证券交易制度与股票价格探析

The Analysis of Securities Exchange System and Stock Price

报价驱动系统和指令驱动系统是证券市场的两种主要交易制度。本文把证券交易过程描述成为博弈模型 ,从而分析股票价格的形成机理。

Quote driven mechanism and order driven mechanism are two major exchange systems of the securities business. By depicting the process of securities exchange into a game model, the paper makes an analysis of the developing mechanism of stock prices.