集合竞价市场的价格反映了累积的市场信息，其市场效率要高于连续竞价市场。
In call auction market, the price reflects the accumulation of market information, its efficiency is higher than in continuous auction market.
从订单分布假设出发，构建了一个庄家和散户这两类交易者在封闭式集合竞价中的交易意愿和订单策略模型。
Based on the order distribution assumption, this paper sets up a strategic trading game model of blind call auction.
公司事先不确定发行价，只订一个发行估价，由发行公司作为唯一卖方，众多投资人作为买方，进行集合竞价而产生出的价格作为发行价。
There is no set issue price. The price will be determined by the centralized competitive prices offered by the listing company as the only seller and investors as the buyers.
公司事先不确定发行价，只订一个发行估价，由发行公司作为唯一卖方，众多投资人作为买方，进行集合竞价而产生出的价格作为发行价。
There is no set issue price. The price will be determined by the centralized competitive prices offered by the listing company as the only seller and investors as the buyers.
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