| 透明度提高对股市流动性影响的实证分析 |
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| 引用本文： | 董锋,韩立岩.透明度提高对股市流动性影响的实证分析[J].北京航空航天大学学报(社会科学版),2007,20(1):10-13. |
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| 作者姓名： | 董锋 韩立岩 |
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| 作者单位： | 北京航空航天大学,经济管理学院,北京,100083 |
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| 摘 要： | 2003年12月8日,中国股市信息披露规则发生变化,即限价订单簿的买卖盘揭示范围由原来 的3个最优报价扩大为5个,市场透明度显著提高。论文较为细致地分析了透明度的这种变化 对市场流动性带来的影响,发现透明度提高之后,市场的流动性显著提高,并且呈现出先升 后降的变化趋势,表明透明度的变化对市场流动性产生了较为深远的影响。
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| 关 键 词： | 透明度 流动性 信息披露 |
| 文章编号： | 1008-2204(2007)01-0010-04 |
| 收稿时间： | 2006-01-11 |
| 修稿时间： | 2006年1月11日 |
Empirical Study of the Effects of Transparency on Liquidity in Stock Market |
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| DONG Feng,HAN Li-yan.Empirical Study of the Effects of Transparency on Liquidity in Stock Market[J].Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition),2007,20(1):10-13. |
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| Authors: | DONG Feng HAN Li-yan |
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| Institution: | School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China |
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| Abstract: | On Dec 8th,2003,the rules of information disclosure of Chinese stock market were changed,i.e.the top price levels showed in the limit order book were enlarged from 3 to 5,and the transparency was largely increased.The effects of transparency on liquidity were deeply analyzed in this paper.It was found that after the increase of transparency,the liquidity was largely improved and changed from high to low.So the conclusion is that liquidity is much influenced by transparency in the stock market. |
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| Keywords: | transparency liquidity information disclosure |
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