连续竞价

在此基础上，本章最后建立了一个连续竞价市场流动性供给与需求的理论模型。

Finally , we build a Liquidity supply and demand model of the continuous auction market .

本文对连续竞价市场的流动性展开理论研究，并且利用中国沪深股市的交易数据进行了实证研究，将该问题的理论与实证结合在一起，对其进行了比较完整的阐述。

We carry out the theoretical research for Liquidity in continuous auction market and the empirical study using China Hu-Shen stock exchanges ' trade data in this dissertation .

基于Agent的连续竞价股票市场仿真研究

An Agent - based Stock Market Simulation Model

证券交易方向判别研究&针对委托驱动的连续竞价市场的方法设计

Research on Judgment of Securities ' Trade Direction & Method Design on Competitive Market

连续竞价机制下不同限价安排与股市流动性的实验研究

On the Effect of Fluidity and Price Limits in the Experimental Stock Market with Continuous Bid

做市商机制和连续竞价机制是现代期货市场主流的两类交易机制，连续竞价机制则成本较低，价格信号反应灵敏；

There are two main mechanisms in modern futures market : dealer trading mechanism and auction trading mechanism .

按照价格形成机制的不同，可以把证券市场划分为报价驱动的做市商市场、指令驱动的竞价市场（分为连续竞价与集合竞价），以及两者兼而有之的混合市场。

According to the price form mechanism we divided three kinds of markets : market-maker market , auction market and hybrid market .

当然，有时开盘成交第一笔记录可以在9：20就会产生，后继就进入连续竞价。

Of course , sometimes open quotation clinchs a deal brushstroke record can be in9:20 can arise , succeed enters successive contest price .

研究指令驱动市场连续竞价阶段的限价指令簿特征是金融市场微观结构理论的一个重要组成部分。

Research on the features of limit order books under continuous double auction mechanism in the order-driven market is an important field of financial market microstructure theory .

艺术品投资的交易环节与股票、债券投资有较大的区别，交易并非连续竞价，而是通过拍卖形式成交，交易场所分散，交易的每一个品种几乎都是唯一的。

Aspects of art investment and stock trading , bond investors have a greater difference , the transaction is not a continuous auction , but through the auction transaction , the transaction places scattered , trading almost every species is unique .

本文对做市商市场、连续竞价市场和集合竞价市场等三种基本交易机制下的价格形成进行了研究，证明了均衡时三种交易机制下的证券需求函数和价格函数均为线形。

The dissertation studies the price formation in three basic trading mechanisms including market making market , continuous auction market and call auction market . We argue that both of the security demand functions and security price functions are linear in equilibrium .

实证具体分为两个部分内容，第一部分主要研究集合竞价机制与连续竞价机制对股票收益率的影响，从收益率序列的波动性，正态性以及市场有效性的角度进行分析比较。

There are two parts of this empirical study . The first part of the research mainly study the effect on the stock returns of call auction and continuous auction . The differences between the volatility of the return series , normality and market efficiency have been analyzed and compared .