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中文摘要：
基于MRR结构模型,利用广义矩估计方法,从信息不对称和流动性成本角度考察了央行公开市场操作公告对股票市场交易行为的影响.实证结果表明,公开市场操作披露前股票市场的信息不对称程度、流动性成本并未发生显著变化,公开市场操作披露后30分钟内,信息不对称程度增加,流动性成本下降.在考虑了公开市场操作未预期的利率变化具体内容后,所得结果并没有显著变化.
英文摘要：
Based on MRR structural model and Generalized Method of Moments（GMM）estimation, the impact of the announcement of open market operations on the behavior of stock market is studied from two aspects, namely, the asymmetric information and the cost of liquidity. The results show that the extent of asymmetric information is not changed. The extent of asymmetric information increases and the cost of liquidity decreases in 30 minutes after the announcement. The result is not changed even when the exact content of open market operations is considered.
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