试析大宗交易对股市流动性的影响

Preliminary Analysis on the Influence of Block Trade on Stock Market Liquidity

股市流动性是衡量证券市场质量的重要指标,大宗交易制度是降低大额交易对市场冲击、提高市场流动性的重要交易机制。本文在描述国内外大宗交易发展状况后,对国内大宗交易对市场流动性的影响做了实证分析,针对大宗交易制度在国内外的不同效果进行了成因分析,根据这一制度存在的问题提出了相应的政策建议。

Stock liquidity is a key index to evaluate the quality of security market. Block trade system is an important trade mechanism to reduce the market shock from large volume transactions and improve market liquidity. This article describes the development of block trade both at home and abroad. Then it conducts an empirical study on the influence of domestic block trade on market liquidity. Analysis is made on the causes for different effects of domestic and foreign block trade systems. Suggestions are proposed correspondingly for the existing problems in the system.