證券市場是國家經濟的櫥窗，與整體國家經濟發展關係密不可分，美國是全球最大規模的經濟體，證券市場上採用註冊制的上市規則，同時發展造市商制度接軌次級市場，有效的協助企業上市，並解決上市後證券流動性不足的問
題，本文將從法規及市場概況來探討美國證券市場制度產生的緣由及運作內容。
上市註冊制精神旨在監管分權，以美國雙層註冊制為例，由美國交易委員會 SEC(United States Securities and Exchange Commission)、州政府保障企業資訊透明，消除投資人疑慮，企業價值的評判則交由交易所、承銷商、會計師、律師等金融中介依市場機制衡量。此制度的好處包括了政府不過度干涉市場，降低扭曲企業價值，影響企業上市資格的可能性，高成長性的新興企業也得以上市，尤其近期受投資人青睞的特殊目的收購公司(Special Purpose Acquisition Company, SPAC)以空白支票公司(Blank Check Company)身分上市更能夠說明註冊制度的上市彈性，另外自由開放的證券市場，也創造出企業汰弱留強、良性競爭的環境。
造市商制則展現於次級市場，以納斯達克交易所為例，每年有多個的新創企業上市，此類的企業價值較展望於未來發展性，在公司上市初期常無法創造淨收益，難以吸引投資人興趣，因此為帶動證券交易量，造市商會以自有帳戶
交易證券，並建立研究團隊，發揮證券價格發現的功能，成為市場上穩定證券價量、活絡交易的重要參與者。

Securities market is the window to the national economy and is inextricably linked to the overall national economic development. The United States is the largest economy in the world, and its securities market has adopted the rules of the
registration-based system and developed the market maker system to connect with the secondary market, which effectively solves the difficulties of examining the eligibility of enterprises for listing and the dilemma of insufficient liquidity of securities after listing. In this paper, we will discuss the reasons for the creation and operation of the U.S. securities market system in terms of regulations and market overview.
The spirit of the listing registration system aims at the decentralization of regulation, taking the U.S. two-tier registration system as an example, the SEC (United States Securities and Exchange Commission) and state governments make sure the transparency of corporate information and eliminate investors' doubts, while the corporate value is left to financial intermediaries such as exchanges, underwriters, accountants and lawyers to measure according to the market
mechanism. The first advantage of this system is that the government does not interfere too much with the market, which reduces the possibility of distorting the value of enterprises and affecting their eligibility for listing, and enables high-growth emerging enterprises to go public. In particular, the recent listing of Special Purpose Acquisition Companies (SPAC) as a blank check company, which has been favored by investors, illustrates the listing flexibility of the registration system. In addition, the free and open securities market has also created an environment for the elimination
of the weak and the retention of the strong and healthy competition.
The market maker system is demonstrated in the secondary market. Take the NASDAQ exchange as an example, there are many new start-ups listed every year, and the value of these companies is more promising in terms of future development.
In order to promote the trading volume of securities, the market maker will use its own account to trade securities and establish a research team to perform the function of securities price discovery, and becomes an important participant in
stabilizing the price of securities and activating trading in the market.

論文審定書 i
摘要 ii
英文摘要 iii
目錄 v
圖次 vi
表次 vii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 5
第二章 文獻回顧 6
第一節 註冊制法規之歷史 6
第二節 造市商制度之沿革 14
第三節 特殊目的收購公司之歷史演變 17
第三章 註冊制度之運作 21
第一節 註冊制與核准制比較 21
第二節 美國註冊制 25
第三節 註冊制制度對台灣的啟示 30
第四章 造市商制度 34
第一節 交易所運行制度比較 34
第二節 造市商制度 37
第三節 對台灣造市商的啟示 42
第五章 特殊目的收購公司之探討 43
第一節 比較傳統上市管道 43
第二節 規則介紹 45
第三節 特殊目的收購公司對台灣之啟示 51
第六章 結論與建議 54
第一節 結論 54
第二節 建議 57
參考文獻 59

一、中文文章
1. 李海龍、劉沛佩(2015)，「證券發行實質審查法律制度：起源．衍變．啟示—圍繞美國州“藍天法”展開」，證券法苑，第十五卷，第 115~146 頁
2. 台灣證券交易所(2020)，「美國證券市場相關制度」
二、英文文章
1. Dhiensiri, N., & Sayrak, A. (2010). The value impact of analyst coverage. Review of Accounting and Finance, vol. 9, issue 3, 306-331
2. Huang, R. D. (2002). The Quality of ECN and Nasdaq Market Maker Quotes. The Journal of Finance, Volume57, Issue3, 1285-1319
3. Niehaus, G., & Donghang, Z. (2010). The impact of sell-side analyst research coverage on an affiliated broker's market share of trading volume. Journal of Banking & Finance, vol. 34, issue 4, 776-787
4. Bajo, M. (2014). Market-making and proprietary trading: industry trends, drivers and policy implications. Committee on the Global Financial System Papers No 52
三、參考網站
1、中國商法網
(http://www.commerciallaw.com.cn/index.php/home/special/info/id/92.html)
2、台灣證券交易所股票造市制度專區
(https://www.twse.com.tw/zh/page/products/trading/introduce15.html)
3、Legal Information Institute
(https://www.law.cornell.edu/)
4、Level2StockQuotes
( https://www.level2stockquotes.com/market-makers-list.html )
5、Nasdaq Listing Center
(https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/Nasdaq%20Equity%202)
6、SPACInsider
(https://spacinsider.com/stats/)
7、SEC Corporation Finance
(https://www.sec.gov/corpfin/disclosure-special-purpose-acquisition-companies)