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    題名: 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
    其他題名: The review of development in asian equity markets from a microstructure approach: China, India, Japan, Korea, Singapore and Thailand
    作者: 李俊達;Lee, Chun-ta
    貢獻者: 淡江大學國際貿易學系國際企業學碩士班
    謝志柔;Hsieh, Chih-jou
    關鍵詞: 市場微結構;亞洲;交易機制;股票市場;Market Microstructure;Asia;Trading Mechanisms;Equity Markets
    日期: 2008
    上傳時間: 2010-01-11 01:48:01 (UTC+8)
    摘要:   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。

      本論文共分六章,第一章敘述研究動機與目的;第二章為文獻探討;第三章為亞洲六國股票市場概況;第四章為市場機制;第五章為市場波動性控制;第六章結論。

      研究結果顯示,中國出現許多泡沫化的典型警訊,印度的低成交額代表其交易不具效率,交易成本亦最高。亞洲六國證券交易所皆引進最新的風險管理概念與交易技術以改善其營運。韓國與新加坡在各方面都已相當成熟穩定,泰國尚有較大的成長空間。中國與印度在證券借貸與交割保證基金方面仍不及日本來的完善,應更進一步追求並強化本身市場結構的完備,才能在股價出現劇烈波動時能有效處理各式交易與結算風險,以確保股票市場交易的流暢進行。
     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.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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