摘要
2003年12月8日,中国股市信息披露规则发生变化,即限价订单簿的买卖盘揭示范围由原来的3个最优报价扩大为5个,市场透明度显著提高。论文较为细致地分析了透明度的这种变化对市场流动性带来的影响,发现透明度提高之后,市场的流动性显著提高,并且呈现出先升后降的变化趋势,表明透明度的变化对市场流动性产生了较为深远的影响。
On Dec 8th, 2003, the rules of information disclosure of Chinese stock market were changed, i.e. the top price levels showed in the limit order book were enlarged from 3 to 5, and the transparency was largely increased. The effects of transparency on liquidity were deeply analyzed in this paper. It was found that after the increase of transparency, the liquidity was largely improved and changed from high to low. So the conclusion is that liquidity is much influenced by transparency in the stock market.
出处
《北京航空航天大学学报（社会科学版）》
2007年第1期10-13,17,共5页
Journal of Beijing University of Aeronautics and Astronautics：Social Sciences edition Edition
关键词
透明度
流动性
信息披露
transparency
liquidity
information disclosure
