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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32177

    Title: 從市場微結構觀點探討亞洲國家股票市場發展─以中國、印度、韓國、日本、新加坡和泰國為例
    Other Titles: The review of development in asian equity markets from a microstructure approach: China, India, Japan, Korea, Singapore and Thailand
    Authors: 李俊達;Lee, Chun-ta
    Contributors: 淡江大學國際貿易學系國際企業學碩士班
    謝志柔;Hsieh, Chih-jou
    Keywords: 市場微結構;亞洲;交易機制;股票市場;Market Microstructure;Asia;Trading Mechanisms;Equity Markets
    Date: 2008
    Issue Date: 2010-01-11 01:48:01 (UTC+8)
    Abstract:   近十年來,亞洲股票市場出現持續成長,特別是中國大陸與印度在經濟上的崛起,更是加速近年亞洲股市成長的主要推手。因此本研究以市場微結構探討亞洲六國的股票市場發展,觀察在股市成長的背後是否有完善的市場機制,諸如自動交易系統、結算交割系統等,以及是否擁有妥善的政策工具以防止股市價格出現劇烈波動。


     In recent decade, there are significant growths on Asian equity markets, especially the economic emergence in China and India accelerates this trend. Therefore, this thesis uses market microstructure to review the development in six Asian equity markets, to observe that if they have sound trading mechanisms, such as automated trading systems and clearing and settlement systems, and proper policy tools to avoid stock price volatility behind the fast growths in equity markets.

     This thesis is divided into six chapters. Chapter one is the Research Motivation and Objective. Chapter two is the Literature Review. Chapter three is the Profiles of six Asian Equity Markets. Chapter four is the Market Mechanisms of six Asian Countries. Chapter five is the Controls on Market Volatility. Chapter six is the Conclusions.

     The research results indicated that China’s market is displaying many of the classic warning signs of a bubble, India’s low turnover implies that inefficiencies remain due to the high proportion of untraded companies, and it also has the highest transaction cost within six countries. All six Asian stock exchanges have adopted the latest risk management concepts and trading technique to improve their operations. Equity markets in Singapore and Korea are mature and stable in any dimension, and Thailand has sufficient room to grow. China and India are inferior to Japan in both Securities Borrowing and Lending and Settlement Guarantee Funds. They should strengthen the soundness of market structures, so that they can deal with any different trading and settlement risks efficiently when volatility happens, and to ensure that trading can be done smoothly.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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