价格发现效率

第四章对我国股指期货的价格发现效率进行了实证分析，为第五章的展开作铺垫。

Chapter IV researches the efficiency of price discovery about stock index futures in china , in order to pave the way to start the fifth chapter .

价格发现效率作为价格发现的一项基础研究一直备受理论重视。

As a fundamental topic of the researches on the price discovery , the efficiency of price discovery has been paid a great deal of attention .

这些机制的优劣直接关系到IPO价格发现效率的高低。

These mechanisms affect directly the price discovery efficiency .

从而提高新股发行定价过程中的公司相关信息的渗透能力，提升信息传递效率和新股IPO的价格发现效率。

So as to enhance the process of issuing new shares of the company pricing information on the infiltration capacity of the transmission of information to enhance efficiency and new IPO price discovery efficiency .

因此本文认为跌停板设置为-5%更有利于提高市场价格发现效率。

So it is suggested to set the limit-down level at - 5 % .

无论是理论还是实践经验都表明，利率期货交易能够有效提高现货市场的价格发现效率。

The conclusion is that the interest rate futures can improve the price discovery efficiency .

与即期交易和远期交易相比，期货交易具有更高的价格发现效率，能够较快地接近均衡价格，并且能够根据供求因素的变化灵活地作出调整。

Compared with spot contract and forward contract , futures is more efficient in price finding and more flexible .

同一个公司的股票，如果在不同的市场上交易，其价格发现效率可能存在差异。

If securities issued by the same company are traded in various markets , the price discovery efficiency of these markets may be different .

基于有效市场假说，国内外学者通过计量分析和投资组合理论分析，实证研究了国内外期货市场价格发现效率和整体运行效率。

Based on efficient market hypothesis , and foreign scholars through quantitative analysis and portfolio theory , and empirical studies of the domestic futures market price efficiency and overall operating efficiency .

评价一种交易机制的效率主要在于衡量该机制下的价格发现效率，即市场是否具有能够迅速、完全地反映新信息的能力。

How to evaluate a mechanism lies on how to measure the price discovery efficiency of the mechanism , which measures the power of the market on reflecting the new information quickly and completely .

证券交易所国债市场的价格发现效率高于银行间国债市场的价格发现效率，应该让更多的投资者进入银行间债券市场以及建立和完善包括做市商制度在内的交易制度。

The price discovery efficiency of bourse treasury bond market is higher than that of inter-bank treasury bond market . More investors should be allowed to enter the inter-bank market . It is also necessary to establish and perfect the exchange mechanism such as the market-maker system .

市场的透明性、公平性、流动性的完备程度直接影响到价格发现的效率。

Transparency , fairness and liquidity affect the efficiency of price discovery .

然而，如果没有投机者，尤其是机构投资者的参与，价格发现的效率就会受影响。

Nonetheless , without the participation of speculators , in particular institutional investors , price discovery will not be efficient .

它们还可以利用复杂的技术与数据分析迅速买进或卖出一支股票，通过买卖价差获利，而且它们认为，在此过程中提高了价格发现的效率。

They also use sophisticated technology and data analysis to trade in and out of a stock quickly , making money on the spread between the bid and offer and , they argue , making price discovery more efficient in the process .

以价格发现速度作为价格发现效率的代理变量，在总结现有价格发现速度研究的基础上，提出了一般价格发现模型（GPDM）。

Taken the price discovery speed as a proxy of the efficiency of price discovery , this paper proposes a General Price Discovery Model ( GPDM ) on the basis of summarizing present materials on the price discovery .

研究结果表明建立的理论模型能较好地刻画连续双向拍卖机制下短期价格的动态演进特征，进而印证连续双向拍卖交易机制能快速收敛到竞争均衡从而产生很高的价格发现效率的相关结论。

The results indicate that our established theoretical model can well capture the dynamics of the short-term price under continuous double auction mechanism , and further corroborate the relevant conclusions that the continuous double auction can converge rapidly to the competitive equilibrium and then produce high efficiency of price discovery .