Although currently we had some realistic obstacles in introducing the competitive market maker mechanism such as the lack of eligible bankers , insufficiencies of legal support and incompleteness of the supervision and so on , it can be an effective supplementary to the current transaction mechanism 在我国现阶段，虽然引入竞争性做市商制度还存在许多现实障碍，如缺乏足够的合格券商、缺乏法律依据和监管机制不完善等，但它毕竟是现行交易制度的一种有效补充。
It would n ' t increase market efficiency if we introduce dealer system into china ' s second - board market at once because china ' s economy is transferring , so it is n ' t suitable to introduce dealer system into china ' s second - board market now . it should adopt the auction system in second - board market like in main board market 论证了在中国这样一个经济转型期内，在二板市场上引入做市商制度并不会增加市场效率，提出中国目前不适宜在二板市场上引入做市商制度，而应延续主板市场的竞价制度。
Before establishment , we must do some preparations , especially for the perfection of legal system , on the base of contrast and research on the legal systems of other growth enterprises markets . our growth enterprises market should take advantage of the competition of market , and obey rules of market . first , we must formulate reasonable listed condition 基于对其他国家创业板市场法律制度的比较研究，我国设立创业板市场应该进行制度创新，发挥市场选择和竞争的优势；确定符合我国经济现状的、合理的上市条件；引进做市商制度和保荐人制度；为防止“宽进”带来高风险，要加强监管工作，监管的核心是信息披露。
The result of this paper were : 1 ) the market mircrostructure of chinese stock is ' nt market maker , two - part stock can n ' t circulate and the scale of current stock is small , so , filling right effect make dividend event do n ' t diluate the price , the stock price could n ' t reach optimal price ; 2 ) the meanings of bid - ask speed in chinese has been changed , did n ' t reflect the real trade cost , only reflect the possible trade cost , contained desire of price popple , din n ' t belong absolute liquidity again ; 3 ) turnover rate is a liquidity ' s index , speculation ' s index too , which can explain one side of liquidity , but this index is defective in chinese stock market ; 4 ) martin index was decrescent when dividend event occurred , display the liquidity of stock was improved , so , the martin index is compatible index to measure chinese stock liquidity ; 5 ) stock dividend event affect the liquidity in the stock dividend day , stock dividend event can n ' t dividend event in the bulletin day ; 6 ) the quantity stock dividend and trend of stock market was significant factors that affect the liquidity 本研究的结论是： 1 )中国股票市场的微观交易结构并不是采取做市商制度，且2 3的股票不能流通，流通股规模很小，存在着股票股利事件后的快速“填权”效应，使股票价格快速回升，股票股利发放事件的稀释价格作用无法发挥，也就无法达到“最适价格” ； 2 )中国股市的买卖价差的含义发生了变化，不再是实际交易成本的反映，只是可能交易成本的反映，因而很大程度上代表了股价的波动意愿，并不具有完全意义上的流动性含义。 3 )就换手率而言，它既是流动性的衡量指标，也是最常用的衡量投机性的指标。换手率指标只能说明流动性的一个侧面，在中国衡量流动性是有缺陷的。
The establishment and implementation of the competitive market maker mechanism in china can be a practical operation in promotion of the healthy development of the chinese securities market on the condition that we can design a reasonable implementation details and carry out the project step by step 只要我们能够设计出合理的实施办法并逐步开展试点工作，竞争性做市商制度在中国的建立就是切实可行的方案，而这对于促进中国证券市场的健康发展将具有非常重要的现实意义。
The meaning of this article is to give proposals different from the conventional risk administration to the field of foreign exchange administration in a complete open system of rmb exchange rate . there are many monographs and textbook both at home and broad , most of which focus on the cause , sort , character of foreign exchange , the risk management tools , the computation of foreign exchange , the strategy and evaluation of foreign exchange management , and the foreign administration technology for both enterprises and bank industry 本文从中国外汇交易中心推出外币买卖业务引进外汇交易做市商制度,有两家中资商业银行成为外币买卖首批试点做市商,它们所面临的外汇风险出发,研究在开放的外汇市场条件下,如何借鉴国际银行界先进的外汇风险管理方法和技术,运用于中国的商业银行,进行外汇业务领域的创新和风险管理。
In the first part , this paper began with a thorough and systematic research on market maker system . the futures market maker system is defined based on the securities market maker system . the paper also analyzed the type , function , operation and risk control of this system and clarified the wrong conception of market maker and manipulator 对做市商制度的类型、功能、运作机理、风险管理进行了阐述和分析，并澄清了把做市商混同为庄家的错误认识，对我国当前证券期货市场在做市商制度研究和运用方面的探索进行了总结和回顾。
Firstly , it analyses principle of auction system by marginal pairs , analyses principle of dealer system by inventory theory . by comparing the similarities and differences of two deal systems , it elicits : it has higher liquidity and less deal costs in dealer markets when capital stock is smaller and there are less shareholders in markets , and it has higher liquidity and less deal costs in markets with auction system when capital stock is bigger and there are more shareholders in markets 首先，运用边际对偶理论对竞价制度进行原理分析，运用存货理论对做市商制度进行原理分析，通过比较两种交易制度的异同和各自的优缺点得出：股本较小、股东人数较少的股票在做市商市场上流动性较高，交易成本较小；而股本规模大，股东人数多的股票在指令驱动市场上流动性较高，交易成本较低。
Instauration of second - board market is a challenge task for the securities estate in china . the impetus of nasdaq market for american economy is focused attention by all countries . the pith of nasdaq market is dealer system , then one of the key questions in microcosmic design of second - board market in china is whether introduce dealer system into market 二板市场的设立对中国证券业来说是一个具有挑战性的课题， nasdaq市场对美国经济的推动力举世瞩目，而nasdaq市场最核心的部分是做市商制度，那么，在国内二板市场微观设计中是否引入做市商制度就成为关键问题之一，本文即是针对该问题展开研究。
