市场微观结构理论的研究表明,市场交易制度的设计与市场质量相伴相生。基于中国股票市场交易机制的特点和国内外的研究现状,本文从市场流动性、波动性的角度对中国证券市场目前交易机制的运行状况及其对市场绩效的影响进行了综述。通过分析,为我国股票市场交易制度的完善和市场制度的设计提供可资借鉴的经验与教训。 The research of market microstructure theory shows that the design of market transaction system is accompanied by the market quality. Based on the characteristics of the trading mechanism in China’s stock market and the current research situation at home and abroad, this paper reviews the current trading mechanism’s performance and its impact on the market performance from the perspective of liquidity and volatility in China. Through the analysis, we can provide some lessons and lessons for the improvement of trading system of our country’s stock market and the design of market system.