摘要：构建多层次资本市场是我国现阶段完善资本市场结构的主要任务。新三板作为多层次资本市场的重要组成部分，自 2013 年揭牌以来发展迅速，特别是 2014年末引入做市商制度以来，新三板的挂牌公司数量激增，总体成交量呈上升趋势，换手率明显升高，市场交易活跃，在一定程度上对新三板市场产生了积极影响。
尽管做市商制度在新三板市场的实施时间不长，但仍暴露出一些潜在的问题。
从法律的统一性方面看，做市商制度的相关业务规则与《证券法》个别条款相冲突，存在一定法律障碍；从做市商关系方面看，做市商数量偏少导致竞争不充分；从权利义务方面看，做市商的权利义务存在失衡风险；从做市行为方面看，做市商违规成本低，监管力度弱，导致做市商违规行为频发。因此，为进一步规范做市行为，提高做市效率，改善市场流动性，本文对做市商制度的潜在问题进行了归纳，并借鉴成熟资本市场做市商的经验，为做市商制度的完善提出合理化意见。
本文的主要结构分四大部分，具体如下：
第一部分以新三板的发展为背景，首先对做市商制度的基础理论进行介绍和梳理。从做市商的概念入手，总结做市商的收益原理，做市商的功能和作用，并根据做市商的分类分析不同类型做市商的特点和利弊。
第二部分在基础理论的基础上，探索我国新三板市场为什么采用竞争性做市商制度，现阶段是否具备向混合制度过渡的条件。此外通过对新三板做市商制度的业务规则进行梳理并根据做市商制度近一年半的实践经验，总结新三板做市商制度的现存问题。
第三部分总结介绍了具有代表性的纳斯达克市场和台湾兴柜市场的做市商制度，为我国新三板做市商制度的完善提供借鉴。
第四部分结合内部分层可能给新三板市场带来的影响，为竞争性做市商制度的发展提出可行性建议，并根据成熟资本市场做市商制度的经验，探索解决做市商制度潜在问题的途径。
[关键词] 做市商 竞争性做市商 混合制度。
Research on the current issues of Market-maker systemin New Three Board
Abstract:Building up a multi-level capital market is the main task of perfecting capitalmarket structure at present in china. As an important part of multi-level capital market,new three board has developed rapidly since its opening in 2013. Especially, since theend of 2014 the introduction of market-maker system, the number of quotedcompanies of new three board increased sharply, the overall volume rose, turnoverrate increased significantly, and market trading was active, which had a positiveimpact on new three board market.
Since the market maker system implementation time in the new three boardmarket is not long, it still has some potential problems. In terms of the unity of law,the rules of market maker system business and some provisions of the “Securities Act”conflict and there are some legal obstacles. In terms of relations of market makers,lack of market makers leads to inadequate competition. In terms of rights andobligations, the rights and obligations of market makers have imbalances risk. Interms of market making behavior, the low cost of violations and weak supervisionresult in frequent violations. Therefore, in order to standardize the market-makingbehavior, improve market-making efficiency, improve market liquidity. This paperherein investigated and summarized the potential problems of market maker, andlearnt from the experience of market makers in mature capital market, madereasonable advice to improve the market-maker system.
This paper consists of four parts:
