报价单位

最小报价单位对我国基金市场流动性影响

The Effects of Tick Size on the Liquidity of Chinese Fund Market

指令簿透明度和最小报价单位是市场微观结构的重要组成部分。

Order book disclosure and tick size is an important part of market microstructure .

最小报价单位是证券市场交易机制设计的重要组成部分。

Tick size is an important part in the design of stock market trading mechanism .

最小报价单位、价格水平与流动性&基于上海股市的实证研究

Tick Size , Price Level and Liquidity : An Empirical Study Based on Shanghai Stock Market

最小报价单位是影响证券市场流动性的重要因素之一。

Tick size is the one of the most important factors influencing the liquidity of security market .

不管是合约最小报价单位，还是合约价值的设计都是市场流动性与运作成本之间的均衡。

Minimum tick size or the contract value is an equilibrium between market liquidity and operation cost .

实证结果表明，最小报价单位影响市场效率，最小报价单位分改厘提高了上海封闭式基金的市场效率。

Our results show that tick size is helpful to enhance the market efficiency of shanghai closed-end fund market .

但同时本文的研究结论也表明特定的市场条件对于市场指令簿透明度和最小报价单位对市场的影响机理具有很大影响。

Our result shows that certain market conditions has great impact on the effect of order book disclosure and Tick size .

美国、法国、加拿大等主要证券交易所都对最小报价单位进行过改革，以期增加证券市场的流动性。

The United States , France , Canada and other major stock exchanges have carryed out Tick Size reforms to increase the market liquidity .

本文对以往指令簿透明度和最小报价单位的相关研究进行了系统性综述，发现尽管以往研究在指令簿透明度和最小报价单位对市场的影响方面取得了一定的成果，但一直没有取得一致的结论。

This paper systematically reviewed the previous studies on order book disclosure and tick size , found that although those papers have some significative results , but no agreement had been concluded .

利用上海证券交易所分笔交易数据，从价差、深度以及交易金额三个方面考察了最小报价单位对股票市场流动性的影响。

In this paper , the effect of tick size on the liquidity in Chinese stock market is estimated from three aspects , namely , the price variation , the depth and trade volume .

按照股价大小将股票分组后发现：最小报价单位增加将导致低价股的价差和深度变大，交易金额减少；

Grouped by the prices level of stocks , the increase of tick size will lead to the increase of the spread , and depth , and decrease trade volume in the high-price group ;

本文利用上海封闭式基金最小报价单位分改厘之前与之后的分笔交易数据，考查了最小报价单位的减小对上海封闭式基金市场质量的影响。

Using tick-by-tick trade and quote data around the onset of reduction in minimum tick size of Shanghai closed-end funds , we examine the impact of the reduction in minimum tick size on market quality .

目前，各国证券市场主要有两类最小报价单位的制定方式：一类是制定统一的最小报价单位；另一类是根据证券的不同价格水平设置不同的最小报价单位。

At present , there are two types of Tick Size set in the main stock exchanges ; one is a unified Tick Size and the other is a different Tick Size corresponding different price level of securities .

最小报价单位作为证券交易时报价的最小单位，是市场微观结构的重要组成部件，而最小报价单位对证券市场质量尤其是流动性的影响一直是金融市场微观结构研究的重点内容之一。

Tick Size is one of the most important components of the market microstructure . The effects of Tick Size on the securities market quality especially the market liquidity has been a focus study of the financial microstructure .

建设工程施工投标最终报价是投标单位以标书编制的预算价（标价）为基础，综合考虑各种因素后对预算标价进一步修订的报价，对是否中标将产生直接影响。

Based on the bidding price compiled by the book of tender , construction project final tender offer further revises bidding price .

报价水平是投标单位的综合实力与投标策略的反映。

The level of quoted price is the reflection of the synthetic and bidding tactics in the offer unit .

文章指出，企业的单位可变成本越大，竞价企业的数量越多，企业的报价越接近其单位成本。

The author points out that the higher the variable cost , the bigger the number of tenderer , will the enterprises ' bidding price be closer to the unit cost .

研究结果表明，当电量市场需求小于等于每个发电厂商的申报上网电量时，发电厂商的最优报价将围绕其单位发电成本与电力市场最高限价之间的平均值小幅波动；

The result shows that when the power market demand is less than or equal to supply of every power plant , the optimal quoted price of every power plant is close to the average value between its unit generation cost and the greatest limited price ;