运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集...运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集合竞价机制下,交易者参与开盘的积极性明显提高,连续竞价开始后15 m in内的市场流动性明显减少。根据不同的交易者对信息揭示的反应不同,得到如下结论:实行开放式集合竞价开盘不仅吸引了更多的交易者参与交易,提高了开盘价格的信息效率,而且缓解了交易者对开盘信息的过度反应。展开更多
Beginning with analyzing the accomplishment of FI affecting Chinese economy, the text analyzes and tests the effect of FI on our economy by using regression analysis and more simple equation. It turns out that the var...Beginning with analyzing the accomplishment of FI affecting Chinese economy, the text analyzes and tests the effect of FI on our economy by using regression analysis and more simple equation. It turns out that the variety of the total sum of FI is consistent with the development of China’s economy. It discusses the disadvantages of foreign investment which is not used appropriately on economics. According to this, some proposition that how to allure FI and the intensity of alluring FI are probed into under the new economic environment. It provides theoretical basis for government formulating the policy and project of development of economy.展开更多
文摘运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集合竞价机制下,交易者参与开盘的积极性明显提高,连续竞价开始后15 m in内的市场流动性明显减少。根据不同的交易者对信息揭示的反应不同,得到如下结论:实行开放式集合竞价开盘不仅吸引了更多的交易者参与交易,提高了开盘价格的信息效率,而且缓解了交易者对开盘信息的过度反应。
基金Supported by the National Outstanding Youthful Science Fund. (No.79270052)
文摘Beginning with analyzing the accomplishment of FI affecting Chinese economy, the text analyzes and tests the effect of FI on our economy by using regression analysis and more simple equation. It turns out that the variety of the total sum of FI is consistent with the development of China’s economy. It discusses the disadvantages of foreign investment which is not used appropriately on economics. According to this, some proposition that how to allure FI and the intensity of alluring FI are probed into under the new economic environment. It provides theoretical basis for government formulating the policy and project of development of economy.