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做市商制度是场外交易市场的基本交易制度。做市商报价对市场交易的稳定性和活跃性产生重要影响。本文在已有研究成果的基础上，结合中国金融市场的实际，建立了描述做市商报价行为的数学模型，并由此分析了做市商定价理论对中国场外交易市场制度建设的启示。
<<Market-maker System is the basic trading form of OTC market. Market-maker bidding plays an important role in the stability and activity of trading. Depending on previous research results，coupled with China financial markets’ reality，this paper develops the mathematical model that can describe market makers’ behaviors and draws the inspiration from market-maker pricing theory for the China’s OTC market.
<<| Keywords： | OTCPricingBiddingInstitution Design |
