金融市场微观结构理论

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 .

摘要采用金融市场微观结构理论的方法在理性预期的框架下研究了只允许提交限价指令情形下的封闭式集合竞价与开放式集合竞价的价格发现过程。

In the paper , we use the method of financial market microstructure theory to study the price discovery process of close-and-open call auction with limited order in the framework of rational expectation .

本文主要从金融市场微观结构理论出发，把交易量作为影响价格调整过程的一个重要因素，引用混合分布假说（MDH）来解释股票市场的量价关系。

This paper starts with the financial market micro-structure theory . It takes trading-volume as a vital factor in the process of the price adjustment , and quotes the MDH ( Mixture Distribution Hypothesis ) to explain the price-volume relation .

价差分解是金融市场微观结构理论研究的重要问题。

The decomposition of bid-ask spread is an important problem in financial microstructure theory .

在金融市场微观结构理论分析框架下，交易机制的变革以市场质量为评判基准。

The quality of financial market performs the evaluation index function under the micro-structure theory .

鉴于宏观汇率模型不能有效解释实际汇率的变化，近年来经济学家将研究的注意力转向市场参与者的行为和市场微观结构，即金融市场微观结构理论。

Economic scholars transfer the eyes to the behavior of participants and the microstructure of exchange rate .

金融市场微观结构理论研究的基本问题是市场交易机制与资产的价格形成问题。

The fundamental research of financial market microstructure theories is the market transaction mechanism and the assets price forming .

本文将采用金融市场微观结构理论观点，从外汇交易订单流着手，研究影响汇率中短期波动的动因，从而对汇率行为进行描述与预测。

This paper will use the viewpoint of financial microstructure theory and investigate exchange rate behavior via analyzing order flows .

随着金融市场微观结构理论的发展，一个被忽视的因素&交易量被提了出来。

With the development of microstructure financial theory , a long forgot factor find its way out & trading volume .

金融市场微观结构理论强调证券市场的组织以及作为市场行为重要决定因素的交易制度对股票价格的重要性。

The financial microcosmic structure theory emphasizes that the organization of securities market and the trading mechanism are important to stock price .

本文将金融市场微观结构理论用于资产定价和公司金融，分析了非对称信息在资产定价中的作用，并进行了实证检验。

This paper examines the implication of market microstructure theories for asset pricing and corporate finance , and studies the role of asymmetric information in asset pricing both theoretically and empirically .

本文在金融市场微观结构理论视角下基于非对称信息理论研究我国股票市场的资产价格行为，从理论和实证角度分析了非对称信息对证券市场中资产价格行为的决定作用。

On the perspective of financial markets microstructure , based on the asymmetric information theory , asset price behavior in Chinese market is analyzed though the theoretical analysis and empirical testing .

金融市场微观结构理论考察特定交易规则下资产交易过程及市场运作机制，信息与流动性是其中的两大问题。

The theory of financial market microstructure is to research on the assets trading process and market operational mechanism under special trading rules in which information and liquidity are two important problems .

金融市场微观结构理论已成为当今金融研究领域的一个热点之一，是从微观的角度去研究金融市场的特性和内在规律。

Financial market microstructure theory , which is to research the characteristics and internal rules of the financial market , has become one of the focus issues in the research of financial field .

金融市场微观结构理论认为交易制度对于金融资产价格形成作用重大，目前的市场主体结构需要不同于正常规模的交易制度。

In the theory of financial market micro-structure , the transfer systems play an important role in forming the financial assets prices . The present principal market structure calls for a transfer system different from the normal-scale one .

国外对于股票流动性度量的研究伴随着金融市场微观结构理论的发展日臻成熟，但也存在不足，需要对其进行修正；

With the development of microstructure theory of financial market , the research abroad on the measurement of the stock 's liquidity is ripe day by day , but there are some deficiencies , so we need revise it .

第二章阐述了投资者类型对股票市场中信息传递和价格的影响，重点对金融市场微观结构分析理论进行了综述。

Chapter 2 , we review market microstructure theory .

金融市场微观结构的理论模型表明，交易中的信息内容随交易规模和交易期间信息不对称程度的增加而增加，而不对称信息对价格和流动性都会产生影响。

Financial market microstructure theory shows that information content should increase with trade size and the information asymmetry of the trading period .

高频数据“日历效应”是金融市场微观结构研究领域的重要发现，但是金融市场微观结构理论主要是从定性的角度研究“日历效应”。

High-frequency financial data analysis and modeling is a new research field in financial econometrics , and the calendar effects are most important discovery in financial market microstructure field .

证券市场分割是金融领域研究的核心内容之一，其结合了传统的金融市场微观结构理论，研究了证券市场的一体化与分割检验、不同市场单一证券的价格行为机制以及国际证券市场的分割程度。

Security market segmentation is very important in financial studies . With traditional financial market microstructure theory , market segmentation focuses on a test for market segmentation , price behavior for one security in different markets and the extent to international equity market integration .