摘要
全国中小企业股份转让系统(简称新三板市场)于 2013 年底由国务院发文确
立。相比深沪交易所，新三板市场挂牌企业体量较小，交投不甚活跃，风险对冲
手段和监管机制尚不健全。2014 年 8 月，为提高市场流通性、增强市场稳定性、
引导价值发现，新三板市场引入做市商制度，由国内证券公司担任做市商

做市商业务的推出使证券公司获得了新的盈利机遇，但同时也面临新的风
险。该业务推出一段时间后，一些证券公司出现了不同程度的亏损。造成亏损的
原因除了市场及运行制度尚未成熟，做市商对风险的认识和风险防范措施不够到
位是主要因素。其中，随做市业务伴生的做市风险是做市商的核心风险，也是本
文研究的重点

为了管控好业务风险，本文遵循风险识别分类、风险评估度量、风险管理控
制的脉络，对做市商面临的市场环境、当前市场机制、做市商普遍的风险管控现
状进行分析，识别风险来源和风险性质，区分系统性风险和非系统风险，评估相
对可控风险和不可控风险；在此基础上，制定相应的风险管理制度和风险管控方
案，以有效降低做市商的业务风险

本文与前人研究不同之处在于，此前针对国内新三板及做市商风险管控的研
究较少，且多站在旁观者的角度提出建议，对做市商业务指导性不强。本文从做
市商视角出发，既审视市场、行业的外部风险，又剖析业务、管理的内生风险，
并据此提出不同的应对方法。对难以管控的外部风险采取控制投资总量的策略；
对相对可控的内生风险从做市流程入手，针对决策、定价、报价、存货管理等各
环节制定相应的管控措施

本文在研究过程中，注重理论联系实际，务求运用所学知识解决当前问题，
同时整理了大量新三板市场确立之后的业务数据，以及现阶段做市商在风险管控
方面的第一手资料，对佐证文章观点起到一定程度的帮助

关键词：做市商；风险；新三板II
ABSTRACT
National medium-sized and small enterprises share transferring system (refers to
The New Three Board Market) was established by the document issued by the State
Council by the end of 2013. Compared with the Shanghai and Shenzhen Stock
Exchange, The New Three Board Market has small volume of listing enterprises,
trading is not very active, risk hedge and supervision mechanism is not perfect. In
august 2014 and in order to improve the liquidity of the market, enhance market
stability, and guide the value of discovery, the market maker system was led to the
new three board market by domestic securities companies as market makers.
The introduction of market maker takes the opportunities securities companies to
gain new profit opportunities, but at the same time, they also face new risks. After the
introduction of the business for some time, some securities companies had varying
degrees of loss. The Loss is mainly caused by the market and the operating system is
not yet mature, the lack of the market maker&39;s awareness of risk and risk prevention
measures are not in place. The core risk of market makers and this study is the market
risk associated with the market making business.
In order to better control the business risk, this paper will follow the risk
identification and classification, risk measurement, risk control and management
based on the context, identify the risk sources and risk characteristics, distinguish
between systematic risk and non systematic risk assessment and evaluate relatively
controllable and uncontrollable risk through the market maker general risk
management situation analysis. On this basis of the above, it is to establish risk
management system and risk management plan, in order to effectively reduce the
business risk of market maker.
The innovation of the article is general standing on the perspective of the
bystander with relatively less research to domestic three new board and market
makers risk management and less strength on make recommendations on the market
maker business guidance. From the perspective of market makers, this paper is not
only to examine the market, the industry caused by external risks, but also to analyze
the business and management of the internal risks, and accordingly put forward
different ways to deal with. To the external risks which is in difficulty to manage, it
will apply the total amount of investment control strategy. To the internal risk in
relative control, it will develop appropriate control measures focusing on makeIII
decisions, pricing, quotation, inventory management and other aspects.
In the process of research, this paper paid attention to the combination of theory
and practice, applied the knowledge to solve the current problems, collected a large
number of three new board market after the establishment of business data, as well as
the first-hand information of market makers in the current risk management and
control to support the argument of the article to some extent.
Key words: market maker; risk; the new third boardIV
目 录
摘要..I
ABSTRACT ...II
1 绪论 ........... 1
1.1 选题背景、研究目的及意义.. 1
1.1.1 选题背景........... 1
1.1.2 研究目的及意义.......... 2
1.2 国内外研究综述.......... 2
1.2.1 国外文献研究综述....... 2
1.2.2 国内文献研究综述...... 3
1.3 研究方法与研究内容.. 5
1.3.1 研究方法........... 5
1.3.2 研究内容........... 5
1.4 研究思路及框架......... 6
2 相关理论基础 ........ 7
2.1 投资理论.......... 7
2.2 风控理论.......... 8
2.3 做市商行为及定价理论.......... 8
3 新三板市场及做市业务介绍 ........10
3.1 新三板市场的形成.... 10
3.2 新三板市场的定位.... 11
3.3 新三板市场的现状.... 12
3.4 证券公司新三板做市业务.... 13
3.4.1 新三板做市商制度..... 13
3.4.2 做市商制度基本概念. 14
3.4.3 新三板做市基本规则. 14
3.4.4 做市商的市场作用..... 15
3.4.5 做市商的权利义务..... 16
3.4.6 做市商的业务成本..... 16
4 做市商风险来源与识别 ....17
4.1 新三板做市商的风险现状.....
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