摘要
现有中国证券市场流动性方面的研究在评价中国证券市场 (尤其是股票市场 )流动性水平问题上分歧相当严重。本文从国际比较的视角出发 ,利用波动性调整后的换手率指标对中国上海证券交易所、深圳股票交易所和纽约股票交易所的流动性水平进行度量。结论表明 ,中国股票市场流动性在一定程度上优于NYSE市场 ,同时 ,剧烈的市场波动对市场流动性造成了损害。
Serious divergency has existed in evaluating the liquidity level of China's securities market (esp. of the stock market). Starting from the visual angle of the international comparison and taking advantage of the switch rate index after the adjustment of fluctuation, the paper measures the liquidity level of Shanghai Securities Exchange, Shenzhen Stock Exchange and New York Stock Exchange. Which shows that the liquidity of China's stock exchanges is, to a certain extent, better than that of NYSE. Meanwhile, severe market fluctuations have brought about damage to the market liquidity.
出处
《当代经济科学》
CSSCI
北大核心
2003年第2期58-61,共4页
Modern Economic Science
基金
国家杰出青年科学基金 (No .70 0 2 5 3 0 3 )
国家自然科学基金 (No .70 173 0 3 1)资助
关键词
市场流动性
换手率
波动性
market liquidity
switch rate
fluctuation
