Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推導(dǎo)出了競(jìng)價(jià)機(jī)制和市商機(jī)制下證券市場(chǎng)的均衡價(jià)格久久这里只精品免费，結(jié)果表明不同的價(jià)格形成機(jī)制對(duì)資產(chǎn)的真實(shí)價(jià)格有著不同的反映亚洲444在线视频；從證券市場(chǎng)的流動(dòng)性、穩(wěn)定性羞羞免费网站、有效性和透明度等四個(gè)方面分別對(duì)競(jìng)價(jià)機(jī)制和做市商機(jī)制下的市場(chǎng)績(jī)效進(jìn)行了比較分析免费看黄页在线网站，結(jié)果表明一定的價(jià)格形成機(jī)制和特定的市場(chǎng)環(huán)境相結(jié)合就會(huì)對(duì)市場(chǎng)績(jī)效產(chǎn)生不同的影響免费看的A片资源网站；通過對(duì)我國(guó)證券市場(chǎng)的流動(dòng)性進(jìn)行實(shí)證檢驗(yàn)，發(fā)現(xiàn)當(dāng)前我國(guó)證券市場(chǎng)價(jià)格形成機(jī)制能夠?yàn)槭袌?chǎng)提供較好的流動(dòng)性好好日无码视频，但固定的最小變動(dòng)價(jià)位人為地降低了市場(chǎng)流動(dòng)性91社区色综合，并且封閉式的開盤集合競(jìng)價(jià)導(dǎo)致價(jià)格波動(dòng)加大和市場(chǎng)操縱。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系統(tǒng)分析論文的選題背景男女www视频在线看网站，全面掌握了相關(guān)的文獻(xiàn)亚洲色图一区二区三区，為深入研究本問題奠定了堅(jiān)實(shí)的基礎(chǔ)；第二章從我國(guó)股票市場(chǎng)自身角度出發(fā)国产成人无码调教AV，深入研究我國(guó)股票市場(chǎng)的波動(dòng)特性一级视频在线观看免费播放；第三章從馬科維茨資產(chǎn)組合理論出發(fā)，對(duì)資本資產(chǎn)定價(jià)模型和套利定價(jià)理論進(jìn)行系統(tǒng)比較分析欧美亚洲另类专区，深入探討了國(guó)際股票市場(chǎng)關(guān)聯(lián)的理論https国产黄视免费，隨后著重定量研究了我國(guó)新興股票市場(chǎng)與周邊市場(chǎng)的關(guān)聯(lián)性；本章使用市場(chǎng)相關(guān)參數(shù)日韩AV毛片精品簧片无码、平穩(wěn)性檢驗(yàn)亚洲精品精品熟妇熟妇、協(xié)整檢驗(yàn)、Granger因果檢驗(yàn)等計(jì)量方法測(cè)度了我國(guó)股票市場(chǎng)波動(dòng)及與周邊市場(chǎng)的關(guān)聯(lián)程度少妇熟妇亚洲综合网站；第四章基于我國(guó)股票市場(chǎng)波動(dòng)及與周邊市場(chǎng)的關(guān)聯(lián)影響国产色视频在线观看香蕉，從我國(guó)股票市場(chǎng)目前發(fā)展?fàn)顩r出發(fā)，闡述了我國(guó)股票市場(chǎng)國(guó)際化的必然性5区av在线播放，并為我國(guó)股票市場(chǎng)的風(fēng)險(xiǎn)規(guī)避提出了相應(yīng)的政策建議日韩在线观看自拍111页。

In the early period of China's securities market, margin trading and securities lending business already exists, but because of securities companies at the time of self-binding serious shortage of financial supervision and management abilities, margin trading and securities lending business has not carried out to achieve perfect price formation mechanism of the active market The purpose, it led to the stock market bubble, increased the financial system as a whole systemic risks.

在中國(guó)證券市場(chǎng)，保證金交易和證券借貸業(yè)務(wù)已經(jīng)存在初期久草视频99精品，但由于證券公司在時(shí)間自我約束力的金融監(jiān)管和管理能力2022国内性爱精品久久偷拍，保證金交易和證券借貸業(yè)務(wù)嚴(yán)重不足，沒有進(jìn)行到實(shí)現(xiàn)完美的價(jià)格形成機(jī)制视频亚洲日韩，活躍市場(chǎng)的目的1024手机看片金沙人妻久久，這導(dǎo)致了股市泡沫，增加整體系統(tǒng)性風(fēng)險(xiǎn)的金融體系亚洲天堂2020av。

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