中文摘要：

引入2类异质主体，建立了基于做市商交易机制的卖空交易多主体市场模型．通过计算机模拟，从投资者和金融市场2个层面定性分析不同的杠杆约束下卖空交易对投资者财富和金融市场的影响，得出了跟实证研究相符的结果．

英文摘要：

Credit trading, which includes buying on margin and selling short, plays an important role in financial markets. In particular, people pay more attention to selling short. An agent-based market model is presented in this paper, the model contains two types of heterogeneous agents and adopts a ＂quote-driven＂ price formation mechanism. Effect of permissive leverage level on traders wealth and overall market indicators were simulated. The model provides some meaningful results supported by empirical facts.