新三板市场中做市商制度评析--以效率和公平价值选择为思考维度

摘要

2013年以来，国务院、中国证券监督管理委员会、全国中小企业股份转让系统先后修订、制定发布了20余项业务制度，全面构建起新三板的制度框架。本文在阐述做市商制度现行状况的基础上，从效率与公平的视角评价各国的做市商制度，评述当前做市商制度在新三板市场下的价值体现，并以“效率优先、兼顾公平”为价值选择维度评价，进而为完善我国做市商制度提出建议。%Since 2013, to implement the State Council“Decision on issues related to the National SME share transfer system”, the State Council, China Securities Regulatory Commission and National SME share transfer sys-tem have revised and issued more than 20 business system successively, building the system framework of the New Third Board. The New Third Board will be more prosperous. This paper bases on the current status of the market maker system, evaluating the market maker system of various countries from the perspective of efficiency and fairness. It in-troduces the value of the market maker system in the New Third Board market, then evaluates and improves the sys-tem of the market maker in our country by the value choice dimension which gives priority to efficiency with due con-sideration to fairness.