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2016年以来,新三板市场的发展遇到瓶颈,很多市场参与主体都反映新三板市场面临流动性不足以及投资退出压力大的问题。市场方面对于交易制度改革的呼声也很高,认为引入竞价交易能够改变市场流动性不足的现状。通过交易制度的比较研究发现,做市商制在提供流动性和稳定市场方面要优于竞价制。现阶段需要就做市商制度自身存在的问题加以完善,依靠做市商和主办券商来建设市场。
Since 2016, the development of the new, third-board market has encountered bottlenecks. Many participants in the market all reflect the problem of the lack of liquidity and the pressure of investment withdrawal on the new three-board market. The market is also facing high demands for the reform of the trading system. It believes that the introduction of competitive bidding trading can change the current market liquidity situation. Through the comparative study of the trading system, it is found that the market maker system is superior to the auction system in providing liquidity and stabilizing the market. At this stage, we need to improve the existing problems of the market maker system and rely on market makers and host brokers to build markets.