通过重新选择指数，而指数完全是由在衍生产品市场已相对具有流动性的各种要素组合而成，我们相信我们正使程序简单化。

By re-selecting the index so that it consists entirely of components which are already relatively liquid in the derivatives market, we believe we are making this process considerably easier.

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本文重点介绍了市场微观结构的一些要素，并着重分析了市场微观结构对市场流动性的影响。

The important points in the paper direct at the factors in micro composition of market on the one hand, and its impacts on market liquidity on the other.

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而唯有土地要素，因其具有特有的不可流动性而不可进行转移或流动，且土地要素的价格很大程度决定了房地产价格水平的高低。

But land can not be transferred because of its unique non-mobility. At a large extent, land price can determines real estate price levels.

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