通过实证研究,本文认为相对于限价委托,市价委托方式更为常用。市场行情越不稳定,交投越活跃,投资者越倾向于采用市价委托。市价委托的主要风险在于可能引起产生股价大幅变动,本文通过价格波动与成交效率两个角度进行比较,认为“最优五档成交转限价”和“最优五档成交并撤销”方案应是在市场现有基础上推出市价委托的首选方案。
From the empirical study, the authors find that comparing with limited orders, market order is more popular, especiallywhen the market is not stable. And the major risk of the market order is that it may cause stock price fluctuant. Therefore, the paper further compares the price volatility and market efficiency, and proposes a preferred plan of market order for the stock market development.