Research About Introducting Market-maker Rule Into Our Second-board Market

Instauration of second-board market is a challenge task for the securities estate in China,and its an evitable developing trend at the same time.From succeeded experience of NASDAQ,we can find that market-maker unable to ignore,but it should pay much more attention as the most essetial part. Because the superior, in enhancing liqudity, remedying the fix defects of second-board market. So,chosing a appropriate time to bring market-maker system into China is necessary.The thesis aims at analyzing the liquidity of our securities market to getting an answer about neceearity of pulling market makers to our second-board market and solving obstacles for this deal system.Firstly,comparing the deal systems we can find that it has higher liquidity in market-maker ruler markets when capital stock is smaller and there are less shareholders in markets.Secondly, doing a empirical research about the liquidity of our securities market to getting an answer about neceearity of pulling market makers to our second-board market.Then analyses the essential the barrier which we may face when our second-board market pull market maker in.Thirdly,it gives some adivices such as developing the relevant laws,complementing the suvey system, making the atmosphere,and so on.