本文選題：資本市場(chǎng) + 高頻交易��； 參考：《會(huì)計(jì)之友》2017年09期

【摘要】：高頻交易作為資本市場(chǎng)中證券交易領(lǐng)域內(nèi)信息技術(shù)的結(jié)晶于20世紀(jì)90年代應(yīng)運(yùn)而生,如今在歐美資本市場(chǎng)之地位可謂舉足輕重。然而,高頻交易在我國(guó)方興未艾。文章以歐美經(jīng)驗(yàn)為基礎(chǔ),著重論述高頻交易所具備的高頻、高速和自動(dòng)化運(yùn)行等特征,并闡明了高頻交易在改善資本市場(chǎng)定價(jià)效率、提高流動(dòng)性以及降低交易成本等方面的價(jià)值與意義,同時(shí)剖析了與高頻交易相伴而生的諸多風(fēng)險(xiǎn)與危害性。文章認(rèn)為高頻交易在我國(guó)的發(fā)展應(yīng)遵從其自身規(guī)律,并借鑒國(guó)外成熟經(jīng)驗(yàn)以制定符合我國(guó)實(shí)際的監(jiān)管政策,形成針對(duì)高頻交易的有效監(jiān)管體系,從而為其在我國(guó)資本市場(chǎng)的良好發(fā)展奠定基礎(chǔ)。
[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.
【作者單位】： 上海海洋大學(xué)經(jīng)濟(jì)管理學(xué)院;
【分類(lèi)號(hào)】：F832.51

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本文編號(hào)：2045699