市场交易

First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results.

首先，应用进化博弈论中的单群体确定性模仿者动态方程建立证券投资者行为的进化博弈模型，并对进化系统的均衡结构特征及其影响因素进行分析；其次，根据我国证券市场实际，对我国证券投资者行为进化的均衡结构进行实证分析，并从投资者行为进化的角度，解释我国证券投资者行为进化为噪声交易主导市场的原因；然后，通过建立股市波动的噪声交易模型，研究投资者行为的进化对股市波动的影响，并进一步分析我国噪声交易主导市场时对市场价格发现和资源配置功能的影响；最后，根据理论及实证的研究成果，分析噪声交易主导市场时大力发展机构投资者等制度作用的有限性，并进一步提出我国证券市场相机治理的政策建议。

It makes empirical description of the insider trading in the follows : the effect of insider trading on the stock price , the abnormal return or disgorgement of insider traders , the impact of insider trading on the information asymmetry in trading .

本文首先以我国股票市场发生过内幕交易的股票为样本，分析了我国股票市场内幕交易的特征，从内幕交易对股票价格的影响，内幕交易者的超常收益，内幕交易对交易过程中信息不对称的影响等几个方面对内幕交易进行了实证分析。

Base on the China's limit order-driven electronic trading system,such factors as the stock price,the depth of market,the probability of informed trading, the fluctuation of stock price,the impact of information and the imbalance of orders will all affect the implicit transaction cost.

4指令驱动制度下的股票市场，隐形交易成本和股价、市场深度、知情交易概率、股价波动、信息冲击与买卖指令的不平衡性密切相关，理论和实证表明：市场深度越大、知情交易概率越小、股价波动越小、信息对股价的冲击越小以及买卖指令的不平衡性程度越低，隐性交易成本就越小。

It is shown that the optimal design of CEA policy would not be influenced by the market structure of emissions trading system given a particular national emission cap. The amounts of emissions allowances allocated to firms for their early carbon abatements are the same under perfect and imperfect competitive emissions trading systems.

本研究结果显示，在给定相同的国家减量目标下，排放交易市场结构并不会影响CEA政策的制定，不论排放交易市场为完全竞争或不完全竞争，政府针对厂商每单位先期减量所核配之排放权应相同，但排放交易之均衡结果与效率则取决於交易市场结构。

The initial definition of resource property right is of great significance to the division of market trade and rights and duties of resources.

哈尔滨商业大学会计学院，黑龙江哈尔滨 150080）资源产权的初始界定对于资源的市场交易和权利义务的划分有着重要的意义。

They are the just position setting of the Third Board Market's trade units.

数量众多的中小民营企业便是三板市场交易主体的最佳定位。

For example, lycopene—the carotenoid that gives tomatoes their red hue—has been associated with a lower risk for prostate cancer, causing many supplement makers to rush to market pills bearing this healthy stuff.

例如，番茄红素，即让番茄红彤彤的类胡萝卜素，已被用作降低前列腺癌的风险，这让很多保健品生产者趋之若骛，将此保健物带入市场交易。

After ten years of reform and innovation, the provincial government procurement system, has come into shape, the scale being enlarged year by year and procurements conforming to the Law.

经过十年的改革和创新，全省政府采购制度改革体系化轨道，有效地维护了市场交易秩序，遏制了商业贿赂等腐败行为，为促进经济社会的健康发展发挥了积极作用。

The author believes that it is important to short-term capital inflows to maintain steady growth, the Shanghai stock market transactions in a single day to maintain 80,000,000,000 about is a more satisfactory.

笔者认为，重要的是短期资本流入保持稳定增长，上海股市在一天的市场交易，以维持八百亿的是一个比较令人满意的。

This means that in the absence of external factors, the market groups and disorderly conduct resulting from fluctuations in the price.

这是指在没有外界因素影响时，市场交易群体行为导致的价格无序波动。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。