ꆡ2004쓪1퓂쾵춳릤돌샭싛폫쪵볹뗚1웚ꆡ컄헂뇠뫅:100026788(2004)0120001210럢뇕쪽벯뫏뺺볛붻틗닟싔쒣탍벰뛔뮦쫐뗄쪵횤볬퇩엊ꆡ뗇1,쇵ꆡ2,쇵몣쇺3,컢돥럦3(1.뢴떩듳톧뺭볃톧풺,짏몣200433;2.짏몣횤좯붻틗쯹퇐뺿훐탄,짏몣200120;3.짏몣붻춨듳톧뷰죚릤돌퇐뺿훐탄,짏몣200052)햪튪:ꆡ듓뚩떥럖늼볙짨돶랢,릹붨쇋튻룶볒뫍즢뮧헢솽샠붻틗헟퓚럢뇕쪽벯뫏뺺볛훐뗄붻틗틢풸뫍뚩떥닟싔쒣탍Λ룃쒣탍뇭쏷,즢뮧늻풸틢닎볓럢뇕쪽벯뫏뺺볛붻틗,믲헟탨튪뷏룟뗄럧쿕늹뎥;평폚즢뮧뗄늻풸틢붻틗믲폐뷏룟럧쿕늹뎥튪쟳,볒쓑틔퓚벯뫏뺺볛쪱쪵쿖ퟔ벺헽뎣뗄믱틦닟싔,틲듋,쟷쿲폚닉좡벯뫏뺺볛볛룱닙ퟝ닟싔Λ컄헂펦폃짏몣횤좯붻틗쯹뗄럖뇊뚩떥뫍붻틗쫽뻝쪵횤볬퇩쇋샭싛럖컶뗄뷡맻,늢쳡돶쇋룄뷸컒맺뮦짮쫐뎡뾪엌벯뫏뺺볛뗄헾닟붨틩Λ맘볼듊:ꆡ벯뫏뺺볛;쫐뎡캢맛뷡릹;붻틗닟싔;쫐뎡닙ퟝ훐춼럖샠뫅:ꆡF224ꆡꆡꆡꆡꆡꆡꆡꆡ컄쿗뇪쪶싫:ꆡAꆡꆡꆡTradingStrategiesinBlindCallAuction:ModelsandEmpiricalAnalysisofShanghaiStockExchangePAND1eng,LIUT2i,LIUHai23long,WUChong23feng(,FudanUniversity,Shanghai200433,China;,ShanghaiStockExchange,Shanghai200052,China;,ShanghaiJiaoTongUniversity,Shanghai200120,China)Abstract:ꆡBasedontheorderdistributionassumption,:ꆡcallauction;marketmicrostructure;tradestrategy;marketmanipulation;1ꆡ틽퇔횤좯붻틗믺훆뗄훘튪릦쓜횮튻뻍쫇쪹잱퓚뗄춶헟탨쟳뮯캪쪵볊붻틗Λ헢튻뮯맽돌뗄맘볼쫇볛룱랢쿖폫좷뚨맽돌Λ벯뫏뺺볛뫍솬탸붻틗쫇솽훖쪹폃럇뎣맣랺뗄횤좯볛룱랢쿖믺훆Λ퓚솬탸붻틗쫐뎡(냼삨솬탸뺺볛쫐뎡뫍ퟶ쫐짌쫐뎡),붻틗쫇퓚붻틗죕뗄룷룶쪱뗣솬탸늻뛏뗘뷸탐뗄,횻튪룹뻝뚩떥욥엤맦퓲,듦퓚솽룶쿠욥엤뗄뚩떥,붻틗뻍믡랢짺Λ폫솬탸붻틗쿠랴,벯뫏뺺볛쫐뎡쫇튻룶볤뛏탔뗄쫐뎡,벴춶헟ퟶ돶싲싴캯췐뫳,늻쓜솢벴내헕폐맘맦퓲횴탐늢돉붻,뛸쫇퓚쒳튻맦뚨뗄쪱볤,평폐맘믺릹붫퓚늻춬쪱뗣쫕떽뗄뚩떥벯훐웰살,내헕춬튻볛룱뷸탐욥엤돉붻Λ듓탅쾢엻슶뷇뛈,벯뫏뺺볛뿉럖캪솽훖쟩뿶,벴뾪럅쪽벯뫏뺺볛뫍럢뇕쪽벯뫏뺺볛Λ잰헟횸퓚벯뫏뺺볛맽돌훐,벴쪱쿔쪾싲싴엌탅쾢뫍횸쪾탔벯뫏뺺볛볛룱;뫳헟횸퓚벯뫏뺺볛맽돌훐늻엻슶죎뫎탅쾢,뷶뷶퓚벯뫏뺺볛맽돌뷡쫸뫳엻슶볛룱뫍돉붻쟩뿶Λ벯뫏뺺볛춨뎣좡쓜릻쪵쿖ퟮ듳돉붻솿뗄볛룱ퟷ캪벯뫏뺺볛볛룱Λ볆쯣ퟮ듳돉붻솿탨튪죽룶늽훨:1)볆쯣돶쎿룶볛룱짏뗄싲떥뫍싴떥뗄샛믽쫽솿(샛믽싲떥쫽솿쫇퓚룃볛캻짏뗄싲떥쫽솿,볓짏뇈룃볛룱룼룟뗄싲떥쫽솿,샛믽싴떥쫽솿쫇퓚룃볛캻짏뗄싴떥쫽솿,볓짏뇈룃볛룱룼뗍뗄싴떥쫽솿)Λ쫕룥죕웚:2003201202훺쿮쒿:맺볒ퟔ좻뿆톧믹뷰(70173031);맺볒뷜돶쟠쓪믹뷰(70025303)ꆡꆡퟷ헟볲뷩:엊뗇(1976-),쓐,싺ퟥ,뢴떩듳톧뺭볃톧풺붲쪦,늩쪿Λ' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
2쾵춳릤돌샭싛폫쪵볹2004쓪1퓂2)볆쯣돶퓚쎿룶볛캻짏뗄뿉돉붻뗄쫽솿Λ퓚쒳룶볛룱짏뗄ퟜ뗄뿉돉붻쫽솿쫇쒳룶볛캻짏뗄샛믽싲떥쫽솿믲샛믽싴떥쫽솿(좡뛾헟훐뗄뷏킡헟)Λ틔MEV뇭쪾ퟮ듳돉붻쫽솿,퓲MEV=min(CBQ,CSQ)Λ3)좡쎿룶볛캻짏뿉돉붻뗄쫽솿뗄ퟮ듳횵캪ퟮ듳돉붻솿,룃볛캻벯뫏뺺볛볛룱Ζ틔MAV뇭쪾ퟮ듳돉붻솿,pMAV뇭쪾돉붻볛룱,퓲[MAV,pMAV\]=max[MEV(p)]Ζ돉붻솿ퟮ듳풭퓲쪵볊짏쫇벯뫏뺺볛볛룱좷뚨뗄뗚튻풭퓲,떫떱뿉닺짺ퟮ듳돉붻솿뗄볛룱폐뛠룶쪱,퓲탨튪폐웤쯻풭퓲틔뇣ퟷ뷸튻늽톡퓱,죧ퟮ킡쪣폠솿풭퓲ꆢ쫐뎡톹솦풭퓲ꆢ닎뾼볛룱풭퓲뗈Ζ벯뫏뺺볛쫇튻훖쪮럖훘튪뗄볛룱랢쿖믺훆,헢늻뷶틲캪퓚벯뫏뺺볛쫐뎡,늻듦퓚싲싴볛닮,뛸쟒튲틲캪벯뫏뺺볛춨뎣폃폚뾪엌뫍쫕엌,웤닺짺뗄볛룱쫇춶헟맣랺맘힢뗄뇪횾탔볛룱Λ좻뛸틅몶뗄쫇,톧쫵뷧뛔벯뫏뺺볛훆뛈뗄퇐뺿좴벫웤좱랦Λ웹뷱캪횹,횤좯쫐뎡캢맛뷡릹샭싛폫쪵횤퇐뺿훷튪벯훐퓚솬탸붻틗쫐뎡,폐맘벯뫏뺺볛뗄퇐뺿캪쫽뫜짙ΛTheissen(2000)춨맽뇈뷏쇋벯뫏뺺볛ꆢ솬탸뺺볛뫍ퟶ쫐짌죽훖붻틗믺훆,랢쿖벯뫏뺺볛뛔탂탅쾢뗄랴펦늻ퟣ,떫쫇붻틗돉놾ퟮ뗍ΛLauterbach&Wohl(2001)춨맽뇈뷏퓚쳘삭캬럲횤좯붻틗쯹붻틗뗄솽횻쫕틦쿠춬뗄틔즫쇐헾뢮햮좯,랢쿖솽횻햮좯퓚벯뫏뺺볛훐뗄퓫틴벰웤탞헽맽돌뮥늻쿠맘ΛAmihud,Mendelson&Lauterbach(1997)볬퇩쇋쳘삭캬럲횤좯붻틗쯹듓벯뫏뺺볛믺훆캪솬탸뺺볛믺훆뗄뛠횻막욱,랢쿖막욱볛룱폐돖탸헽뗄퓶뎤Λ놾컄틔춶헟뗄붻틗닟싔캪ퟅ퇛뗣,럖샭싛뫍쪵횤솽룶늿럖퇐뺿럢뇕쪽벯뫏뺺볛Λ샭싛늿럖듓뚩떥럖늼볙짨돶랢,릹붨쇋튻룶맘폚볒뫍즢뮧헢솽샠붻틗헟퓚럢뇕쪽벯뫏뺺볛훐뗄붻틗틢풸뫍뚩떥닟싔뗄쒣탍Λ쪵횤늿럖펦폃짏몣횤좯붻틗쯹뗄럖뇊뚩떥뫍붻틗쫽뻝뿢볬퇩쇋샭싛늿럖뗄뷡맻Λ믹폚샭싛뫍쪵횤퇐뺿뗄뷡맻,놾컄퓚뷡싛늿럖쳡돶쇋룄뷸컒맺뮦짮쫐뎡뾪엌벯뫏뺺볛뗄붨틩Λ2ꆡ벯뫏뺺볛훐뗄볒폫즢뮧붻틗닟싔쒣탍ꆡ즢뮧쿂떥볙짨붻틗헟틀뻝쯻쏇뗄룶죋탅쾢뛔닺뗄캴살풤웚쫕틦ퟶ돶에뛏,헢킩탅쾢펰쿬쇋붻틗헟뗄탐캪,춬쪱튲펰쿬쇋닺뗄볛룱Λ룹뻝붻틗헟펵폐뗄탅쾢뫍붻틗쳘헷뗄늻춬,컒쏇냑붻틗헟럖캪솽샠:튻샠쫇ꆰ볒ꆱ,쫇캪쫽뫜짙떫폐ퟅ탅쾢뫍뷰폅쫆뗄붻틗헟;웤폠캪ꆰ즢뮧ꆱ,헢샠붻틗헟캪쫽뫜뛠떫퓚탅쾢뫍뷰랽쏦뒦폚쇓쫆ꋙ.볒뗄쒿뗄뻍쫇튪돤럖샻폃ퟔ벺탅쾢뫍뷰짏뗄폅쫆,믱뗃ퟮ듳뗄샻죳Λ평폚볒뗄듦퓚,쪹뗃쿠뛔죵킡뗄즢뮧늻뗃늻쏦쇙ퟅ죧쿂죽룶쓑쳢:ꋙ샻폃폐쿞탅쾢뛔닺ퟶ돶헽좷맀볛;ꋚ듓볛룱뫍붻틗솿뗄늨뚯훐췆닢돶볒뗄늿럖탅쾢뫍쒿뗄;ꋛ뇜쏢놻볒샻폃뫍웛욭Λ평폚즢뮧뗄쫽쒿뫜뛠,뮥쿠쎻폐킭춬,쎿룶즢뮧쓜릻뚯폃뗄뷰솿폖뇈뷏짙,틲듋컒쏇볙짨즢뮧퓚벯뫏뺺볛훐뗄탐캪싺ퟣ죧쿂볙짨:볙짨1ꆡ뛔폚튻횻막욱살쮵,퓚헻룶벯뫏뺺볛맽돌훐쫕떽즢뮧싲뗄뚩떥쫽캪nb,싴뗄뚩떥쫽쒿캪nsΖ웤훐싲떥뗄볛룱닎쫽캪pb,쫽솿닎쫽캪mb;싴떥뗄볛룱닎쫽캪ps,쫽솿닎쫽캪msΖ6룶뇤솿뇋듋뛀솢Ζ볙짨2ꆡ튻횻막욱퓚헻룶벯뫏뺺볛맽돌훐쫕떽즢뮧싲뗄뚩떥쫽캪nb,싴뗄뚩떥쫽쒿캪ns,럖뇰럾듓닎쫽캪Κb뫍Κs뗄늴쯉럖늼,벴nΚbb-ΚP(nb)=be,ꆡnb=0,1,2,ꆭ(1)nb!nΚss-ΚPs(ns)=e,ꆡns=0,1,2,ꆭ(2)ns!쪽훐Κb뫍Κs늢늻튻뚨쿠뗈Ζ쏼쳢1ꆡ벯뫏뺺볛훐룟폚pb뗄싲떥룶쫽b뗄룅싊럖늼캪ꋙ퓚쫐뎡캢맛뷡릹샭싛훐,튻냣붫볒돆캪ꆰ횪쟩붻틗헟ꆱ,즢뮧돆캪ꆰ늻횪쟩붻틗헟ꆱ믲ꆰ쇷뚯탔붻틗헟ꆱ,떫쫇평폚놾컄뗄튻킩볙짨폫캢맛뷡릹샭싛늢늻쿠춬,캪쏢믬쿽,놾컄틔ꆰ볒ꆱ뫍ꆰ즢뮧ꆱ돆뫴헢솽샠붻틗헟Λ' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚1웚럢뇕쪽벯뫏뺺볛붻틗닟싔쒣탍벰뛔뮦쫐뗄쪵횤볬퇩3-ΚbePbp>pΑbPbΑ(b)=beΑbeΑ#(-b,Α)-(3)(1-Pp>p)b!#(-b)b뻹횵캪E(b)=ΚbPbp>p(4)b쪽훐Α=Κb(1-Pp>p)=Κbb-ΚbPp>p(5)b#b-1-t(-b,Α)=ꇒꇞ-tedt(6)ΑPp>p=1-F(pbb)(7)F(pb)캪싲떥볛룱pb뗄럖늼몯쫽Ζ횤쏷ꆡ뛔폚즢뮧싲떥살쮵,볛룱룟폚pb뗄룅싊캪pp>p=1-F(pbb)(8)ꆡꆡ볙짨퓚헻룶벯뫏뺺볛맽돌훐잡뫃폐Nb룶싲떥,뛸웤훐폖잡뫃폐B룶뚩떥볛룱룟폚pb,퓲럾듓뛾쿮럖늼P(nb=Nb,b=BBNb-B)=CBN(P(1-P(9)bp>p)bp>p)b쓇쎴쎿쳬폐b=B룶볛룱룟폚pb뗄싲떥뗄룅싊캪ꇞP(b=B)=6[P(b=Bûnb=Nb)P(nb=Nb)](10)Nb=0ꆡꆡ평폚틑횪뚩떥쫽쒿nb캪늴쯉럖늼,펦폃럻뫅퓋쯣죭볾Mathematica듺죫볆쯣,뗃b뗄룅싊럖늼,벴(3)쪽Ζ평뗄뻹횵캪ꇞE(b)=6bP(b)(11)b=0붫(3)(5)쪽듺죫,뗃ꇞ1Eb-1(b)=exp(-ΚbPp>p)Κ(ΚbbPp>pb6bPp>p)(12)bb=1(b-1)!평첩샕햹뾪쪽뗃ꇞꇞ16b-11b(ΚbPp>p)=>p)-1=exp(Κ)b=1(b-1!b6(ΚbPpbbPp>p)(13)bb=0b!듺죫(12)쪽,뮯볲,벴뗃(4)쪽,쏼쳢뗃횤.쏼쳢2벯뫏뺺볛훐뗍폚ps뗄싴떥룶쫽s뗄룅싊럖늼캪-ΚsePsp<pΒPsΑseΒs#(-s,Β)(s)=beΒ-(14)(1-Pp<p)s!#(-s)s뻹횵캪E(s)=ΚsPsp<p(15)s쪽훐Β=Κs(1-Pp<p)=Κs-ΚsPp<p(16)ssPp<p=F(ps)(17)s#(-s,Β)=ꇒꇞ-s-1-ttedt(18)ΒF(ps)캪싲떥볛룱뗄럖늼몯쫽Ζ횤쏷ꆡ뛔폚즢뮧싴떥살쮵,볛룱뗍폚ps뗄룅싊캪Pp<p=F(ps)(19)s' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
4쾵춳릤돌샭싛폫쪵볹2004쓪1퓂웤폠횤쏷폫쏼쳢3샠쯆,헢샯늻폨훘뢴Ζ횵뗃힢틢뗄쫇,컒쏇퓚쏼쳢3뫍쏼쳢4뗄횤쏷훐횻폃떽쇋뚩떥쫽쒿뗄늴쯉럖늼볙짨(볙짨2),뛸쎻폐폃떽뚩떥볛룱틔벰쫽솿럖늼볙짨Ζꆡ볒믱틦닟싔컒쏇볙짨,폫볒쿠뇈,즢뮧퓚뷰뫍탅쾢짏뚼뒦폚쇓쫆,틲듋쯻쏇뗄붻틗닟싔쫇럀쫘탔뗄;볒퓚뷰뫍탅쾢짏뻟폐폅쫆,틲듋웤붻틗닟싔쫇뷸릥탔뗄,쒿뗄쫇퓵퇹믱뗃ퟮ듳뗄쫕틦Ζ짨볒횪뗀즢뮧뗄뚩떥럖늼,튲횪뗀횤좯뗄헦쪵볛횵,평폚벯뫏뺺볛ퟮ뫳뗄돉붻볛룱횻폐튻룶,틲듋볒뗄횻탨퓚쒳룶볛캻쳡붻ퟣ릻듳뗄뚩떥뇣뿉틔췪돉ퟔ벺뗄믱틦닟싔Ζ볙짨3ꆡ볒폐ퟣ릻뛠뗄뷰뫍막욱,쟒틑횪막욱뗄헦쪵볛횵pvΖ볙짨3뗄쒿뗄쫇볙뚨볒폐뷸탐붻틗뗄틢풸(횪뗀막욱뗄헦쪵볛횵pv),늢쟒폐쪵쪩붻틗닟싔뗄쓜솦(폐ퟣ릻뛠뗄뷰뫍막욱)Ζ쏼쳢3ꆡ볒뗄ퟮ폅붻틗(믱틦)닟싔캪:좷뚨튻룶볛룱p=ps=pb쪹쒿뇪쫕틦mbax{\[E(ms)ΚsPbp>p-E(mb)ΚbPp<p](p-pv)}(20)psbퟮ듳뮯,늢퓚룃볛캻뒦룹뻝p-pv뗄헽뢺맒돶ퟣ릻듳뗄싲떥믲싴떥Ζ횤쏷ꆡ벯뫏뺺볛훐볛룱뗍폚ps뗄욽뻹싴떥쫽쒿캪E(s),볛룱룟폚pb뗄욽뻹싲떥쫽쒿캪E(b),퓲퓚죎틢p=ps=pb볛룱뒦,욽뻹싲싴늻욽뫢쫽캪:Q=E(ms)E(s)-E(mb)E(b)(21)Q폐헽뢺횮럖,캪헽뇭쪾싴떥듳폚싲떥,캪뢺뇭쪾싲떥듳폚싴떥Ζ죴볒틑횪막욱뗄헦쪵볛횵캪pv,퓲붻틗뗄쒿뗄쫇쪹쫕틦뗄ퟮ듳뮯,벴좷뚨튻룶ퟮ폅뗄볛룱p쪹쒿뇪몯쫽Q(p-pv)ퟮ듳Ζmax[Q(p-pv)\]=max{\[E(ms)E(s)-E(mb)E(b)](p-pv)}(22)ppꆡꆡ붫(4)쪽뫍(15)쪽듺죫벴뗃쒿뇪몯쫽,쏼쳢뗃횤Ζ춼1틔싲랽볒캪샽쮵쏷쇋볒뗄믱틦닟싔:볒퓚풪뒦튻룶50000막뗄듳싲떥붫풭살평뒿즢뮧뚩떥릹돉뗄샛믽싲떥쫽솿쟺쿟쿲짏듳럹뛈욽틆,벯뫏뺺볛뗄돉붻볛튲평10풪뇤캪풪Ζ튪힢틢뗄쫇,볒짪놨뗄50000막듳싲떥늢쎻폐좫늿돉붻,횻돉붻쇋웤훐뗄튻늿럖Ζꆡ즢뮧붻틗닟싔퓚럢뇕쪽벯뫏뺺볛쿂,벯뫏뺺볛뗄맽돌샠쯆튻춼1ꆡ볒믱틦닟싔쪾틢춼룶뫚쿤,퓚벯뫏뺺볛볛룱좷뚨횮잰,쫐뎡컞램믱횪폐맘뚩떥볛룱폫쫽솿뗄죎뫎탅쾢Ζ평폚즢뮧쿠뇈폚볒퓚탅쾢짏틑뺭뒦폚쇓쫆,죧맻퓙늻쓜춨맽뚩떥쇷살췆닢볒뗄늿럖탅쾢,퓲쫂쪵짏볓듳쇋탅쾢뗄늻뛔돆Ζ틲듋,즢뮧뗄ퟮ병뻶닟뻍쫇늻닎폫벯뫏뺺볛Ζ뛸쟒벯뫏뺺볛횮뫳춨뎣뷴뷓ퟅ뻍쫇솬탸붻틗,틲듋,쪱볤볛횵뷼뫵캪쇣Ζ죧맻즢뮧평폚쇷뚯탔뗈췢짺풭틲,튻뚨튪닎볓벯뫏뺺볛,퓲탨튪뷏룟뗄럧쿕늹뎥Ζ틲듋,퓚튻냣쟩뿶쿂,즢뮧뗄싲싴뚩떥훘뫏(뿉폨듩뫏)뗄늿럖럇뎣킡Ζꆡ볒닙ퟝ닟싔럖컶맽뫳즢뮧뗄붻틗닟싔,컒쏇퓙살럖컶볒퓚벯뫏뺺볛뗄믱샻쟩뿶Ζ평폚즢뮧늻풸틢닎폫벯뫏뺺볛뗄붻틗,쪹뗃E(ms)ꆢE(mb)뫍ΚsꆢΚb뗄좡횵뚼믡뇈뷏킡Ζ퓚막욱쫐뎡듳쫆욽컈뗄쟩뿶쿂,컒쏇뿉틔볙짨E(ms)ꇖE(mb)뫍ΚꇖsΚb,쓇쎴(20)쪽뿉틔놻뮯볲캪:E(mb)Κmax[(Pbp>p-Pp<p)(p-pv)](23)psbꆡꆡ볙죴막욱뗄헦쪵볛횵pv폫ퟲ쳬뗄쫕엌볛룱쿠닮늻듳,퓲Pbp>p폫Pbp<p뚼럇뎣횮킡,sbp-pv튲뫜킡Ζퟛ맛(23)쪽,컒쏇믡랢쿖쯄룶뷏킡횵뗄돋믽틠뫜킡,틲듋볒퓚벯뫏뺺볛훐춨맽쪵쪩헽뎣붻틗닟싔쯹쓜릻믱' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚1웚럢뇕쪽벯뫏뺺볛붻틗닟싔쒣탍벰뛔뮦쫐뗄쪵횤볬퇩5뗃뗄쫕틦믡뫜짙,퓚뫜뛠쟩뿶쿂짵훁늻풸틢쪵쪩ퟔ벺뗄붻틗닟싔,듓뛸쪹뗃뾪엌볛룱냼몬뗄탅쾢솿늻ퟣΛ떫쫇,평폚뾪엌볛룱쫇튻룶붻틗죕훐뷶듎폚쫕엌볛룱뗄뗚뛾훘튪뗄볛룱,믡뛔쫐뎡훐웤쯻붻틗헟뗄탐캪틔벰뛔막욱볛횵뗄죏쪶닺짺훘튪펰쿬,틲듋볒폐ퟅ잿쇒뗄닙ퟝ폻췻Λ즢뮧뫜뗍뗄닎폫틢풸뫍뷏룟뗄럧쿕늹뎥탨쟳,쪹뗃뾪엌볛룱뗄닙ퟝ돉놾쿠뛔뷏뗍,헢뷸튻늽맄샸볒닉좡닙ퟝ닟싔Λꆡ킡뷡놾뷚쳖싛쇋붻틗헟뗄붻틗닟싔쒣탍Λ믹놾싟벭죧춼2쯹쪾Λ믹폚볈뚨뗄즢뮧뚩떥럖늼,볒뿉틔쪵쿖쫇믱틦닟싔,떫평폚즢뮧늻풸틢닎볓럢뇕쪽벯뫏뺺볛믲탨튪뷏듳뗄럧쿕늹뎥,맊떼훂볒닉좡믱틦닟싔쫕틦짵짙,틲듋,볒쟷쿲폚닉좡벯뫏뺺볛볛룱닙ퟝ닟싔Λ춼2ꆡ붻틗헟뗄붻틗닟싔쒣탍3ꆡ쪵횤볬퇩ꆡ쫽뻝본폚컒맺횤좯쫐뎡죕쓚럖쪱쫽뻝뿢맽폚엓듳(쎿죕춨뎣듯쫽냙췲쳵,쫽잧췲룶쫽뻝뗣),틲듋,컒쏇톡좡짏몣횤좯붻틗쫐뎡2001쓪폐듺뇭탔뗄12룶붻틗죕뷸탐럖컶ꋙΛ뇭1쫇뛔쯹톡좡뗃12룶붻틗죕뗄쳘헷쏨쫶Λ뇭1ꆡ퇹놾붻틗죕벰웤쳘헷쏨쫶죕웚(2001)짏횤횸쫽돉붻뷰뛮(틚)헇뗸럹뛈(%)뚩떥쫽쒿(췲)돉붻뇊쫽(췲)쮵ꆡ쏷헇뗸럹ퟮ뷓뷼쓪뻹쮮욽쓪횸쫽ퟮ룟헇뗸폫돉붻뷰뛮ퟮ뷓뷼쓪뻹쮮욽쓪뗸럹ퟮ듳잰튻붻틗죕쓪뗸럹ퟮ듳쓪뗸럹ퟮ듳뫳튻붻틗죕쓪헇럹ퟮ듳잰튻붻틗죕쓪헇럹ퟮ듳쓪돉붻뷰뛮ퟮ듳쓪돉붻뷰뛮ퟮ듳뫳튻붻틗죕쓪돉붻뷰뛮ퟮ킡돉붻뷰뛮ퟮ뷓뷼쓪뻹쮮욽ꆡ짏몣횤좯붻틗쯹벯뫏뺺볛믺훆퓚컒맺뮦짮막욱쫐뎡훐,벯뫏뺺볛놻폃살닺짺쎿룶붻틗죕뗄뾪엌볛룱,틔벰PT막욱뗄붻틗Λ짏몣횤좯쫐뎡뾪엌벯뫏뺺볛맽돌캪:듓9뗣15럖뾪쪼뷓쫕벯뫏뺺볛뚩떥,떽9뗣25럖뷡쫸,쯦벴룸돶벯뫏뺺볛뗄돉붻볛룱,튲뻍쫇떱쳬뗄뾪엌볛Λ9뗣25럖떽30럖웚볤늻뷓쫕죎뫎뚩떥Λ9뗣30럖뾪쪼훘탂뷓쫕뚩떥,늢뾪쪼솬탸뺺볛붻틗뷗뛎Λ벯뫏뺺볛뗄쯹폐붻틗틔춬튻볛룱돉붻Λ벯뫏뺺볛캴돉붻뗄싲싴짪놨,ퟔ뚯뷸죫솬탸뺺볛Λ짏붻쯹벯뫏뺺볛뗄돉붻볛룱좷뚨풭퓲캪:1)돉붻솿ퟮ듳뗄볛캻;2)룟폚돉붻볛룱뗄싲뷸짪놨폫뗍폚돉붻볛룱뗄싴돶짪놨좫늿돉붻;3)폫돉붻볛룱쿠춬뗄싲랽믲싴랽훁짙폐튻랽좫늿돉붻;4)죴폐솽룶틔짏볛캻럻뫏짏쫶쳵볾,좡웤훐볤볛캪돉붻볛(짮붻쯹좡뻠잰쫕엌볛ퟮ뷼뗄볛캻캪돉붻볛)Λ짏붻쯹뗄벯뫏뺺볛쫇튻훖럢뇕쪽벯뫏뺺볛,쾵춳퓚벯뫏뺺볛맽돌훐늻엻슶죎뫎탅쾢Λꆡ즢뮧붻틗틢풸럖컶ꋙ벴쪹헢퇹,12룶붻틗죕뗄쫽뻝솿죔좻쪮럖엓듳,DBF룱쪽뗄쫽뻝컄볾듳킡풼6000헗Λ' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
6쾵춳릤돌샭싛폫쪵볹2004쓪1퓂컒쏇퓚럖컶볒뗄붻틗닟싔쒣탍쪱횸돶,즢뮧평폚퓚럢뇕쪽뗄벯뫏뺺볛훐늻쓜믱뗃죎뫎탅쾢,틲듋늻풸틢닎볓벯뫏뺺볛Λ컒쏇뗄쪵횤쫽뻝퇩횤쇋헢튻볙쮵Λ춼3쫇2001쓪6퓂29죕뾪엌벯뫏뺺볛뫍뾪엌뫳잰10럖훓뗄쎿쏫떽듯뚩떥쫽쒿뗄뇤뮯춼Λ컒쏇뿉틔뾴떽,벯뫏뺺볛훐뗄쎿쏫뚩떥떽듯쫽쒿쏷쿔뗍폚솬탸뺺볛뗄잰10럖훓,횻캪뫳헟뗄죽럖횮뛾ퟳ폒,뇭쏷즢뮧닎볓벯뫏뺺볛뗄틢풸뷏죵Λ춼3ꆡ벯뫏뺺볛뫍뾪엌뫳10럖훓쓚쎿쏫뚩떥떽듯쫽쒿뇤뮯춼(2001쓪6퓂29죕)뇭2뇈뷏쇋12룶붻틗죕뗄벯뫏뺺볛뫍솬탸붻틗잰10럖훓뗄뚩떥쫽쒿,뷡맻폫춼3쿠쯆Λ2001쓪10퓂23죕솽룶웚볤뗄뚩떥쫽쒿횮뇈ퟮ룟(쮵쏷벯뫏뺺볛닎폫풸췻ퟮ룟),듯%,풭틲퓚폚잰튻쳬뗄췭짏,탂컅릫늼쇋맺폐막퓝춣복돖뗄샻뫃쿻쾢,틲듋퓚벯뫏뺺볛쪱듳솿싲떥펿죫(싲떥쫽쒿쫇싴떥쫽쒿뗄쪮벸놶)Λ2002쓪7퓂31죕솽룶웚볤뗄뚩떥쫽쒿횮뇈ퟮ뗍,캪%,풭틲퓚폚잰튻쳬막쫐듳뗸,즢뮧춶헟맛췻탄첬퓶잿,룼볓틀삵뾪엌볛룱탅쾢살ퟶ돶뻶뛏,틲듋럗럗췋돶벯뫏뺺볛Λ뇭2ꆡ룷붻틗죕벯뫏뺺볛웚볤폫솬탸붻틗잰10럖훓뚩떥쫽뗄뇈뷏죕웚벯뫏뺺볛(9:15-9:25)솬탸뺺볛(9:30-9:40)(2001쓪)싲떥쫽싴떥쫽ퟜ쫽싲떥쫽싴떥쫽ퟜ쫽ퟜ쫽횮뇈%%%%%%%%%%%%욽뻹%ꆡ즢뮧럧쿕늹뎥럖컶캪쏨쫶즢뮧퓚벯뫏뺺볛훐탨튪뗄럧쿕늹뎥,컒쏇닉폃쇋솽룶횸뇪:튻쫇욽뻹싴떥볛룱폫욽뻹싲떥볛룱뗄쿠뛔닮,볆쯣릫쪽캪:' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚1웚럢뇕쪽벯뫏뺺볛붻틗닟싔쒣탍벰뛔뮦쫐뗄쪵횤볬퇩7욽뻹싴떥볛룱-욽뻹싲떥볛룱ퟲ쫕엌볛룱ꇁ100◊(24)헢샯뗄욽뻹쫇내뚩떥쯣쫵욽뻹,뛸늻쫇내쎿룶뚩떥짪놨쫽솿볓좨욽뻹,풭틲퓚폚짪놨쫽솿듳뗄뚩떥뿉쓜쫇볒뗄뚩떥;쇭튻룶횸뇪쫇벯뫏뺺볛짪놨뚩떥훐돉붻뗄뇈샽Λ춼4쫇2001쓪6퓂29죕쎿횻막욱뗄욽뻹싴떥볛룱폫욽뻹싲떥볛룱뗄쿠뛔닮Λ듓훐컒쏇뿉틔뾴떽,듳늿럖막욱뗄닮횵듳폚4%,욽뻹캪%,헢뇭쏷즢뮧퓚닎폫벯뫏뺺볛쪱탨튪뗄럧쿕늹뎥뫜듳Λ춼4ꆡ쎿횻막욱뗄욽뻹싴떥볛룱폫욽뻹싲떥볛룱뗄쿠뛔닮(2001쓪6퓂29죕)ꆡꆡ뇭3쫇12룶붻틗죕내막욱욽뻹뗄욽뻹싴떥뇭3ꆡ룷붻틗죕벯뫏뺺볛훐즢뮧탨튪뗄럧쿕늹뎥볛룱폫욽뻹싲떥볛룱뗄쿠뛔닮,틔벰벯뫏뺺볛쪱짪놨싲떥뫍짪놨싴떥뗄돉붻뇈샽Λ싲싴떥볛룱횮죕웚돉붻싲떥쫽돉붻싴떥쫽욽뻹싴떥볛룱폫짪놨싲떥폫짪놨싴떥폫욽뻹싲떥볤뻞듳뗄닮뛮폫짪놨뚩떥훐벫뗍뗄돉붻뇈샽(2001쓪),헢쫽횮뇈쫽횮뇈볛룱뗄쿠뛔닮솽룶횤뻝뚼뇭쏷즢뮧닎폫벯뫏뺺볛탨튪뫜룟뗄럧%%%쿕늹뎥Λ뇭3훐뗄튻킩쳘쫢붻틗죕뗄뷡맻탨튪뷢%%%쫍튻쿂:10퓂23죕쫇2001쓪헇럹ퟮ듳뗄튻쳬,%%%룃쳬벸뫵쯹폐막욱헇춣,쯹틔퓚벯뫏뺺볛훐싴떥%%%뗄돉붻뇈샽ퟮ룟,듯%,싲떥뗄돉붻뇈샽ퟮ%%%뗍,횻폐%,욽뻹싴떥폫욽뻹싲떥볛룱뗄쿠%%%뛔닮튲ퟮ킡,캪%;7퓂30죕뫍10퓂25죕%%%뚼쫇뗸럹뷏듳뗄붻틗죕,쯹틔싲떥돉붻뇈샽뷏룟,%%%뛸싴떥돉붻뇈샽뷏뗍;11퓂15죕쫇2001쓪돉붻%%%뷰뛮ퟮ킡뗄튻룶붻틗죕,춶헟탨튪뫜룟뗄럧쿕%%%늹뎥,쯹틔욽뻹싴떥폫욽뻹싲떥볛룱뗄쿠뛔닮ퟮ%%%듳,듯%,쯦횮싲싴뚩떥뗄돉붻뇈샽튲뫜뗍,%%%럖뇰캪%뫍%Λ욽뻹%%%ꆡ닙ퟝ뾪엌볛룱뗄돉놾럖컶즢뮧늻풸틢닎폫벯뫏뺺볛뗄탄샭뫍뛔뷏룟럧쿕늹뎥뗄탨쟳,쪹뗃벯뫏뺺볛뗄뷡맻뫜죝틗틔쿠떱뗍뗄' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
8쾵춳릤돌샭싛폫쪵볹2004쓪1퓂돉놾놻닙ퟝΛ춼5캪2001쓪6퓂29죕쎿횻막욱뾪엌볛룱놻췆뚯짏헇1%쯹탨튪뗄뷰뛮,늢내뷰뛮듓킡떽듳ퟷ쇋업탲Λ듳뛠쫽막욱쯹탨뗄뷰뛮킡폚100췲,횻폐벫룶뇰뗄막욱쯹탨뷰뛮뎬맽100췲,ퟮ룟뗄튻룶짵훁룟듯688췲Λꆡꆡ춼6쫇2001쓪6퓂29죕쪹막욱뾪엌볛룱짏헇쿂뗸튻뚨냙럖뇈쯹탨뗄욽뻹뷰뛮Λ춼훐뗄솽룶쫽뻝탲쇐뗄쟸뇰퓚폚,뷏킡뗄쫽뻝탲쇐쳞돽쇋룶뇰벫뛋횵뗄펰쿬Λ듓춼6뿉틔랢쿖,욽뻹횻튪60췲풪뗄뷰뛮뻍뿉틔쪹막욱뾪엌볛룱쿂뗸떽죎틢쮮욽;욽뻹횻튪146췲뻍뿉틔쪹막욱뾪엌볛룱짏헇떽죎틢쮮욽Λ춼6횻볆쯣떽뾪엌볛헽뢺8%,뛸늻쫇10%,풭틲퓚폚컒맺뮦짮막쫐헽뢺10%헇뗸럹뛈쿞훆뗄믹ힼ볛룱쫇잰튻붻틗죕뗄쫕엌춼5ꆡ쪹뾪엌볛룱짏헇1%쯹탨튪뗄뷰뛮(2001쓪6퓂29죕)볛,뛸늻쫇뾪엌볛룱Λ춼7뇈뷏쇋듳릫쮾뫍킡릫쮾뗄막욱퓚벯뫏뺺볛쪱뗄닙ퟝ쓑틗돌뛈Λ컒쏇붫쯹폐퓚짏붻쯹짏쫐뗄막욱내쫐횵듳킡업탲,좡잰60횻막욱ퟷ캪듳엌막,뫳60횻막욱ퟷ캪킡엌막Λ컒쏇랢쿖,듳엌막폫킡엌막뗄닙ퟝ쓑틗돌뛈닮틬쏷쿔Λ횻탨30췲ퟳ폒뻍뿉틔쪹킡엌막쿂뗸떽죎틢돌뛈,뛸듳엌막좴탨튪100폠췲;50폠췲풪뗄뷰뿉틔붫킡엌막뾪엌볛룱쳡룟6%,뛸듳엌막좴탨튪붫뷼250췲Λ춼6ꆡ쪹막욱뾪엌볛룱짏헇쿂뗸쯹탨튪춼7ꆡ듳엌막폫킡엌막뗄뾪엌볛룱닙ퟝ뗄욽뻹뷰뛮(2001쓪6퓂29죕)쯹탨뷰뛮뇈뷏(2001쓪6퓂29죕)ꆡꆡ뇭4쫇12룶붻틗죕훐쪹막욱뾪엌볛룱짏헇믲쿂뗸쯹탨뗄욽뻹뷰뛮,듓훐컒쏇뿉틔랢쿖튻킩맦싉Λ붻틗늻믮풾뗄붻틗죕쏷쿔튪뇈붻틗믮풾뗄붻틗죕죝틗닙ퟝΛ11퓂15죕쫇2001쓪돉붻뷰뛮ퟮ짙뗄튻쳬,퓚뇭4ꆡ쪹막욱뾪엌볛룱짏헇쿂뗸쯹탨욽뻹뷰뛮(췲)죕웚(2001)-8%-6%-4%-2%-1%+1%+2%+4%+6%+8%04-23757164462931488711913606-147874665034418315319622006-29595547311717398812214607-27353430201181740627807-302624211510162650718807-316556472815172539516210-222420148581424344110-2380051327715312518öööö10-2421818913781545110022539646610-255145362113378018930638811-152825199451126384812-0340383425151531638498욽뻹12595664128224389134161' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚1웚럢뇕쪽벯뫏뺺볛붻틗닟싔쒣탍벰뛔뮦쫐뗄쪵횤볬퇩9룃죕,욽뻹횻탨튪4췲풪뫍5췲풪뻍뿉틔쪹막욱쿂뗸믲짏헇1%,횻탨튪28췲풪뻍뿉틔쪹막욱쿂뗸8%,48췲풪뻍뿉틔쪹막욱짏헇8%Λꆡ쳸뿕좱뿚볬퇩볈좻뾪엌볛룱뫜죝틗놻닙ퟝ,뛔뾪엌볛룱폫잰튻붻틗죕쫕엌볛횮닮ꆪꆪ벴쯹캽뗄ꆰ쳸뿕좱뿚ꆱ뗄퇐뺿뇤뗃쪮럖뇘튪Λ컒쏇쫗쿈퇐뺿튻훖쳘쫢뗄쟩뿶ꆪꆪ뾪엌볛룱뗈폚잰튻붻틗죕쫕엌볛룱뗄막욱쟩뿶Λ춼8캪2001쓪룷붻틗죕훐쳸뿕좱뿚캪쇣뗄뇈샽Λ컒쏇랢쿖,돽쇋쫐뎡늨뚯벫캪뻧쇒뗄붻틗죕,듳늿럖붻틗죕뗄쳸뿕좱뿚뇈샽뻹캬돖퓚튻룶뇈뷏룟뗄쮮욽,욽뻹캪%Λ쳸뿕좱뿚캪쇣뗄ힴ첬뇭쏷,쯤좻뺭맽튻룶헻특뗄택쫐,죋쏇뛔룃막욱볛횵뗄죏쪶늢쎻폐룄뇤,튲뻍쫇쮵쎻폐탂뗄탅쾢죚죫떽뾪엌볛룱훐Λ컒쏇퓙살럖컶쳸뿕좱뿚닺짺뗄풭틲Λ평폚퇐뺿볛룱늨뚯뻧쇒쫐뎡훐뗄쳸뿕좱뿚틢틥늻듳,컒쏇듓12룶붻틗죕훐톡퓱뷏욽컈뗄4룶붻틗죕(4퓂23죕ꆢ6퓂14죕ꆢ6퓂29죕뫍12퓂3죕)ퟷ캪퇹놾죕Λ컒쏇냑튻횻막욱뗄뾪엌볛룱쫇럱캪볒탐캪펰쿬뗄에뛏틀뻝뷧뚨캪:룃뾪엌볛룱쫇럱쫜떽뷰뛮캪10췲풪틔짏듳뚩떥펰쿬,벴쫇럱폐뗈폚룃뾪엌볛룱뗄10췲풪틔짏듳뚩떥Λ춼9캪럖컶뗄뷡맻,훹ힴ쫽춼8ꆡ뾪엌볛룱뗈폚잰튻붻틗죕쫕엌볛룱뗄막욱뇈샽뻝탲쇐쫇볒탐캪뗄뇈샽,낼탎쟺쿟캪훹ힴ쫽뻝탲쇐뗄뛾쿮쪽쓢뫏뷡맻Λ듓훐컒쏇뿉틔랢쿖,쳸뿕좱뿚킡폚헽뢺1%뗄막욱훐,횻폐20%ퟳ폒캪볒탐캪,뛸퓚쳸뿕좱뿚헽뢺3%틔짏뗄막욱훐,100%캪볒탐캪Λ뻝듋,컒쏇뿉틔뗃돶헢퇹뗄뿍맛뷡싛:퓚듳엌욽컈뗄쟩뿶쿂,뻸듳뛠쫽쳸뿕좱뿚쫇볒탐캪뗄뷡맻Λ춼9ꆡ쳸뿕좱뿚훐쫇볒탐캪뗄뇈샽4ꆡ뷡쫸폯놾컄듓뚩떥럖늼볙짨돶랢,릹붨쇋튻룶볒뫍즢뮧헢솽샠붻틗헟퓚럢뇕쪽벯뫏뺺볛훐뗄붻틗틢풸뫍뚩떥닟싔쒣탍Λ룃쒣탍뇭쏷,퓚럢뇕쪽벯뫏뺺볛쪱,믹폚볈뚨뗄즢뮧뚩떥럖늼,볒뿉틔쪵쿖쫇믱틦닟싔,떫평폚즢뮧늻풸틢닎볓럢뇕쪽벯뫏뺺볛믲탨튪뷏듳뗄럧쿕늹뎥,맊떼훂볒닉좡믱틦닟싔쫕틦짵짙,쟒즢뮧뗄뷏짙닎폫떼훂닙ퟝ벯뫏뺺볛볛룱뗄돉놾럇뎣뗍솮,틲듋,볒쟷쿲폚닉좡볛룱닙ퟝ닟싔Λ컒쏇뛔짏몣횤좯붻틗쯹럖뇊뚩떥뫍붻틗쫽뻝뗄쪵횤퇐뺿퇩횤쇋룃쒣탍뗄믹놾볙쮵Λ' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
10쾵춳릤돌샭싛폫쪵볹2004쓪1퓂캪퓶볓즢뮧닎폫벯뫏뺺볛뗄틢풸,복짙벯뫏뺺볛뗄쫐뎡닙ퟝ탐캪,컒쏇붨틩냑쒿잰컒맺횤좯쫐뎡뗄럢뇕쪽벯뫏뺺볛쒣쪽룄캪뾪럅쪽벯뫏뺺볛,벴쾵춳퓚뚩떥벯뫏맽돌훐,벴쪱쿔쪾횸쪾탔벯뫏뺺볛볛룱뫍돉붻쟩뿶,틔벰쿠맘싲싴엌탅쾢(싲싴엌늻욽뫢쟩뿶)뗈Λ뾪럅쪽벯뫏뺺볛뗄춸쏷뛈듳듳쳡룟,듓뛸뿉틔쳡룟붻틗헟뗄붻틗풸췻,쳡룟볛룱뗄탅쾢킧싊;춬쪱,튲폐훺캪럀횹뾪엌볛룱뗄죋캪닙ퟝΛ폫뾪럅쪽벯뫏뺺볛쿠엤쳗,폐뇘튪틽죫벯뫏뺺볛쯦믺뷡쫸훆뛈믲벯뫏뺺볛ퟮ뫳뷗뛎늻뗃뎷떥훆뛈Λ평폚컒맺횤좯쫐뎡듦퓚뷏잿뗄맽뛈랴펦,ힷ헇즱뗸탐캪웕뇩,퓚뾪엌탅쾢벴쪱엻슶뗄쟩뿶쿂,닙ퟝ헟뿉틔뫜랽뇣뗘좷뚨튻룶횸쪾탔볛룱(죧쿂듯튻룶듳뛮뗄룟볛싲떥),좻뫳퓚벯뫏뺺볛쇙뷼뷡쫸뷗뛎뎷떥,늢톸쯙쫤죫ퟔ벺뗄싴떥,쪵쿖룟볛싴돶뗄쒿뗄Λ틲듋,폐뇘튪맦뚨퓚벯뫏뺺볛뗄ퟮ뫳뷗뛎(죧1럖훓),벯뫏뺺볛붫쯦믺뷡쫸,믲뛔벯뫏뺺볛ퟮ뫳뷗뛎(죧벯뫏뺺볛뷡쫸잰3럖훓횮쓚)쿂듯뗄떥룶뚩떥맦뚨튻룶ퟮ룟쿞뛮(죧10췲막),춬쪱맦뚨퓚룃뷗뛎춶헟쿂듯뗄뚩떥늻뗃뎷떥,틔틖훆쫐뎡닙ퟝ탐캪Λ닎뾼컄쿗:\[1\ꆡ],[J\].TheReviewofFinancialStudies,1992,5:503-529.\[2\ꆡ]AmihudY,MendelsonH,:evidencefromthetelavivexchange[J\].JournalofFinancialEconomics,1997,45:365-390.\[3\ꆡ]CherianJA,[A\].,,,Hand2booksinOperationsResearchandManagementScience[C\].NorthHolland,Amsterdam,1995,9:611-630.\[4\ꆡ]Kyle,[A\].[C\].DCHeath,1984.\[5\ꆡ]Kyle,[J\].Econometrica,1985,53:1315-1335.\[6\ꆡ]LauterbachB,:Evidencefromtwoequal2payoffgovern2mentbonds[J\].JournalofBanking&Finance,2001,25:597-612.\[7\ꆡ]Madhavan,[J\].JournalofFinance,1992,XLVII,2:607-641.\[8\ꆡ]Madhavan,[J\].JournalofFinancialIntermediation,1996,5:255-283.\[9\ꆡ]O’[M\].BasilBlackwell,1995.\[10\ꆡ],informationalefficiencyandliquidity:Anexperimentalcomparisonofauctionanddealermarkets[J\].JournalofFinancialMarkets,2000,3:333-363.\[11\ꆡ]쇵.횤좯쫐뎡캢맛뷡릹샭싛폫쪵볹[M\].짏몣:뢴떩듳톧돶냦짧,2002.' 1995-2004 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
