{"id":5103,"date":"2023-04-14T16:45:25","date_gmt":"2023-04-14T08:45:25","guid":{"rendered":"https:\/\/www.kungfu-trader.com\/?p=5103"},"modified":"2023-12-20T15:36:19","modified_gmt":"2023-12-20T07:36:19","slug":"article8","status":"publish","type":"post","link":"https:\/\/www.kungfu-trader.com\/index.php\/2023\/04\/14\/article8\/","title":{"rendered":"\u3010\u4e1a\u52a1\u8303\u5f0f\u3011\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\u8c08\uff0d\u505a\u5e02\u5546\u4e0e\u9006\u5411\u9009\u62e9"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5103\" class=\"elementor elementor-5103\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b2589e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b2589e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e4ff5e4\" data-id=\"e4ff5e4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-111c5c8 elementor-widget elementor-widget-text-editor\" data-id=\"111c5c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 29-01-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h2 class=\"Post-Title\"><span style=\"color: #333333;\">\u3010\u4e1a\u52a1\u8303\u5f0f\u3011\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\u8c08\uff0d\u505a\u5e02\u5546\u4e0e\u9006\u5411\u9009\u62e9<\/span><\/h2><h5 style=\"text-align: center;\">\u00a0\u8463\u53ef\u4eba\/CEO<\/h5><p data-first-child=\"\" data-pid=\"AdbUmsIK\"><span style=\"color: #333333;\">\u8fdb\u5165\u6b63\u9898\u4e4b\u524d\u5148\u8c08\u4e00\u70b9\u9884\u5907\u77e5\u8bc6\u3002<\/span><\/p><p data-pid=\"2GgUOFZo\"><span style=\"color: #333333;\">\u9ad8\u9891\u4ea4\u6613\u7684\u4e16\u754c\u8868\u9762\u4e0a\u662f\u6570\u5b57\u548c\u7535\u5b50\u7684\u7ade\u6280\u573a\uff0c\u4f46\u5c31\u5176\u672c\u8d28\uff0c\u59cb\u7ec8\u79bb\u4e0d\u5f00\u5e55\u540e\u4eba\u7c7b\u7684\u53c2\u4e0e\u3002\u56e0\u6b64\uff0c\u8981\u60f3\u5728\u8fd9\u7ade\u6280\u573a\u4e0a\u5b58\u6d3b\u4e0b\u6765\uff0c\u5728\u4e86\u89e3\u5e02\u573a\u4e4b\u524d\uff0c\u5148\u8981\u4e86\u89e3\u5e02\u573a\u4e2d\u7684\u53c2\u4e0e\u8005\u3002<\/span><\/p><p data-pid=\"nUd-02Vd\"><span style=\"color: #333333;\">\u4ea4\u6613\u5e02\u573a\u662f\u4e00\u4e2a\u6d69\u701a\u5927\u6d0b\uff0c\u53c2\u4e0e\u5176\u4e2d\u7684\u4eba\u4eec\u6709\u7740\u5404\u79cd\u5404\u6837\u4e0d\u540c\u7684\u52a8\u673a\u548c\u884c\u4e3a\u3002\u4f46\u603b\u4f53\u4e0a\u53ef\u4ee5\u5206\u4e3a\u4e09\u7c7b\uff08\u8fd9\u4e2a\u5206\u7c7b\u65b9\u6cd5\u5f15\u7528\u00a0Trading and Exchanges: Market Microstructure for Practitioners\uff09\uff1a<\/span><\/p><ol><li data-pid=\"AUdqasWA\"><span style=\"color: #333333;\">\u51fa\u4e8e\u67d0\u79cd\u73b0\u5b9e\u7684\u9700\u8981\u800c\u8fdb\u884c\u4ea4\u6613\u7684\u4eba\u3002\u4f8b\u5982\u6295\u8d44\u8005\u4e70\u5165\u80a1\u7968\u7b49\u91d1\u878d\u8d44\u4ea7\u957f\u671f\u6301\u6709\uff0c\u662f\u4e3a\u4e86\u4f7f\u81ea\u5df1\u5f53\u524d\u7684\u8d44\u4ea7\u8fdb\u884c\u5347\u503c\uff0c\u83b7\u5f97\u6bd4\u94f6\u884c\u5229\u606f\u66f4\u9ad8\u7684\u6536\u76ca\uff1b\u5236\u9020\u4e1a\u516c\u53f8\u4e3a\u4e86\u9501\u5b9a\u751f\u4ea7\u6210\u672c\u800c\u8fdb\u884c\u5bf9\u51b2\u4ea4\u6613\u3002\u5bf9\u4e8e\u8fd9\u4e9b\u4eba\u6765\u8bf4\uff0c\u56e0\u4e3a\u73b0\u5b9e\u7684\u9700\u6c42\uff0c\u5fc5\u987b\u8fdb\u884c\u4ea4\u6613\uff0c\u4ed6\u4eec\u6240\u5173\u6ce8\u7684\u4e3b\u8981\u662f\u4ea4\u6613\u4ef7\u683c\u662f\u5426\u5408\u7406\uff0c\u81f3\u4e8e\u4ea4\u6613\u672c\u8eab\u662f\u5426\u8d5a\u94b1\uff0c\u5e76\u4e0d\u662f\u8981\u70b9\u3002<\/span><\/li><li data-pid=\"HtJV1RYu\"><span style=\"color: #333333;\">\u671f\u671b\u4ece\u4ea4\u6613\u884c\u4e3a\u672c\u8eab\u76c8\u5229\u7684\u804c\u4e1a\u4ea4\u6613\u8005\u3002\u5305\u62ec\u6211\u4eec\u5e38\u8bf4\u7684\u80a1\u7968\u64cd\u76d8\u624b\uff0c\u5957\u5229\u8005\uff0c\u505a\u5e02\u5546\u7b49\u7b49\u3002\u8fd9\u4e9b\u804c\u4e1a\u4ea4\u6613\u8005\u5229\u7528\u81ea\u8eab\u7684\u6280\u672f\u79ef\u7d2f\uff0c\u53ef\u4ee5\u5728\u4ea4\u6613\u672c\u8eab\u4e0a\u4ea7\u751f\u7a33\u5b9a\u751a\u81f3\u5938\u5f20\u7684\u76c8\u5229\uff0c\u4e5f\u662f\u5927\u90e8\u5206\u6c5f\u6e56\u4f20\u8bf4\u7684\u4e3b\u89d2\u3002<\/span><\/li><li data-pid=\"DNXye78j\"><span style=\"color: #333333;\">\u88ab\u5404\u79cd\u6c5f\u6e56\u4f20\u8bf4\u51b2\u660f\u4e86\u5934\u8111\u76f2\u76ee\u51b2\u8fdb\u6765\u7684\u4ea1\u547d\u4e4b\u5f92\uff0c\u8fd9\u79cd\u4eba\u4e16\u754c\u4e0a\u5230\u5904\u53ef\u89c1\uff0c\u4e0d\u7528\u591a\u8bf4\u3002\u8fd9\u4e9b\u4eba\u5b66\u540d\u53eb\u505a Noise Trader\uff0c\u4fd7\u79f0\u50bb\u74dc\uff0c\u4e0b\u573a\u5f80\u5f80\u5f88\u60e8\u3002\u4f46\u9057\u61be\u7684\u662f\uff0c\u8fd9\u4e2a\u4e16\u754c\u4e0a\u6700\u751f\u751f\u4e0d\u606f\u7684\u8d44\u6e90\uff0c\u5c31\u662f\u50bb\u74dc\u3002<\/span><\/li><\/ol><p data-pid=\"ckweDFkR\"><span style=\"color: #333333;\">\u5728\u8fd9\u7cfb\u7edf\u4e2d\uff0c\u82e5\u5355\u7eaf\u4ee5\u76c8\u5229\u4e3a\u6807\u51c6\uff0c\u552f\u4e00\u7684\u8d62\u5bb6\u53ea\u67092\u3002\u5bf92\u6765\u8bf4\uff0c1\u548c3\u7684\u5b58\u5728\u7ed9\u4ed6\u4eec\u63d0\u4f9b\u8d56\u4ee5\u751f\u5b58\u7684\u5fc5\u9700\u8d44\u6e90\u30021\u76f8\u5f53\u4e8e\u662f\u6574\u4e2a\u751f\u6001\u7cfb\u7edf\u7684\u7b2c\u4e00\u63a8\u52a8\u529b\uff0c\u4ed6\u4eec\u6240\u505a\u7684\u662f\u628a\u67d0\u4e9b\u5916\u90e8\u4ef7\u503c\u8f6c\u5316\u8fdb\u7cfb\u7edf\uff0c\u4f5c\u4e3a\u4e00\u79cd\u6210\u672c\u652f\u4ed8\u7ed92\uff0c\u8fd9\u79cd\u5173\u7cfb\u5b9e\u9645\u4e0a\u76f8\u5f53\u7a33\u5b9a\uff0c\u6240\u4ee51\u4e5f\u662f\u7a33\u5b9a\u7684\u4e00\u73af\u3002\u800c3\u5219\u53ef\u4ee5\u770b\u4f5c\u662f\u7eaf\u7cb9\u7684\u70ae\u7070\uff0c\u5165\u573a\u540e\u9664\u4e86\u88ab\u6d17\u52ab\u4ee5\u5916\u6211\u5f88\u96be\u770b\u51fa\u522b\u7684\u51fa\u8def\u3002<\/span><\/p><p data-pid=\"EIfynR4Q\"><span style=\"color: #333333;\">\u5bf9\u4e8e2\uff0c\u53c8\u53ef\u4ee5\u8fdb\u4e00\u6b65\u7ec6\u5206\u6210\u804c\u4e1a\u6295\u673a\u8005\u548c\u505a\u5e02\u5546\u3002<\/span><\/p><p data-pid=\"RHaMfoho\"><span style=\"color: #333333;\">\u6240\u8c13\u804c\u4e1a\u6295\u673a\u8005\uff0c\u6216\u8005\u53eb\u505a Informed Trader\uff0c\u6307\u7684\u662f\u5bf9\u4ef7\u683c\u548c\u4ef7\u503c\u6709\u8d85\u4e4e\u5bfb\u5e38\u7684\u5224\u65ad\u80fd\u529b\u7684\u4eba\u3002\u8fd9\u4e9b\u4eba\u7684\u6c42\u751f\u4e4b\u9053\u5728\u4e8e\u4ed6\u4eec\u603b\u80fd\u53d1\u73b0\u67d0\u4ef6\u5546\u54c1\uff08\u6b64\u5904\u7279\u6307\u91d1\u878d\u4ea7\u54c1\uff09\u7684\u771f\u6b63\u4ef7\u503c\uff08fair value\uff09\u3002\u5177\u4f53\u600e\u4e48\u505a\uff0c\u6bcf\u4e2a\u804c\u4e1a\u6295\u673a\u8005\u4f1a\u5404\u663e\u795e\u901a\uff0c\u6709\u4eba\u9760\u7ecf\u9a8c\uff0c\u6709\u4eba\u9760\u76f4\u89c9\uff0c\u6709\u4eba\u9760\u54f2\u5b66\uff0c\u6709\u4eba\u9760\u590d\u6742\u7684\u6570\u7406\u6a21\u578b\uff0c\u5f53\u7136\u8fd8\u6709\u4eba\u9760\u5185\u7ebf\uff0c\u4f46\u5f52\u6839\u7ed3\u5e95\u4e00\u5b9a\u662f\u5bfb\u627e\u548c\u771f\u6b63\u4ef7\u503c\u4e0d\u76f8\u79f0\u7684\u4ef7\u683c\u3002\u8fd9\u4e9b\u4eba\u53ef\u4ee5\u8bf4\u662f\u4ea4\u6613\u5e02\u573a\u4e2d\u771f\u6b63\u7684\u6740\u622e\u673a\u5668\uff0c\u6240\u6709\u5176\u5b83\u9009\u624b\u5728\u4ed6\u4eec\u9762\u524d\u90fd\u53ea\u6709\u88ab\u5bb0\u5272\u7684\u547d\u8fd0\u3002\u53ea\u4e0d\u8fc7\u804c\u4e1a\u6295\u673a\u8005\u4e00\u6765\u95e8\u69db\u592a\u9ad8\uff0c\u666e\u901a\u4eba\u5f80\u5f80\u975e\u5947\u9047\u800c\u4e0d\u5f97\u5165\u95e8\uff0c\u4e8c\u6765\u5f80\u5f80\u804c\u4e1a\u751f\u6daf\u592a\u8fc7\u77ed\u6682\uff0c\u6bd5\u7adf\u5e02\u573a\u4e0a\u771f\u6b63\u7684\u91d1\u77ff\u5b9e\u5728\u592a\u96be\u627e\u5230\u3002<\/span><\/p><p data-pid=\"lk7JIXxc\"><span style=\"color: #333333;\">\u800c\u53e6\u5916\u4e00\u79cd\u89d2\u8272\uff0c\u4e5f\u662f\u672c\u7bc7\u4e3b\u89d2\uff0c\u505a\u5e02\u5546\u5219\u662f\u4e00\u79cd\u52a1\u5b9e\u7684\u89d2\u8272\u3002\u4ed6\u4eec\u57fa\u672c\u4e0a\u653e\u5f03\u4e86\u5224\u65ad\u4ef7\u503c\u8fd9\u79cd\u8d85\u9ad8\u96be\u5ea6\u7684\u5de5\u4f5c\uff0c\u5355\u7eaf\u7684\u4f5c\u4e3a\u4e00\u79cd\u8d29\u5356\u4ea7\u54c1\u7684\u5546\u4eba\u3002\u8fd9\u79cd\u4ea7\u54c1\u53eb\u505a\u201c\u6d41\u52a8\u6027\u201d\u3002\u5373\u4f7f\u7528\u53cc\u8fb9\u4ea4\u6613\u7684\u65b9\u6cd5\u540c\u65f6\u8fdb\u884c\u4e70\u548c\u5356\u4e24\u65b9\u7684\u64cd\u4f5c\uff0c\u8d5a\u53d6\u7684\u662f\u4e00\u5bf9\u4e70\u548c\u5356\u4e4b\u95f4\u7684\u5fae\u5c0f\u4ef7\u5dee\u3002\u5728\u73b0\u4ee3\u7535\u5b50\u4ea4\u6613\u5e02\u573a\uff0c\u505a\u5e02\u5546\u4e00\u822c\u662f\u901a\u8fc7\u4f7f\u7528 Limit Order \u7684\u65b9\u5f0f\u6765\u8fdb\u884c\u4ea4\u6613\uff0c\u4f8b\u5982\u5728\u67d0\u4e00\u65f6\u523b\uff0c\u505a\u5e02\u5546\u4f1a\u6302\u51fa\u4e0b\u9762\u4e24\u4e2a Order\uff1a<\/span><\/p><ul><li data-pid=\"Yq50vxcU\"><span style=\"color: #333333;\">\u4e70 \uff0d \u4ef7\u683c 100\uff0c\u6570\u91cf 1<\/span><\/li><li data-pid=\"M8NpkMxy\"><span style=\"color: #333333;\">\u5356 \uff0d \u4ef7\u683c 101\uff0c\u6570\u91cf 1<\/span><\/li><\/ul><p data-pid=\"2jl8keZJ\"><span style=\"color: #333333;\">\u8fd9\u6837\uff0c\u53ea\u8981\u5148\u540e\u6709\u4eba\u5206\u522b\u4e0e\u505a\u5e02\u5546\u5b8c\u6210\u4e86\u8fd9\u4e24\u7b14\u4ea4\u6613\uff0c\u4ed6\u5c31\u8d5a\u5230\u4e86 101-100=1 \u7684\u4ef7\u5dee\u3002\u8fd9\u79cd\u751f\u610f\u867d\u7136\u5229\u8584\uff0c\u53ea\u8981\u91cf\u5927\u4e5f\u8db3\u4ee5\u4e3a\u751f\u3002<\/span><\/p><p data-pid=\"pmyFb-Cp\"><span style=\"color: #333333;\">\u901a\u8fc7\u4e0a\u9762\u7684\u5206\u6790\u53ef\u4ee5\u770b\u51fa\u8fd9\u4e2a\u98df\u7269\u94fe\u9876\u7aef\u7684\u662f\u804c\u4e1a\u6295\u673a\u8005\uff0c\u795e\u6321\u6740\u795e\uff0c\u4f5b\u6321\u6740\u4f5b\u3002\u5728\u4e4b\u4e0b\u7684\u662f\u76f8\u5bf9\u6e29\u548c\u7684\u505a\u5e02\u5546\uff0c\u505a\u5e02\u5546\u8d5a\u53d6\u7684\u5c31\u662f1\u548c3\u6240\u4ed8\u51fa\u7684\u6210\u672c\u548c\u4ee3\u4ef7\u3002<\/span><\/p><p data-pid=\"3l0zatyK\"><span style=\"color: #333333;\">\u81f3\u6b64\uff0c\u53ef\u4ee5\u5f15\u51fa\u672c\u7bc7\u7684\u6b63\u9898\uff1a\u9006\u5411\u9009\u62e9\uff08Adverse Selection\uff09\uff0c\u9996\u5148\u770b\u5b9a\u4e49\uff1a<\/span><\/p><div class=\"highlight\"><pre><span style=\"color: #333333;\"><code class=\"language-text\">\u9006\u5411\u9009\u62e9\u662f\u6307\u7531\u4e8e\u4ea4\u6613\u53cc\u65b9\u4fe1\u606f\u4e0d\u5bf9\u79f0\u548c\u5e02\u573a\u4ef7\u683c\u4e0b\u964d\u4ea7\u751f\u7684\u52a3\u8d28\u54c1\u9a71\u9010\u4f18\u8d28\u54c1\uff0c\u8fdb\u800c\u51fa\u73b0\u5e02\u573a\u4ea4\u6613\u4ea7\u54c1\u5e73\u5747\u8d28\u91cf\u4e0b\u964d\u7684\u73b0\u8c61\u3002\u4f8b\u5982\uff0c\u5728\u4ea7\u54c1\u5e02\u573a\u4e0a\uff0c\u7279\u522b\u662f\u5728\u65e7\u8d27\u5e02\u573a\u4e0a\uff0c\u7531\u4e8e\u5356\u65b9\u6bd4\u4e70\u65b9\u62e5\u6709\u66f4\u591a\u7684\u5173\u4e8e\u5546\u54c1\u8d28\u91cf\u7684\u4fe1\u606f\uff0c\u4e70\u65b9\u7531\u4e8e\u65e0\u6cd5\u8bc6\u522b\u5546\u54c1\u8d28\u91cf\u7684\u4f18\u52a3\uff0c\u53ea\u613f\u6839\u636e\u5546\u54c1\u7684\u5e73\u5747\u8d28\u91cf\u4ed8\u4ef7\uff0c\u8fd9\u5c31\u4f7f\u4f18\u8d28\u54c1\u4ef7\u683c\u88ab\u4f4e\u4f30\u800c\u9000\u51fa\u5e02\u573a\u4ea4\u6613\uff0c\u7ed3\u679c\u53ea\u6709\u52a3\u8d28\u54c1\u6210\u4ea4\uff0c\u8fdb\u800c\u5bfc\u81f4\u4ea4\u6613\u7684\u505c\u6b62\u3002\n<\/code><\/span><\/pre><\/div><p data-pid=\"GCCH_WgV\"><span style=\"color: #333333;\">\u8fd9\u672c\u8eab\u662f\u4e00\u4e2a\u4e00\u822c\u7684\u7ecf\u6d4e\u5b66\u6982\u5ff5\uff0c\u8981\u5e94\u7528\u8fdb\u9ad8\u9891\u4ea4\u6613\u7684\u8bed\u5883\uff0c\u5fc5\u9700\u5728\u7406\u89e3\u4e4b\u524d\u6240\u8ff0\u5e02\u573a\u7ed3\u6784\u7684\u57fa\u7840\u4e0a\u8fdb\u884c\u9002\u914d\u3002\u5bf9\u4e8e\u672c\u7bc7\u4e3b\u89d2\u505a\u5e02\u5546\u6765\u8bf4\uff0c\u5e02\u573a\u4e0a\u7684\u4f18\u8d28\u4ea7\u54c1\u5c31\u662f\u7c7b\u578b1\u548c3\u7684\u4ea4\u6613\u8005\uff0c\u505a\u5e02\u5546\u901a\u8fc7\u7ed9\u4ed6\u4eec\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u6536\u53d6\u4e70\u5356\u4ef7\u5dee\u4f5c\u4e3a\u56de\u62a5\u3002\u8fd9\u91cc\u6240\u9690\u542b\u7684\u610f\u601d\u662f\uff0c1\u548c3\u90fd\u6ca1\u6709\u53d1\u73b0\u771f\u6b63\u4ef7\u683c\u7684\u80fd\u529b\uff0c\u4ed6\u4eec\u7684\u884c\u4e3a\u4e0d\u4f1a\u5de6\u53f3\u5e02\u573a\u4ef7\u683c\u7684\u6ce2\u52a8\uff0c\u800c\u56de\u5934\u770b\u505a\u5e02\u5546\u7684\u4e24\u4e2a Order\uff1a<\/span><\/p><ul><li data-pid=\"Q8I8dprV\"><span style=\"color: #333333;\">\u4e70 \uff0d \u4ef7\u683c 100\uff0c\u6570\u91cf 1<\/span><\/li><li data-pid=\"LkvDtwHo\"><span style=\"color: #333333;\">\u5356 \uff0d \u4ef7\u683c 101\uff0c\u6570\u91cf 1<\/span><\/li><\/ul><p data-pid=\"D-TQV1Mn\"><span style=\"color: #333333;\">\u5f53\u6709\u4eba\u4ea4\u6613\u4e86\u5176\u4e2d\u4e00\u4e2a\u65f6\uff08\u4f8b\u5982\u4ee5\u4ef7\u683c 100 \u5356\u7ed9\u505a\u5e02\u5546\uff09\uff0c\uff08\u5728\u7edf\u8ba1\u610f\u4e49\u5185\uff09\u53ea\u8981\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4ef7\u683c\u6ca1\u6709\u53d8\u5316\uff0c\u5e76\u4e14\u51fa\u73b0\u4e86\u53e6\u4e00\u4e2a\u4eba\u5b8c\u6210\u4e86\u53e6\u4e00\u7b14\u4ea4\u6613\uff0c\u505a\u5e02\u5546\u5c31\u53ef\u4ee5\u8d5a\u53d6\u4ef7\u5dee\u3002\u5047\u5982\u5e02\u573a\u4ef7\u683c\u5411\u7740\u66f4\u6709\u5229\u505a\u5e02\u5546\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u4f8b\u5982\u6709\u4eba\u613f\u610f\u4ee5\u4ef7\u683c 102 \u4e70\u5165\uff0c\u505a\u5e02\u5546\u8fd8\u53ef\u4ee5\u8d5a\u53d6\u989d\u5916\u7684\u5229\u6da6\u3002<\/span><\/p><p data-pid=\"2oo6G5Im\"><span style=\"color: #333333;\">\u800c\u6700\u574f\u7684\u60c5\u51b5\u662f\uff0c\u5e02\u573a\u5411\u76f8\u53cd\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u4f8b\u5982\u505a\u5e02\u5546\u53ef\u80fd\u4f1a\u53d1\u73b0\uff0c\u6ca1\u6709\u4eba\u613f\u610f\u5728\u4ef7\u683c 101 \u4e0a\u4e70\u5165\uff0c\u53cd\u800c\u6240\u6709\u4e70\u5bb6\u90fd\u53ea\u63a5\u53d7\u5728\u4ef7\u683c 99 \u4e0a\u4e70\u5165\u3002\u8fd9\u6837\uff0c\u505a\u5e02\u5546\u4e4b\u524d\u4ece\u7b2c\u4e00\u4e2a\u4ea4\u6613\u8005\u624b\u4e2d\u4ee5\u4ef7\u683c 100 \u4e70\u5165\u7684\u4ea7\u54c1\uff0c\u5c31\u53ea\u80fd\u88ab\u8feb\u4ee5\u4ef7\u683c 99 \u5356\u51fa\uff0c\u4e0d\u4f46\u6ca1\u6709\u8d5a\u5230\u4ef7\u5dee\uff0c\u53cd\u800c\u8fd8\u8d54\u4e86\u94b1\u3002<\/span><\/p><p data-pid=\"vR6Nu7eL\"><span style=\"color: #333333;\">\u4ece\u8fd9\u91cc\u53ef\u4ee5\u770b\u51fa\uff0c\u7b2c\u4e00\u4e2a\u4ee5\u4ef7\u683c 100 \u5356\u7ed9\u505a\u5e02\u5546\u7684\u4eba\u662f\u4e2a\u5173\u952e\u7684\u89d2\u8272\u3002\u56e0\u4e3a\u5982\u679c\u8fd9\u4e2a\u4eba\u6ca1\u6709\u5b8c\u6210\u90a3\u7b14\u4ea4\u6613\uff0c\u505a\u5e02\u5546\u5c31\u53ea\u9700\u8981\u8c03\u6574\u81ea\u5df1\u7684\u62a5\u4ef7\uff0c\u800c\u4e0d\u9700\u8981\u627f\u62c5\u8fd9\u7b14\u4ea4\u6613\u6700\u7ec8\u5e26\u6765\u7684\u635f\u5931\u3002\u90a3\u4e48\u4ec0\u4e48\u4eba\u6700\u6709\u53ef\u80fd\u628a\u505a\u5e02\u5546\u903c\u5165\u8fd9\u4e2a\u5883\u5730\u5462\uff1f\u81ea\u7136\u662f\u6709\u7740\u8d85\u5e38\u4ef7\u683c\u53d1\u73b0\u80fd\u529b\uff0c\u751f\u4e3a\u6740\u622e\u673a\u5668\u7684\u804c\u4e1a\u6295\u673a\u8005\u3002\u804c\u4e1a\u6295\u673a\u8005\u975e\u5e38\u6709\u53ef\u80fd\u6bd4\u4efb\u4f55\u4eba\u90fd\u5feb\u5730\u9884\u6d4b\u5230\u4ef7\u683c\u7684\u8d70\u5411\uff0c\u4e00\u65e6\u505a\u51fa\u9884\u6d4b\uff0c\u50bb\u50bb\u5730\u6302\u7740 Limit Order \u5356\u6d41\u52a8\u6027\u7684\u505a\u5e02\u5546\u663e\u7136\u5c31\u662f\u4ed6\u4eec\u7b2c\u4e00\u4e2a\u8981\u5bb0\u6740\u7684\u7f94\u7f8a\u3002<\/span><\/p><p data-pid=\"mO3yDHJK\"><span style=\"color: #333333;\">\u56e0\u6b64\uff0c\u4ece\u505a\u5e02\u5546\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u804c\u4e1a\u6295\u673a\u8005\u5c31\u662f\u8fd9\u4e2a\u5e02\u573a\u4e0a\u7684\u7279\u522b\u52a3\u8d28\u4ea7\u54c1\u3002\u81ea\u5df1\u6302\u51fa\u7684 Limit Order\uff0c\u65e0\u8bba\u5982\u4f55\u4e5f\u4e0d\u60f3\u88ab\u8fd9\u4e9b\u4eba\u5403\u6389\u3002\u7136\u800c\u4e0d\u5e78\u7684\u662f\uff0c\u5728\u4e00\u4e2a Limit Order Market \u91cc\uff0c\u6ca1\u6709\u4efb\u4f55\u529e\u6cd5\u5224\u65ad\u4e00\u4e2a\u4ea4\u6613\u8005\u662f\u4e0d\u662f\u804c\u4e1a\u6295\u673a\u8005\uff0c\u4f60\u751a\u81f3\u4e0d\u4f1a\u77e5\u9053\u7a76\u7adf\u662f\u8c01\u5728\u8ddf\u4f60\u4ea4\u6613\uff08\u4ea4\u6613\u6240\u4e0d\u4f1a\u628a\u8fd9\u4e2a\u4fe1\u606f\u53d1\u7ed9\u4f60\uff09\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u6211\u4eec\u8bf4\u5b83\u662f\u4e00\u4e2a\u5178\u578b\u7684\u9006\u5411\u9009\u62e9\u95ee\u9898\u3002<\/span><\/p><p data-pid=\"1kloBsKK\"><span style=\"color: #333333;\">\u90a3\u4e48\u505a\u5e02\u5546\u6709\u6ca1\u6709\u81ea\u4fdd\u7684\u65b9\u6cd5\u5462\uff1f\u6709\u4e00\u4e2a\u7b80\u5355\u7684\u7b54\u6848\uff1a\u5929\u4e0b\u6b66\u529f\uff0c\u65e0\u575a\u4e0d\u6467\uff0c\u552f\u5feb\u4e0d\u7834\u3002\u8981\u4ece\u9876\u7ea7\u6355\u98df\u8005\u53e3\u4e2d\u9003\u751f\uff0c\u552f\u4e00\u7684\u529e\u6cd5\u662f\u5feb\u9003\u2026\u2026\uff1b\u552f\u4e8c\u7684\u529e\u6cd5\u662f\u88ab\u54ac\u5230\u4e4b\u540e\uff0c\u8d76\u5feb\u62c9\u5176\u5b83\u7684\u5012\u9709\u5bb6\u4f19\u6765\u66ff\u6362\u81ea\u5df1\u3002<\/span><\/p><p data-pid=\"XXPJ1NK2\"><span style=\"color: #333333;\">\u6240\u8c13\u5feb\u9003\uff0c\u5c31\u662f\u6307\u8981\u80fd\u6839\u636e\u5e02\u573a\u884c\u60c5\u5feb\u901f\u8c03\u6574\u81ea\u5df1\u7684\u62a5\u4ef7\uff0c\u901a\u8fc7\u91cf\u5316\u7684\u76d8\u53e3\u5206\u6790\uff0c\u53ca\u65f6\u5728\u884c\u60c5\u6709\u8f83\u5927\u6ce2\u52a8\uff08\u4f8b\u5982 Bid\/Offer \u95f4\u6709\u8f83\u5927 Imbalance\uff09\u65f6\u53d6\u6d88\u6302\u51fa\u7684 Limit Order\u3002\u53ea\u8981\u8dd1\u5f97\u5feb\uff0c\u81ea\u7136\u4e0d\u4f1a\u88ab\u54ac\u3002<\/span><\/p><p data-pid=\"E8CvQOQW\"><span style=\"color: #333333;\">\u4e07\u4e00\u771f\u7684\u88ab\u54ac\u4e5f\u4e0d\u8981\u614c\uff0c\u8fd8\u6709\u4e00\u4e2a\u7b56\u7565\u53ef\u4ee5\u81ea\u6551\u3002\u7ee7\u7eed\u770b Order Book\uff0c\u8ba9\u6211\u4eec\u52a0\u4e00\u70b9\u4fe1\u606f\uff0c\u4ea4\u6613\u6240\u5185\u7684 Order Book \u53ef\u80fd\u662f\u8fd9\u6837\u7684\uff1a<\/span><\/p><ul><li data-pid=\"6-m71_kF\"><span style=\"color: #333333;\">\u4e70 \uff0d \u4ef7\u683c 100\uff0c\u6570\u91cf 1\uff0cTrader 1\uff1b\u4ef7\u683c 100\uff0c\u6570\u91cf 1\uff0cTrader 2<\/span><\/li><li data-pid=\"-psWeUC3\"><span style=\"color: #333333;\">\u5356 \uff0d \u4ef7\u683c 101\uff0c\u6570\u91cf 1\uff0cTrader 1<\/span><\/li><\/ul><p data-pid=\"_pxVYszz\"><span style=\"color: #333333;\">\u6ce8\u610f\u589e\u52a0\u7684\u4fe1\u606f\u4e2d\u5305\u542b\u4e86\u6302\u5355\u4eba\u7684\u4fe1\u606f\uff0c\u548c\u6302\u5355\u961f\u5217\u3002\u5728\u4e70\u961f\u5217\u4e2d\uff0c\u5b58\u5728\u4e24\u7b14 Limit Order\uff0c\u5047\u8bbe Trader 1\u662f\u6211\u4eec\u7684\u505a\u5e02\u5546\u3002Trader 2 \u662f\u67d0\u4e2a\u65e0\u8f9c\u7684\u5bb6\u4f19\uff08\u53e6\u4e00\u4e2a\u505a\u5e02\u5546\uff0c\u6216\u8005\u7c7b\u578b 1 \u6216 3 \u9009\u624b\uff09\u3002<\/span><\/p><p data-pid=\"E6aM7dQd\"><span style=\"color: #333333;\">\u8fd9\u65f6\uff0c\u5f53\u4e00\u4e2a\u804c\u4e1a\u6295\u673a\u8005\u51fa\u73b0\uff0c\u5403\u6389\u505a\u5e02\u5546 Trader 1 \u7684 100 \u4e70\u5355\u65f6\uff0c\u53ea\u8981\u505a\u5e02\u5546\u7684\u901f\u5ea6\u8db3\u591f\u5feb\uff0c\u4ed6\u5c31\u53ef\u4ee5\u5f53\u573a\u628a\u6309\u7167\u4ef7\u683c 100 \u4e70\u5230\u7684\u4ea7\u54c1\u518d\u4ee5\u4ef7\u683c 100 \u5356\u51fa\u7ed9 Trader 2\u3002\u8fd9\u6837\uff0c\u867d\u7136\u505a\u5e02\u5546\u505a\u4e86\u4e24\u7b14\u4ea4\u6613\uff0c\u4f46\u662f\u4e70\u5356\u4ef7\u5dee\u4e3a 0 \uff0c\u786e\u4fdd\u4e0d\u8d54\uff08\u5f53\u7136\u8fd8\u8981\u77e5\u9053\u5bf9\u4e8e\u505a\u5e02\u5546\uff0c\u4ea4\u6613\u6240\u662f\u6709\u8d39\u7528\u65b9\u9762\u7684\u4f18\u60e0\u548c\u8865\u8d34\uff09\u3002<\/span><\/p><p data-pid=\"5kk4g79r\"><span style=\"color: #333333;\">\u8fd9\u4e2a\u7b56\u7565\u6709\u4e24\u70b9\u81f3\u5173\u91cd\u8981\u7684\u5148\u51b3\u6761\u4ef6\u3002\u7b2c\u4e00\uff0c\u5728\u4e70\u961f\u5217\u4e2d\uff0c\u8981\u6392\u5728\u524d\u9762\uff0c\u65e2\u662f\u8bf4\u5728\u884c\u60c5\u53d8\u5316\u65f6\u8981\u6bd4\u522b\u4eba\u66f4\u5feb\u7684\u53d1\u51fa Limit Order\uff0c\u624d\u80fd\u4fdd\u8bc1\u6392\u5728\u961f\u5217\u524d\u6392\uff1b\u7b2c\u4e8c\uff0c\u53d1\u751f\u4ea4\u6613\u65f6\uff0c\u8981\u5728\u6700\u77ed\u65f6\u95f4\u505a\u51fa\u5224\u65ad\u548c\u884c\u52a8\uff0c\u624d\u80fd\u4fdd\u8bc1\u628a\u98ce\u9669\u8f6c\u5ac1\u7ed9\u6392\u5728\u540e\u9762\u7684\u65e0\u8f9c\u5bb6\u4f19\u3002<\/span><\/p><p data-pid=\"bEzIZze9\"><span style=\"color: #333333;\">\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u5728\u7535\u5b50\u505a\u5e02\u7684\u4e16\u754c\uff0c\u53ea\u6709\u901f\u5ea6\u4e4b\u738b\u624d\u80fd\u751f\u5b58\u3002\u800c\u8981\u8fbe\u81f4\u795e\u901f\u7684\u5883\u754c\uff0c\u5c31\u5fc5\u9700\u8fdb\u884c\u79d1\u6280\u5347\u7ea7\u7684\u519b\u5907\u7ade\u8d5b\uff0c\u8fd9\u662f\u4e00\u6761\u4e0d\u5f52\u8def\u3002<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u3010\u4e1a\u52a1\u8303\u5f0f\u3011\u9ad8\u9891\u4ea4\u6613\u7b56\u7565\u8c08\uff0d\u505a\u5e02\u5546\u4e0e\u9006\u5411\u9009\u62e9 \u00a0\u8463\u53ef\u4eba\/CEO \u8fdb\u5165\u6b63\u9898\u4e4b\u524d\u5148\u8c08\u4e00\u70b9\u9884\u5907\u77e5\u8bc6\u3002 \u9ad8\u9891\u4ea4\u6613\u7684\u4e16\u754c 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