证券市场交易机制的国际发展趋势研究  

Research of World Trend of the Principal Trading Systems in Securities Markets

作　　者：吴建环[1,2] 

机构地区：[1]复旦大学金融研究院,上海200433 [2]交通银行总行发展研究部,上海200120

出　　处：《商业经济与管理》2008年第2期57-62,共6页Journal of Business Economics

基　　金：上海市教育委员会研究项目(05AS99)资助

摘　　要：证券市场的两种主要交易机制是竞价方式和做市商制度。文章在综合分析国际上有代表性的相关研究文献后,发现在交易机制与股票买卖价差的关系方面,采用竞价方式的股票其买卖价差较小,采用做市商机制的股票其买卖价差较大;在股票交易成本方面,采用竞价交易机制的股票交易成本较低,而做市商机制的股票交易成本较高。从国际上证券交易机制的发展趋势看,以一种方式为主,多种方式为辅的"混合交易"机制是最有优势的机制,是证券交易机制的未来发展模式。The two principal trading systems in security markets are competing system and market making system. Based on the representative international literatures, our findings are as follows, as far as the relationship between trading systems and the bid- offer spreads is concerned, the bid - offer spreads in competing system are smaller than those in market making system; in term of the transaction costs of the security - trading systems, the transaction cost of competing system is smaller than that of market making system. Considering the trends of trading systems in the securities markets internationally, we can draw a conclusion that the ＂mixed trading system＂ may be the future model of security trading systems.

关 键 词：交易机制 竞价方式 做市商制度 交易成本 

分 类 号：F830.91[经济管理—金融学]