摘要
从证券市场微观结构角度,利用交易者群体可变的动态模型,分别在确定与不确定性金融环境下,研究离散交易状态下市场的形成过程,并分析了交易者群体变动的混沌条件.结果表明,市场流动性的最低标准是买卖双方的交易者群体要有一个恰当的比例,市场达到稳定流动性的时间与描述离开股市交易者的参数有关,通过交易制度对交易者群体参数的影响,可实现对市场过程的控制,最后给出仿真计算.
From the angle of the microcosmic structure of the securities market, using alterable dynamic model of the bargainer colony, separately under ascertained and incertitude finance circumstance, we have studied the form process of the market under disperse bargaining estate and we have analysis chaos conditions of bargainer colony of alteration. Result indicates that lowest standard of market liquidity is that bargainer colony of buyer and seller both must have an appropriate proportion. The time achieving stable liquidity of the market has relation to parameter for bargainer to leave the stock market. Through influence of bargaining system on parameter of bargainer colony, the control of market process can be realized. Finally simulation calculation is given.
出处
《管理科学学报》
CSSCI
2002年第6期34-38,共5页
Journal of Management Sciences in China
基金
辽宁省自然科学基金资助项目(9910200208).
