摘要
证券交易过程中,交易信息的发布、扩散和传递方式对于各类市场参与者非常重要。目前关于信息揭示制度和交易透明度对市场运行效果的影响尚存在许多争议。本文讨论了交易透明度的含义、研究者和市场机构对于交易透明度的争论、交易透明度与市场绩效的关系,以及不同交易透明性的市场之间的竞争等问题,系统总结了目前与证券交易透明度和交易信息揭示有关的理论观点,以期把握交易信息揭示程度对市场产生的影响,以及由此引起的交易透明度对市场的运行效率产生的影响。
Dissemination of securities trading information as well as the manner of its spread and passing on is crucial to market participants. Mixed opinions exist, however, regarding effect of information dissemination system and trading transparency on market operation. This paper discusses the connotation of trading transparency, dispute surrounding this issue, relation between trading transparency, operational results and competition among markets of different degree of transparency. It brings about various theoretical thoughts on trading transparency and trading information dissemination in hope to put under control the impact of trading information on the market as well as its affect on market efficiency.
出处
《证券市场导报》
CSSCI
北大核心
2006年第3期71-77,共7页
Securities Market Herald
关键词
市场微观结构
证券交易
交易透明度
信息揭示制度
market micro structure
securities trading
trading transparency
information dissemination system
