker Systems,including market maker quotation rules, market access,prohibited behaviors,inspection report as well as risk management.