场外交易市场法律监管制度设计的博弈分析

利用博弈论分析方法，对影响场外交易市场建设的监管制度、交易制度、信息披露、市场准入等进行分析，认为我国场外交易市场法律监管制度设计应从提高场外交易市场的法律地位着手，合理界定市场主体准入与退出标准，制定与场外交易市场特点相适应的信息披露制度，审慎引入做市商制度，建立顺畅的转板机制，采用灵活性、动态化的监管方式。

An Analysis on the Design of China's OTC Market Legal Supervision System in the Perspective of the Game Theory

This article carried out an analysis of the OTC market supervision system, transaction system, information disclosure, market access in the perspective of game theory. It suggested that China''s OTC market legal supervision system design should improve the legal status of the OTC market firstly, define the market access and exit criteria for the main market participants reasonably, formulate information disclosure system which adapt to the characteristics of the OTC market, introduce market-making system prudently, set up a smooth mechanism for transition to main securities exchanges, and adopt flexible, dynamic regulations.