资本市场中高频交易之特征、价值与危害性解析

发布时间：2018-06-20 21:17

本文选题：资本市场 + 高频交易　；参考：《会计之友》2017年09期

【摘要】：高频交易作为资本市场中证券交易领域内信息技术的结晶于20世纪90年代应运而生,如今在欧美资本市场之地位可谓举足轻重。然而,高频交易在我国方兴未艾。文章以欧美经验为基础,着重论述高频交易所具备的高频、高速和自动化运行等特征,并阐明了高频交易在改善资本市场定价效率、提高流动性以及降低交易成本等方面的价值与意义,同时剖析了与高频交易相伴而生的诸多风险与危害性。文章认为高频交易在我国的发展应遵从其自身规律,并借鉴国外成熟经验以制定符合我国实际的监管政策,形成针对高频交易的有效监管体系,从而为其在我国资本市场的良好发展奠定基础。
[Abstract]:As the crystallization of information technology in the field of securities trading in the capital market, high-frequency trading emerged in the 1990s, and now it plays an important role in the European and American capital markets. However, high frequency trading is in the ascendant in our country. Based on the experience of Europe and America, this paper focuses on the characteristics of high frequency, high speed and automatic operation of high frequency exchange, and expounds that high frequency trading can improve the pricing efficiency of capital market. The value and significance of improving liquidity and reducing transaction cost are analyzed, and many risks and harmfulness associated with high frequency trading are analyzed. This paper holds that the development of high frequency trading in China should follow its own law, and draw lessons from foreign mature experience in order to formulate regulatory policies in line with the actual situation in our country, and form an effective regulatory system for high frequency trading. Thus lay the foundation for its good development in our country's capital market.
【作者单位】：上海海洋大学经济管理学院;
【分类号】：F832.51

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