In this paper, a comprehensive empirical study is given to analyze the effects of transparency on the market quality of Shenzhen a share market.

本文通过实证分析，较为全面地考察了透明度提高对深圳A股市场质量带来的影响。

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Using transactions data for A-share stocks in Shenzhen stock market, this paper studies market depths change after increased limit order book disclosure.

运用深圳证券交易所A股股票的交易数据，实证分析了指令簿透明度增加后市场深度的变化。

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We also find that Share A markets are more efficient than Share B markets, but there is no clear evidence on which stock exchanges market, Shanghai or Shenzhen, is more efficient.

我们还发现，A 股市场比B 股市场有效性相对更高，但没有系统的证据显示沪深股市谁的有效性更高。

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