政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/3732
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 112704/143671 (78%)
造訪人次 : 49782769      線上人數 : 706
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/3732


    題名: 委託單驅動、集合競價及電子交易機制下散戶市場的流動性供給研究
    其他題名: Liquidity Provision under an Order-Driven, Call, Electronic Trading System
    作者: 周行一
    關鍵詞: 委託單驅動;集合競價市場;電子交易;流動性供給者;散戶;交易量
    Order driven;Call market;Electronic trading;Liquidity provider;Individual investor;Trading volum
    日期: 1999
    上傳時間: 2007-04-18 16:34:54 (UTC+8)
    出版者: 臺北市：國立政治大學金融系
    摘要: 台灣證券交易所為委託單驅動之集合競價市場，且並無指定造市者，本研究之目的在研究股市中是否存在有自發性的流動性供給者，發現非屬基金、國外機構投資人及自營商的國內機構投資人可被視為流動性供給者。他們的交易量大、獲利高，而且交易量與獲利成正比，同時他們在市場上依賴雙向交易獲利，在市場中有生存的本領，而有流動性供給者的特質。
    The Taiwan Stock Exchange (TSEC) is an automated order-driven market without designated market makers. This paper investigates if the TSEC has traders who can be considered liquidity providers. We find that institutional traders other than mutual funds, qualified foreign institutional investors, and proprietary traders of securities firms, have the best survival characteristics. They trade heavily, make profits, and their trading profits increase with trading volume. But they do not survive by trading on only one side of the market, rather, by trading heavily on both sides of the market. Thus, they can be considered liquidity providers on the TSEC. In addition, although individual investors constitute more than 75% of total trading volume on the TSEC and outnumber other types of trader by a ratio of 99 to 1, they have low average trading volume, low average trading profits and negative association between trading volume and profits.
    描述: 核定金額：523600元
    資料類型: report
    顯示於類別:[金融學系] 國科會研究計畫

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    882416H004016.pdf6105KbAdobe PDF21344檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋