理论和境外实践均表明,做市商制度是解决证券交易流动性不足问题的重要手段。本文分析了中国新三板做市商制度的现状与瓶颈,并提出具体建议。在国际资本市场上,通常流动性较好的证券一般采用竞价交易机制,而流动性较差的证券的价格则主要由做市商报价形成。从做市商制度演变来看,股票市场逐步从传统做市商制度过渡到混合型做市商制度。在传统做市商制度下,做 Both theory and practice abroad show that the market maker system is an important measure to solve the problem of lack of liquidity in securities transactions. This article analyzes the status quo and bottlenecks of the system of market maker in the new third board of China and puts forward specific suggestions. In international capital markets, usually liquid securities generally adopt the auction trading mechanism, while the liquidity of the securities is mainly formed by quotations from market makers. From the evolution of market maker system, the stock market gradually transition from the traditional market maker system to a hybrid market maker system. Under the traditional market maker system, do