最小报价单位是影响证券市场流动性的重要因素之一。
Tick size is the one of the most important factors influencing the liquidity of security market.
不管是合约最小报价单位，还是合约价值的设计都是市场流动性与运作成本之间的均衡。
Minimum tick size or the contract value is an equilibrium between market liquidity and operation cost.
本文以实证研究为主，结合理论分析，分别对封闭式基金和普通股A股的最小报价单位进行分析。
My paper studies from empirical analysis and theory, and analyzes the tick for fund market and A stock market.
实证结果表明，最小报价单位影响市场效率，最小报价单位“分改厘”提高了上海封闭式基金的市场效率。
Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.
实证结果表明，最小报价单位影响市场效率，最小报价单位“分改厘”提高了上海封闭式基金的市场效率。
Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.
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