交易透明度对证券场外交易信息效率的影响
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引用本文:王 宇 琼.交易透明度对证券场外交易信息效率的影响[J].财经理论与实践,2020,(3):56-63
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作者单位
王 宇 琼 (中国社会科学院 财经战略研究院北京 100028) 
中文摘要:黑池交易系统(Dark Pools)是美国近年发展较快的非公开交易平台, 其信息透明度较低,可提供匿名交易的服务,并由此实现信息的非公开传递。通过扩展后验信念收敛速率的模型来描述不同交易透明度下场外市场的信息显示速率, 发现私人信息与公共信息共存有利于信息更快地显示,因而私人信息渠道与公共信息渠道共存有利于提升信息效率,由此解释了非公开交易平台的价值,也为我国场外市场的分层发展提供可行建议.
中文关键词:非公开交易平台  黑池交易系统  交易透明度  信息效率
 
The Impact of Trading Transparency on Information Efficiency of OTC Markets
Abstract:Dark Pools is the growing private trading platform in the United States in recent years. It has low information transparency and provides anonymous trading services. Thus it can realize the non-public transmission of information. The Article establish public, non-public information display model in over-the-counter (OTC) market, to measure and compare information revealing speed different under different trade transparency. The model assumes information displayed in Poisson process, when the non-public and public information coexist, information reveal faster than only in public information channels. The economic implications are that information transparency has impact on information efficiency, thus establishing nonpublic trading platform on the OTC market can improve market efficiency.
keywords:non-public trading platform  dark pool trading system  trading transparency  information efficiency
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