上海证券市场质量评析

本文基于严谨的市场质量内涵,以上海证券市场整体为研究对象,在对上海证券市场质量进行系统分析的基础上,得出结论认为该市场具有较好的透明度和小额交易流动性,并已达到弱式有效,针对在市场波动性和大额交易流动性上存在的缺陷,建议引入基于竞争性做市商的混合驱动交易机制、做空交易机制,并完善现有大额交易制度来系统地提升市场整体质量水平。

The Analysis on Shanghai Securities Market Quality

Based on the religious connotation of market quality,the authors make systemic analysis on the Shanghai securities market qualityand draw the conclusion that Shanghai securities market possess the market charters of high transparency,weak efficiency and perfect liquidity to small amount dealing.Aiming at disfigurement of Shanghai securities market as high fluctuation and deficient liquidity to large amount dealing,the author suggest to enhance market quality in the round by establishing short sales mechanism, staple trade mechanism as well as mixture driven trading mechanism based on rivalrous market makers.