中文摘要：

本文基于计算实验方法,在指令驱动市场的微观模拟平台基础上研究不同指令簿透明度的市场价格发现的变化规律。实验发现适度增加指令簿透明度有利于市场价格发现,但在指令簿透明度过高的市场中指令簿透明度增加后价格发现程度变化较弱甚至反而有所降低。因此,实验结果表明增加指令簿透明度并不一定会促进市场的价格发现。

英文摘要：

This paper sets up a simulation model of order-driven market to research on the impact of order book disclosure to market price.The result shows that proper design of order book disclosure can promote price discovery and information transfer,while price discov-ery changes little or even decreases after increasing disclosure in market in which order book disclosure is too high.Therefore increasing disclusure may not promote price discovery.