中文摘要：

分析了实行价格涨跌幅限制后股票价格的变化特征，研究了价格限制机制对股票价格波动的影响，并在考虑两阶段延续冲击效应因素的基础上，通过对投资者总成本的考察，研究价格限制机制对市场流动性的影响。进一步的仿真试验结果表明，股票价格涨跌幅限制机制的引入，将增加股票市场的波动性，并且会导致投资者心理所能承受的潜在收益、损失量减小，使投资者更加频繁地买卖股票，增加市场换手率．进而提高整个市场的流动性。

英文摘要：

The paper analyzes the stock price＇ s change under the price limit mechanism. Considering the two period spillover effect and the total cost of investors under price limit, we study the impact of price limit on stock market liq- uidity. The further simulation result shows that with the price limit mechanism, the price fluctuation will increase and result in investors＇ mental tolerance of return or loss reduction, and this will increase the market turnover and improve the market liquidity.