【摘要】 目前主要证券交易所收盘价格决定方式有从最后一笔交易价格逐步改为集合竞价的趋势,而也有不少证券交易所改为采用加权平均方式。这反映了人们逐渐认同了集合竞价方式在避免收盘价被操纵,维持收盘价的稳定性、连续性和代表性上的优势,同时单笔交易价格方式有被逐步淘汰的趋势。更多还原

【Abstract】 Since December 1,2001, closing prices of equities traded on SSE are no longer the last traded prices, but the weighted average of transactions completed during the 60-second period before the last transaction of respective stock. This paper reveals the findings of empirical studies, which verify the hypothesis that the new price discovery system improves price discovery and upgrades market efficiency.更多还原