分散交易

严格的说，即将推出的二板市场也属于场外交易市场的一部分，NASDAQ市场就是一个典型的场外交易市场，因为它是集中报价，分散交易的。

The future The Second Market is also belonged to OTC market , NASDAQ is a good example .

它既可以减少相关企业一体化带来的规模不经济，又可以在一定范围内在一定程度分享一体化组织带来的规模经济，减少交易成本，分散交易风险。

The integration organizations can reduce the diseconomies of scale brought by the associated business integration , but also to some extent share the economic scales , transaction costs reduction , spreading trading risk .

集中交易系统是证券公司参与行业竞争的重要基础，相对传统分散式交易，集中交易具有成本低、易创新、利监管和有效利用公司资源的优势。

In contrast to traditional securities exchange , the securities centralized trading system has advantages of lower cost , more benefit to innovation , easier supervising and more effective using resources .

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 .

自愿碳市场可分为两个截然不同的组成部分：芝加哥气候交易所（CCX）和更分散的场外交易（OTC）市场。

The voluntary carbon market can be divided into two distinct components : the Chicago Climate Exchange ( CCX ) and more dispersed through the OTC ( OTC ) market .

本文提出了内部人基于分散财富风险进行交易的动机，并在HHW的理论模型框架内分析了预售公告制度下的市场均衡和社会福利变化。

We propose insiders'incentive of diversifying wealth variation risks in the open market , and analyze the equilibrium and social welfare under pre-announcement regime based on HHW model .

算法是近年来随着交易日益分散于诸多不同交易平台而出现的电脑程序。

Algorithms are computer programmes that have emerged in recent years as trading has become fragmented across many different types of trading venues .

总之，研究结果支持了基于分散风险理论和交易成本理论的假设，拒绝了基于代理成本理论的假设。

In conclusion , the results accept the hypothesis based on the theories of coinsurance effect and transaction costs , rejecting the hypothesis of agency costs .

本文在分散风险理论、交易成本理论和代理成本理论的基础上，深入探讨了公司多样化战略与资本结构之间的内在关系，并形成研究假设。

On the theories of coinsurance effect , transaction costs and agency costs , this study analyzes the potential relationship between capital structure and the diversification strategy by making hypothesis .

它的运行模式比较分散、开放，交易的证券种类繁多，与证券交易所相比，交易方式以及交易管理组织结构迥异。

With its scattered and open operation mode as well as the great variety of security trading , the OTC market is quite different from securities exchange in their modes and management of transactions .