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Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格,结果表明不同的价格形成机制对资产的真实价格有着不同的反映;从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析,结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响;通过对我国证券市场的流动性进行实证检验,发现当前我国证券市场价格形成机制能够为市场提供较好的流动性,但固定的最小变动价位人为地降低了市场流动性,并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

This paper applies the method of factor analysis to analyzing the consumption structure fluctuation of citizens in Shanghai.

本文运用数理统计中的因子分析法,对上海市城镇居民消费结构的变动情况进行分析。

Occasionally, the agency will later release a "Supplemental Environmental Assessment " or a Supplemental Environmental Impact Statement, especially if the project parameters or environmental conditions or effects change substantially after the issuance of the Final EA or FEIS.

偶尔,稍后会释放一种"环保评估"或补充环境影响报告书,特别是如果项目参数或环境条件或效果大幅度变动的EA或FEIS决赛。

You can fiddle with various compression parameters and observe the effect of changes almost instantly.

您可以小提琴与各种压缩参数,并观察变动的影响几乎立即。

But I believed that we can fight against the fate and change it.

但我以为,我们可以打击的命运和变动it。

Size curves of cocoon filaments can be regarded as non-stationary time series with finite length varying at random.

摘要茧丝纤度曲线的预测研究茧丝纤度曲线可视为是长度有限且随机变动的非平稳时间序列。

The First Law of Thermodynamics is stated as follows: Matter and energy can be neither created nor destroyed.

物理我一点也不懂,不过我想除非决定论是假的,否则当一个东西的变动规律固定而且无误差时,只代表它的运作结构非常简单。

Fixed equipment and labor costs that are eliminated need to be calculated in addition to variable cost reduction.

是被消灭的需要被计算除变动成本减少之外的固定的设备和人工成本。

All fixed costs become variable in costs in the long run.

从长远来看,所有的固定成本会变成易变动的在成本上。

Unlike the 28-70, it has a fixed rear lens element so the tendency for the lens to act as a "suction device" is eliminated. In fact, the element is fixed both for focusing and zooming, very neat and clever.

24-70 与 28-70 不同的地方,在於(24-70)有固定的后镜组,变焦跟对焦时都不会变动,不会有如同吸尘器一般的效果,是非常好的设计。

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推荐网络例句

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车,和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特,那个是爱朗。

Articulate the aims, objectives and key aspects of a strategic business plan.

明确的宗旨,目标和重点战略业务计划。