{"id":19525,"date":"2024-05-03T08:37:24","date_gmt":"2024-05-03T07:37:24","guid":{"rendered":"https:\/\/finalto.com\/resources\/news-events\/news\/%e6%94%b6%e7%9b%98%e9%92%9f%ef%bc%9a%e6%8b%8d%e5%8d%96%e6%9c%ba%e5%88%b6%e6%ad%a3%e5%bd%b1%e5%93%8d%e7%9d%80%e5%b8%82%e5%9c%ba%e6%b5%81%e5%8a%a8%e6%80%a7%e5%92%8c%e4%bb%b7%e6%a0%bc%e5%8f%91%e7%8e%b0\/"},"modified":"2026-06-16T14:30:22","modified_gmt":"2026-06-16T13:30:22","slug":"%e6%94%b6%e7%9b%98%e9%92%9f%ef%bc%9a%e6%8b%8d%e5%8d%96%e6%9c%ba%e5%88%b6%e6%ad%a3%e5%bd%b1%e5%93%8d%e7%9d%80%e5%b8%82%e5%9c%ba%e6%b5%81%e5%8a%a8%e6%80%a7%e5%92%8c%e4%bb%b7%e6%a0%bc%e5%8f%91%e7%8e%b0","status":"publish","type":"post","link":"https:\/\/finalto.com\/zh-hans\/resources\/news-insights\/news\/%e6%94%b6%e7%9b%98%e9%92%9f%ef%bc%9a%e6%8b%8d%e5%8d%96%e6%9c%ba%e5%88%b6%e6%ad%a3%e5%bd%b1%e5%93%8d%e7%9d%80%e5%b8%82%e5%9c%ba%e6%b5%81%e5%8a%a8%e6%80%a7%e5%92%8c%e4%bb%b7%e6%a0%bc%e5%8f%91%e7%8e%b0\/","title":{"rendered":"\u6536\u76d8\u949f\uff1a\u62cd\u5356\u673a\u5236\u6b63\u5f71\u54cd\u7740\u5e02\u573a\u6d41\u52a8\u6027\u548c\u4ef7\u683c\u53d1\u73b0"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">\u6536\u76d8\u949f\uff1a\u62cd\u5356\u673a\u5236\u6b63\u5f71\u54cd\u7740\u5e02\u573a\u6d41\u52a8\u6027\u548c\u4ef7\u683c\u53d1\u73b0<\/h1>\n\n<p>\u4ea4\u6613\u65e5\u901a\u5e38\u6301\u7eed\u516d\u5230\u516b\u4e2a\u534a\u5c0f\u65f6\u3002\u7136\u800c\uff0c\u5982\u4eca\u771f\u6b63\u91cd\u8981\u7684\u5f80\u5f80\u53ea\u6709\u6700\u540e\u90a3\u51e0\u5206\u949f\u3002\u8fd9\u79cd\u8f6c\u53d8\u2014\u2014\u5f88\u5927\u7a0b\u5ea6\u4e0a\u5f52\u56e0\u4e8e\u88ab\u52a8\u6295\u8d44\u7684\u5174\u8d77\u2014\u2014\u5bf9\u80a1\u7968\u5e02\u573a\u7684\u76d8\u4e2d\u4ea4\u6613\u6d41\u52a8\u6027\u4ea7\u751f\u4e86\u5de8\u5927\u5f71\u54cd\u3002  <\/p>\n\n<p>\u4e00\u9879\u65b0\u7814\u7a76\u6307\u51fa\uff0c\u53d7\u88ab\u52a8\u8d44\u91d1\u6d41\u63a8\u52a8\uff0c\u6536\u76d8\u7ade\u4ef7\u65f6\u6bb5\u7684\u4ea4\u6613\u5360\u6bd4\u8fc5\u901f\u4e0a\u5347\uff0c\u8fd9\u5bfc\u81f4\u6295\u8d44\u8005\u4ea4\u6613\u6210\u672c\u4e0a\u5347\u3001\u6d41\u52a8\u6027\u4e0b\u964d\uff0c\u540c\u65f6\u8fd8\u524a\u5f31\u4e86\u4ef7\u683c\u53d1\u73b0\u529f\u80fd\uff0c\u964d\u4f4e\u4e86\u5e02\u573a\u6548\u7387\u3002<\/p>\n\n<p>\u9488\u5bf9\u6b27\u6d32\u4e09\u5927\u80a1\u7968\u5e02\u573a\u7684\u7814\u7a76\u8868\u660e\uff0c\u6536\u76d8\u7ade\u4ef7\u4ea4\u6613\u5360\u6bcf\u65e5\u603b\u4ea4\u6613\u91cf\u7684\u4e09\u5206\u4e4b\u4e00\uff0c\u8fd9\u79cd\u4e3b\u5bfc\u5730\u4f4d\u53cd\u8fc7\u6765\u53ef\u80fd\u4f1a\u5bf9\u5e02\u573a\u6d41\u52a8\u6027\u548c\u4ef7\u683c\u53d1\u73b0\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002\u8be5\u7814\u7a76\u7ed3\u679c\u4e0e\u6b64\u524d\u62a5\u544a\u7684\u7ed3\u8bba\u4e00\u81f4\uff0c\u5373\u7531\u4e8e\u6d41\u52a8\u6027\u52a8\u6001\u7684\u5f71\u54cd\uff0c\u7ade\u4ef7\u671f\u95f4\u7684\u4ef7\u683c\u6ce2\u52a8\u4f1a\u5728\u9694\u591c\u4ea4\u6613\u4e2d\u56de\u8c03\u3002 <\/p>\n\n<p>\u201c\u7531\u4e8e\u88ab\u52a8\u6295\u8d44\u7684\u589e\u52a0\u548c\u76d1\u7ba1\u653f\u7b56\u7684\u8c03\u6574\uff0c\u5168\u7403\u80a1\u5e02\u7684\u4ea4\u6613\u91cf\u5df2\u51fa\u73b0\u663e\u8457\u5411\u6536\u76d8\u65f6\u6bb5\u8f6c\u79fb\u7684\u8d8b\u52bf\uff0c\u201d\u8be5\u62a5\u544a\u300a<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4757345\" target=\"_blank\" rel=\"noopener\">\u4ea4\u6613\u91cf\u5411\u6536\u76d8\u65f6\u6bb5\u8f6c\u79fb\uff1a \u300a\u4ea4\u6613\u91cf\u5411\u6536\u76d8\u65f6\u6bb5\u8f6c\u79fb\uff1a\u5bf9\u4ef7\u683c\u53d1\u73b0\u4e0e\u5e02\u573a\u8d28\u91cf\u7684\u5f71\u54cd<\/a>\u300b\u7684\u4f5c\u8005\u2014\u2014\u6cd5\u5170\u514b\u798f\u6b4c\u5fb7\u5927\u5b66\u7684\u7c73\u590f\u00b7\u672c\u5fb7\u5c14\uff08Micha Bender\uff09\u3001\u672c\u6770\u660e\u00b7\u514b\u62c9\u666e\u6c49\u59c6\uff08Benjamin Clapham\uff09\u4ee5\u53ca\u5fb7\u56fd\u8054\u90a6\u94f6\u884c\u7684\u8d1d\u5185\u8fea\u514b\u7279\u00b7\u65bd\u97e6\u59c6\u83b1\u56e0\uff08Benedikt Schwemmlein\uff09\u2014\u2014\u6307\u51fa\u3002<\/p>\n\n<p>\u8fd1\u5e74\u6765\uff0c\u88ab\u52a8\u6295\u8d44\u84ec\u52c3\u53d1\u5c55\uff0c\u5438\u5f15\u4e86\u6570\u4e07\u4ebf\u7f8e\u5143\u6d41\u5165\u6307\u6570\u57fa\u91d1\u3002\u5c3d\u7ba1\u8fd9\u901a\u5e38\u88ab\u89c6\u4e3a\u79ef\u6781\u73b0\u8c61\uff0c\u4f46\u4e5f\u62db\u81f4\u4e86\u4e00\u4e9b\u6295\u8d44\u8005\u7684\u6279\u8bc4\uff0c\u4ed6\u4eec\u62c5\u5fc3\u8fd9\u79cd\u6295\u8d44\u89c4\u6a21\u53ef\u80fd\u5df2\u53d8\u5f97\u8fc7\u5927\u3002<a href=\"https:\/\/www.nber.org\/papers\/w31975\" target=\"_blank\" rel=\"noopener\">\u53bb\u5e7412\u6708\u7684\u4e00\u9879\u7814\u7a76<\/a>\u660e\u786e\u5bf9\u88ab\u52a8\u6295\u8d44\u63d0\u51fa\u4e86\u8b66\u544a\uff0c\u8ba4\u4e3a\u6307\u6570\u5316\u6295\u8d44\u7684\u589e\u52a0\u201c\u4f3c\u4e4e\u6b63\u5728\u52a8\u6447\u652f\u6491\u5176\u53ef\u884c\u6027\u7684\u6709\u6548\u5e02\u573a\u5047\u8bf4\u201d\u3002 <\/p>\n\n<p>\u6307\u6570\u57fa\u91d1\u901a\u5e38\u5728\u6536\u76d8\u65f6\u4e70\u5356\u80a1\u7968\uff0c\u56e0\u4e3a\u5f53\u65e5\u7684\u6536\u76d8\u4ef7\u662f\u57fa\u91d1\u9700\u8981\u8ffd\u8e2a\u7684\u57fa\u51c6\u3002\u8fd9\u9879\u65b0\u7814\u7a76\u7684\u4f5c\u8005\u8ba4\u4e3a\uff0c\u8fd9\u79cd\u53d7\u6d41\u52a8\u6027\u9a71\u52a8\u7684\u4e70\u5356\u884c\u4e3a\u5b9e\u9645\u4e0a\u626d\u66f2\u4e86\u80a1\u4ef7\u3002 <\/p>\n\n<p>\u5728\u6240\u6d89\u53ca\u7684\u4e3b\u8981\u6b27\u6d32\u5e02\u573a\u2014\u2014\u5bcc\u65f6\u6307\u6570\u3001DAX\u6307\u6570\u548cCAC\u6307\u6570\u4e2d\uff0c2023\u5e74\u6536\u76d8\u7ade\u4ef7\u9636\u6bb5\u7684\u6210\u4ea4\u91cf\u5360\u65e5\u5747\u6210\u4ea4\u91cf\u768440%\u81f355%\u3002 \u5176\u4e2d\uff0c\u5bcc\u65f6\u6307\u6570\u6210\u5206\u80a1\u7684\u6da8\u5e45\u5c24\u4e3a\u663e\u8457\u2014\u2014\u6536\u76d8\u7ade\u4ef7\u4ea4\u6613\u91cf\u5360\u6bd4\u4ece2019\u5e74\u521d\u768431%\u8dc3\u5347\u81f32023\u5e74\u5e95\u768455%\u3002 <\/p>\n\n<p>\u6210\u4ea4\u91cf\u5728\u6536\u76d8\u65f6\u51fa\u73b0\u8fd9\u79cd\u8f6c\u79fb\uff0c\u4e0d\u7981\u8ba9\u4eba\u8d28\u7591\u8fd9\u662f\u5426\u4f1a\u5bf9\u5e02\u573a\u6548\u7387\u4ea7\u751f\u6f5c\u5728\u7684\u8d1f\u9762\u5f71\u54cd\u3002<\/p>\n\n<p>\u62a5\u544a\u79f0\uff1a<\/p>\n\n<p><i>\u201c\u9996\u5148\uff0c\u6536\u76d8\u62cd\u5356\u4e2d\u53c2\u4e0e\u8005\u7684\u4ea4\u6613\u52a8\u673a\u4e3b\u8981\u53d7\u6d41\u52a8\u6027\u9a71\u52a8\uff0c\u8fd9\u53ef\u80fd\u5bfc\u81f4\u6536\u76d8\u4ef7\u51fa\u73b0\u626d\u66f2\uff0c\u5e76\u56e0\u77ed\u671f\u4f9b\u9700\u5931\u8861\uff08\u4f8b\u5982\u6307\u6570\u8ddf\u8e2a\u57fa\u91d1\u5e26\u6765\u7684\u5355\u8fb9\u8ba2\u5355\u6d41\uff09\u800c\u504f\u79bb\u57fa\u672c\u9762\u4ef7\u503c\u3002  <\/i><\/p>\n\n<p><i>\u201c\u5176\u6b21\uff0c\u7531\u4e8e\u6d41\u52a8\u6027\u4f1a\u5e26\u6765\u66f4\u591a\u6d41\u52a8\u6027\uff0c\u6536\u76d8\u65f6\u4ea4\u6613\u5174\u8da3\u7684\u4e0a\u5347\u53ef\u80fd\u4f1a\u5bf9\u5269\u4f59\u4ea4\u6613\u65e5\u8fde\u7eed\u4ea4\u6613\u65f6\u6bb5\u7684\u6d41\u52a8\u6027\u548c\u6ce2\u52a8\u6027\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002\u201d<\/i><\/p>\n\n<p>\u5173\u4e8e\u7b2c\u4e00\u70b9\uff0c\u5206\u6790\u7ed3\u679c\u8868\u660e\uff0c\u8fd9\u4e9b\u6210\u4ea4\u91cf\u5de8\u5927\u7684\u6536\u76d8\u62cd\u5356\u4f1a\u5bfc\u81f4\u6536\u76d8\u62cd\u5356\u6536\u76ca\u7387\u201c\u5728\u4e00\u591c\u4e4b\u95f4\u51fa\u73b0\u7cfb\u7edf\u6027\u53cd\u8f6c\u201d\u3002<\/p>\n\n<p>\u4ed6\u4eec\u5199\u9053\uff1a<i>\u201c\u5177\u4f53\u800c\u8a00\uff0c\u6211\u4eec\u53d1\u73b0\u6536\u76d8\u7ade\u4ef7\u6536\u76ca\u4e2d\u670914%\u4f1a\u5728\u9694\u591c\u88ab\u9006\u8f6c\uff0c\u4e14\u8fd9\u79cd\u9006\u8f6c\u5728\u6b21\u4e00\u4ea4\u6613\u65e5\u4f1a\u6301\u7eed\u8d85\u8fc7\u4e24\u5c0f\u65f6\u3002\u5728\u6211\u4eec\u7684\u6837\u672c\u4e2d\uff0c\u6536\u76d8\u7ade\u4ef7\u89c4\u6a21\u6700\u5927\u7684\u80a1\u7968\u4ef7\u683c\u626d\u66f2\u73b0\u8c61\u66f4\u4e3a\u663e\u8457\uff0c\u5176\u7ade\u4ef7\u6536\u76ca\u4e2d\u591a\u8fbe24%\u4f1a\u88ab\u9006\u8f6c\u3002\u201d<\/i><\/p>\n\n<p><i>\u4ee5\u5f80\u7684\u7814\u7a76\u5df2<\/i>\u4e3a\u7f8e\u56fd\u80a1\u5e02\u6536\u76d8\u4ef7\u5b58\u5728\u626d\u66f2\u73b0\u8c61<i>\u63d0\u4f9b\u4e86\u201c\u7c7b\u4f3c<\/i>\u4f46\u66f4\u4e3a<i>\u6709\u529b\u201d<\/i>\u7684\u8bc1\u636e\u3002\u8fd1\u4e24\u5e74\u6765\u6709\u4e24\u9879\u7814\u7a76\u8868\u660e\uff0c\u6536\u76d8\u62cd\u5356\u7684<i>\u6536\u76ca\u201c\u51e0\u4e4e\u5728\u9694\u591c\u6216\u81f3\u5c11\u5728\u63a5\u4e0b\u6765\u7684\u51e0\u5929\u5185\u5b8c\u5168\u9006\u8f6c\u201d\u3002<\/i> <\/p>\n\n<p><i>\u201c\u6536\u76d8\u62cd\u5356\u91cf\u589e\u52a0\u3001\u6307\u6570\u518d\u5e73\u8861\u65e5\u4ee5\u53ca\u8f83\u9ad8\u7684\u65e5\u5185\u56de\u62a5\u7387\u662f\u5bfc\u81f4\u8fd9\u4e9b\u8d70\u52bf\u9006\u8f6c\u7684\u4e3b\u8981\u56e0\u7d20\uff0c\u201d\u4ed6\u4eec <\/i>\u8865\u5145\u9053<i>\u3002 <\/i><\/p>\n\n<p>\u5173\u4e8e\u7b2c\u4e8c\u70b9\uff0c\u5373\u9ad8\u6210\u4ea4\u91cf\u7684\u6536\u76d8\u7ade\u4ef7\u662f\u5426\u4f1a\u5bf9\u5f53\u65e5\u5176\u4f59\u65f6\u6bb5\u7684\u6d41\u52a8\u6027\u548c\u6ce2\u52a8\u6027\u4ea7\u751f\u4e0d\u5229\u5f71\u54cd\uff0c\u7814\u7a76\u518d\u6b21\u53d1\u73b0\u5176\u786e\u6709\u8d1f\u9762\u5f71\u54cd\u3002\u7279\u522b\u662f\u9ad8\u6210\u4ea4\u91cf\u7684\u6536\u76d8\u7ade\u4ef7\uff0c\u4f1a\u5728\u6574\u4e2a\u8fde\u7eed\u4ea4\u6613\u65f6\u6bb5\u5185\uff0c\u4ece\u70b9\u5dee\u548c\u6df1\u5ea6\u4e24\u4e2a\u65b9\u9762\u964d\u4f4e\u5e02\u573a\u6d41\u52a8\u6027\u3002 \u5b9e\u9645\u4e0a\uff0c\u4ea4\u6613\u91cf\u6b63\u4ece\u8fde\u7eed\u4ea4\u6613\u65f6\u6bb5\u5411\u6536\u76d8\u62cd\u5356\u65f6\u6bb5\u8f6c\u79fb\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u201c\u6d41\u52a8\u6027\u50ac\u751f\u6d41\u52a8\u6027\u201d\u6548\u5e94\u7b49\u56e0\u7d20\u6240\u81f4\u3002  <\/p>\n\n<p><i>\u201c\u6211\u4eec\u7684\u7814\u7a76\u7ed3\u679c\u8868\u660e\uff0c\u4ea4\u6613\u91cf\u5411\u6536\u76d8\u65f6\u6bb5\u7684\u8f6c\u79fb\u4f1a\u5bf9\u5e02\u573a\u6548\u7387\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002\u5177\u4f53\u800c\u8a00\uff0c\u8fd9\u4f1a\u589e\u52a0\u6295\u8d44\u8005\u5728\u8fde\u7eed\u4ea4\u6613\u65f6\u6bb5\u7684\u4ea4\u6613\u6210\u672c\uff0c\u5e76\u626d\u66f2\u6536\u76d8\u4ef7\u2014\u2014\u800c\u6536\u76d8\u4ef7\u662f\u5e02\u573a\u548c\u4f30\u503c\u65b9\u9762\u5f53\u65e5\u6700\u91cd\u8981\u7684\u4ef7\u683c\uff0c\u201d\u62a5\u544a <\/i>\u6307\u51fa<i>\u3002 <\/i><\/p>\n\n<p>\u8fd9\u4efd\u65b0\u8bba\u6587\u4e0e\u6b64\u524d\u7684\u4e00\u4e9b\u7814\u7a76\u7ed3\u8bba\u76f8\u547c\u5e94\uff0c\u4f8b\u5982<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3485840\" target=\"_blank\" rel=\"noopener\">\u8fd9\u98792019\u5e74\u7684\u7814\u7a76<\/a>\uff08\u53bb\u5e74\u8fdb\u884c\u4e86\u66f4\u65b0\uff09\uff0c\u8be5\u7814\u7a76\u540c\u6837\u8868\u660e\uff0c\u62cd\u5356\u4ef7\u683c\u7684\u6ce2\u52a8\u5f80\u5f80\u4f1a\u5728\u9694\u591c\u51fa\u73b0\u53cd\u8f6c\u30022018\u5e74\uff0c\u6536\u76d8\u62cd\u5356\u4ea4\u6613\u91cf\u5360\u65e5\u4ea4\u6613\u603b\u91cf\u76847.5%\uff0c\u800c2010\u5e74\u8fd9\u4e00\u6bd4\u4f8b\u4ec5\u4e3a3.1%\u3002 \u8be5\u6bd4\u4f8b\u52302019\u5e74\u4f3c\u4e4e\u5df2\u5347\u81f3\u7ea610%\u3002<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-29\/stocks-trade-for-390-minutes-a-day-increasingly-only-10-matter?srnd=undefined\" target=\"_blank\" rel=\"noopener\">\u636eBestEx 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