作　　者： ; (陈平）;

机构地区： 中国工商银行

出　　处： 《世界经济》 2003年第2期56-65,共10页

摘　　要： 本文总结了关于股票价格限制措施的基本情况 ,在把握前人关于价格限制措施效果的理论与经验分析的基础上 ,对中国股票市场的涨跌停制度与价格波动及交易流动性的关系进行了经验检验 ,其结果不同程度地支持价格波动外溢说、价格发现推迟说和交易干扰说 ,这说明现行涨跌停制度可能是非有效的。结合中国股市特征和实际结果 ,本文提出了放宽涨跌停幅度和实施盘中暂停交易的建议。 First, this paper summarizes various opinions of both advocates and critics of price limits in security markets. Based on the current and previous research on the effectiveness of price limits policies, then, this paper examines the price limit samples of Shanghai Stock Exchange to test the volatility spillover hypothesis, delayed price discovery hypothesis and trading interference hypothesis. Our results are unfavorable for opinions on different significances, which suggests that price limits may be ineffective. At last the paper proposes enlarging price limits and temporary suspensions on the spot, according to the evident results and the characteristics of stock market of China.

关 键 词： 证券市场 价格限制 交易流动性 中国 股票市场

领　　域： [经济管理]