From the microcosmic structure of securities market,the problems of stock market liquidity and bargain amount change were analyzed. The dispersed model of amount dynamic state of bargainers was discussed. By neglecting price change,an appropriate proportion of bargainer quantity of both buyer and seller is the lowest standard of the market liquidity. The time achieving stable market liquidity has relation to parameters for bargainer to leave the stock market. Finally,simulation calculation of bargainer quan...

從證券市場的微觀結(jié)構(gòu)角度男人www天堂官网站黄污，對股票市場的流動(dòng)性及交易數(shù)量變動(dòng)問題進(jìn)行分析·討論了交易者數(shù)量動(dòng)態(tài)離散模型久操欧美精品在线观看，在忽略價(jià)格變動(dòng)情況下精品一精品一极毛片，指出市場流動(dòng)性的最低標(biāo)準(zhǔn)是買賣雙方的交易者數(shù)量有一個(gè)恰當(dāng)?shù)谋壤粕咝咄荆袌鲞_(dá)到穩(wěn)定流動(dòng)性的時(shí)間與描述離開股市交易者的參數(shù)有關(guān)·最后給出股市交易者數(shù)量變動(dòng)的仿真計(jì)算

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)出了競價(jià)機(jī)制和市商機(jī)制下證券市場的均衡價(jià)格黄色网址免费看的九九，結(jié)果表明不同的價(jià)格形成機(jī)制對資產(chǎn)的真實(shí)價(jià)格有著不同的反映亚洲美女性爱一级免费视频；從證券市場的流動(dòng)性黄色免费一级网站无码、穩(wěn)定性、有效性和透明度等四個(gè)方面分別對競價(jià)機(jī)制和做市商機(jī)制下的市場績效進(jìn)行了比較分析三级在线播放，結(jié)果表明一定的價(jià)格形成機(jī)制和特定的市場環(huán)境相結(jié)合就會(huì)對市場績效產(chǎn)生不同的影響一级二级黄色网站；通過對我國證券市場的流動(dòng)性進(jìn)行實(shí)證檢驗(yàn)，發(fā)現(xiàn)當(dāng)前我國證券市場價(jià)格形成機(jī)制能夠?yàn)槭袌鎏峁┹^好的流動(dòng)性97爱好碰，但固定的最小變動(dòng)價(jià)位人為地降低了市場流動(dòng)性高清日韩欧美，并且封閉式的開盤集合競價(jià)導(dǎo)致價(jià)格波動(dòng)加大和市場操縱。

This paper analyses the homogenous tendency of open-end fund at first,pointing out that unperfect development of market and investors' immature investment opinions is the origin of such phenomena. Secondly,having compared the fund sizes and purchase fee rates of 25 open-end funds in China,conclude that there are problems of diseconomy of scale and indistinctive relativity between fees and achievement in Chinese open-end funds. Then this paper introduces benefit and cost function to analyze the problem of lack of motivation and constrain mechanism towards fund managers because of unreasonable fees in China. Thirdly,this paper analyze funds managers' normal hazards by static game model,and then points out fund managers have serious tunneling behaviors in Chinese open-end fund industry. In the end,this paper analyzes the causes of liquidity risk of open-end fun and the particularity of liquidity risk of open-end fund in China,and concludes that liquidity risk in Chinese open-end fund industry is higher through calculating the rates of share change and comparing the portfolio selections of top 20 open-end funds in China.

本文首先分析了我國目前存在的基金產(chǎn)品同質(zhì)化現(xiàn)象精品私拍国产在线播放，指出市場發(fā)展的不完善以及投資者投資理念的不成熟是同質(zhì)化的根源所在95视频在线观看国产免费；其次對比了我國現(xiàn)有的25只開放式基金的規(guī)模和申購費(fèi)率，得出了我國開放式基金存在著規(guī)模效應(yīng)不明顯以及基金業(yè)績與費(fèi)率相關(guān)性不強(qiáng)的問題国产原创第一页，并引入效益函數(shù)和成本函數(shù)分析了由于我國開放式基金費(fèi)率不合理引發(fā)的基金管理者激勵(lì)約束機(jī)制缺失的問題欧美三级日韩精选；再次，應(yīng)用靜態(tài)博弈模型分析了基金管理人面臨的道德風(fēng)險(xiǎn)都市激情国产在线观看网址，指出目前我國開放式基金由于監(jiān)管機(jī)制脆弱而存在著較為嚴(yán)重的管理者利益輸送行為亚洲黄网站免费；最后，分析了開放式基金流動(dòng)性風(fēng)險(xiǎn)的形成原因以及我國基金市場流動(dòng)性風(fēng)險(xiǎn)的特殊性国内明星合成图╳077论坛，并通過計(jì)算目前我國基金資產(chǎn)規(guī)模前20位的開放式基金的份額變動(dòng)率以及比較它們的投資組合結(jié)構(gòu)高清色视频，得出了目前我國開放式基金流動(dòng)性風(fēng)險(xiǎn)偏大的結(jié)論。

The measuring methods of liquidity mainly includes: the measuring methods based on the supply and demand theory, Marshall K value and the excess money growth rate, monetarism liquidity measuring methods and etc, at the micro level, market liquidity was mainly reflected by short-term money market interest rates, stock market index yield variance and other indicators.

流動(dòng)性的測度方法主要包括：基于流動(dòng)性供求理論的測度方法国产精品猎奇国产精品无码，馬歇爾K值與超額貨幣增長率91看片淫黄大片，貨幣主義流動(dòng)性測度方法等，在微觀層面的市場流動(dòng)性則主要通過短期貨幣市場利率在线观看性爱视频、股票市場指數(shù)收益率方差等指標(biāo)來反映国产一级婬A片AAA毛片久久。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

顯然，商業(yè)銀行的流動(dòng)性給予股東一種選擇權(quán)一本一道波多野结衣av无码，并且這種選擇權(quán)是有價(jià)值的中文字幕资源在线观看，但這種價(jià)值在凱恩斯的流動(dòng)性偏好理論中沒有提及；另一方面久久久无码c区，持有流動(dòng)性可以讓商業(yè)銀行在未來抓住投資機(jī)會(huì)在线观看95视频，這是投機(jī)動(dòng)機(jī)帶來的收益。

Liquidity is the ease with which an asset can be converted into the economy's medium of exchange.

流動(dòng)性 Liquidity 流動(dòng)性是一種資產(chǎn)能夠轉(zhuǎn)換成經(jīng)濟(jì)中的交換媒介的容易程度一级黄片免费视频看看。

The main structure of this paper consists of two parts: theoretical analysis was mainly conducted in the first part, which including chapter 1 and 2, in this part the analysis was focusing on the connotation of liquidity, the supply and demand theory, the measuring methods, as well as micro-and macro-economic effects, and then proposed that the periodic reversal of liquidity was the concrete manifestation of the financial crisis; the second part, including the chapter 4,5,6 and 7, which cases analysis were made mainly in this part. Combined with the financial crisis, as well as from the US, developed-new emerging economies and China three different perspectives, it further analyzed the specific performance of liquidity reversal from excess to crunch, transmission processes and responding measures.

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There is liquidity premium in the stock market that is to say, for compensate liquidity risk of illiquidity stock, the stock would sell at lower price and it would have higher return than higher liquidity stock.

理論上認(rèn)為，在股票市場中性欧美XXXX大乳喷水，為了補(bǔ)償持有流動(dòng)性差的股票所面臨的流動(dòng)性風(fēng)險(xiǎn)九色视频自拍，其預(yù)期收益率也比流動(dòng)性好的股票高，即存在"流動(dòng)性溢價(jià)"欧美三级黄片免费。

Theoretically, there is liquidity premium in the stock market, that is to say, to compensate liquidity risk, stocks with low liquidity would sell at a lower price and they would have higher return than higher liquidity stocks.

理論上說性关系视频免费网站入口，在股票市場中，存在流動(dòng)性溢價(jià)：如果股票流動(dòng)性低日韩av高清在线看片，其交易成本就越大图片小说视频激情区，投資者對持有該資產(chǎn)的預(yù)期收益就越高。

This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

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