To study the degree of effect of great policy or event on liquidity. This paper adopts bid-ask spread, market depth and market impact cost as the proxies for liquidity.

本文选取的流动性指标包括绝对买卖价差、相对买卖价差、报价深度、金额深度和市场冲击成本指标。

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With this combined impact of reduced cost and improved market reach, a selling enterprise has significant competitive advantage over sites built with prior technology.

由于减少耗费及扩大市场范围的组合的影响，销售企业与使用先前的技术建立的站点相比有巨大的竞争优势。

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Finally, through mathematical models and empirical analysis we will discuss the cost impact on trading volume and volatility in stock index futures market.

最后，通过建立数理模型、实证分析来说明交易成本对股指期货市场交易量和波动性的影响。

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