本文以金融市场微观结构理论为基础，通过将时间窗口缩小来研究中国股市的交易量、收益率和收益率波动的变化特征。

Based on the market microstructure theory, this paper studies on the character of trading volume return and return volatility in China stock market through narrowing the time window.

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证券交易的执行成本是信息不对称和市场供需不均衡时投资者买卖证券的风险补偿，是资产定价和市场微观结构的重要研究课题。

This paper builds on and extends existing literature on execution cost and expected return in quote - driven stock markets where market makers play a leading role in determining bid - ask spreads.

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本文回顾了2007—2009年货币市场的各利率期限品种和交易期限结构的主要变化情况，探讨变化的宏微观因素。

This paper reviews the major changes in money market interest rates and term structure from 2007 to 2009, and discusses the macro and micro factors for the changes.

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