金融论文.doc

金融辅修专业学年论文
题目:关于我国“新三板”市场的研究分析
学院: 会计学院
专业: 资产评估
班级: 资产评估1101
姓名: 牛子文
学号: 2011020573
指导教师: 李红坤
山东财经大学金融学院制
二O一四年九月
关于我国“新三板”市场的研究分析
摘要:近年来,我国一直致力于建立多层次的资本市场,以满足我国的经济发展需求,适应经济全球化和一体化的发展。创业板推出后,2010 年我国把资本市场的建设重点转向三板市场。在原中关村科技园非上市股份有限公司股份报价转让试点的基础上,新三板将纳入更多符合条件的国家科技园区非上市股份有限公司,新三板进入全新的发展时期。新三板扩容的同时,作为场外市场主要的组织形式,做市商制度是否引入备受各界关注。本文通过对三板市场现状、做市商制度自身特点的分析,认为做市商制度是目前我国新三板的最优选择,它的成功引入将形成更为合理的定价机制,提高市场流动性,促进市场的连续性和稳定性,使新三板充分发挥其融通资金的功能,引导资本流向优势企业或行业,促进资源的有效配置;同时,本文对做市商制度的引入后可能产生的问题也作出了相关分析。
关键词:新三板做市商制度资本流动

Abstract
In recent years, China has mitted to establishing and improving a multi-level capital market that meets the needs of the economic development and adapt to the economic globalization and integration development. After the launch of the Growth Enterprise Board (GEM) , the construction of the capital market is focusing on the three board in the basis of the Acting Exchange panies shares of Zhongguancun Science and Technology Park System, the new three-board will admit more eligible non-listed pany in National Science and Technology Park so that the new three-board will be into a new period of development. At the same time of the new three-board expansion, whether the Market Maker Rule (MMR) which is the anization form of the OTC market should be introduced is attracting much attention. Based on the analysis of the present status of the new three-board market and MMR’s own characteristics ,the paper drew conclusion that MMR is the best choice of the new three-board. The essful introduction of MMR will urge the market form an even more rational pricing mechanism to improve market liquidity and to maintain the market continuity and stability. The new three-board with MMR will also bring its full financing function into play, leading capital flow into promising business or industry, to promote efficient allocation of the market resources. However, the MMR is not so absolutely perfect that the paper also speculate some possible issues which e