证券交易制度的目标取向及其冲突与协调

The Target Choice of the Rules of Dealings as well as Conflict and Coordination in the Stock-market

以金融市场微观结构理论为依据 ,初步探讨了证券市场交易制度设计中的目标选择及其基本含义。在此基础上 ,以市场流动性目标为基本着眼点 ,立足提高市场的长期绩效 ,分析了各个目标之间的冲突 ,提出了协调各目标的政策选择。

The thesis makes a preliminary probe into the target choice and basic meaning of the rules of dealings in the stock market according to the theory about microcosmic structure of financial market.And basically,it analyzes the conflict between targets and provides a series of policy choice to coordinate with the market mobility goal for basic starting point and for footholding long term efficiency of market.