大宗交易制度:机构投资者的特殊安排

Block trading System:Special Arrangement of Institutional investors

金融市场微观结构理论认为交易制度对于金融资产价格形成作用重大 ,目前的市场主体结构需要不同于正常规模的交易制度。巨大的市场影响成本、搜寻成本和延迟成本 ,对于信息披露的特殊要求 ,使得机构投资者选择大宗交易制度。对于大宗交易制度降低透明度引起的不公平 ,应以有效的监管予以弥补。

In the theory of financial market micro-structure, the transfer systems play an important role in forming the financial assets prices. The present principal market structure calls for a transfer system different from the normal-scale one. Huge markets will influence, search for and defer the cost. Owing to the special demand to the information revealing, institutional investors have to choose bulk transfer system. As for the unfairness arising from the transparency reduction by the system, effective supervision should be used to make up for it.