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中文摘要：
从流动性价值概念出发,研究了流动性需求对大宗交易股票成交价格的影响,测算了大宗交易股票流动性折价水平,并分析了流动性价值的决定因素,考察了减持新规推出对大宗交易股票成交价格的影响.研究表明：大宗交易股票的平均流动性折价水平为5.111%;二级市场流动性与个股价格波幅对大宗交易股票流动性价值影响显著;减持约束显著增加了大宗交易股票的流动性折价水平,且平均流动性折价水平从4.322%上升至减持新规推出后的5.541%.
英文摘要：
From the view of the concept of liquidity value,this article studied the impact of liquidity demand on the price of block trade stocks,calculated the liquidity discount level of block trade stocks and analyzed the determinative factors of liquidity value.At the same time,it examined the influence of the new rule.The results suggest that the average liquidity discount level is 5.111%;stock market liquidity and stock price volatility affect the liquidity value of block trade stocks remarkably;the new rule remarkably adds the liquidity discount level,and the average level rises from 4.322% to 5.541%.
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