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題名 新興國家股票市場市場微結構之探討─以巴拿馬股市為例
Microstructure of Emerging Stock Markets: An Explorary Study of Panama Stock Exchange
作者 陶俐安
貢獻者 郭維裕
陶俐安
關鍵詞 巴拿馬股市
日期 2006
上傳時間 14-Sep-2009 09:49:23 (UTC+8)
摘要 新興國家股票市場市場微結構之探討
Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market.
ABSTRACT I
     ACKNOWLEDGEMENTS II
     CHAPTER 1 1
     1.1 INTRODUCTION 1
     1.2 LITERATURE REVIEW 3
     CHAPTER 2 6
     2.1 TRADING 6
     2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6
     2.1.2 ORDER TYPE 6
     2.2 MICROSTRUCTURE OF MARKETS 7
     2.2.1 CALL VERSUS CONTINUOUS MARKET 9
     2.2.2 EXECUTION SYSTEMS 9
     2.2.3 COMMUNICATION SYSTEMS 10
     2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12
     2.2.4.1 ORGANIZATIONAL FORM 14
     2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14
     2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15
     2.2.4.4 COMPANY OWNERSHIP 15
     2.2.4.5 BALANCE SHEET STRENGTH 16
     2.2.4.6 PRODUCTS AND SERVICES 17
     2.2.4.7 PROCESS AND TECHNOLOGY 17
     2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18
     2.3.1 REASONS FOR PEOPLE TO TRADE 19
     2.3.3 TRANSACTION COSTS 22
     2.3.4 TYPE OF RISKS 23
     2.3.5 INSTITUTIONALIZATION 25
     2.3.6 COMPETITION 25
     2.3.7 INFORMED TRADERS 26
     2.4 TRANSPARENCY 26
     2.5 POLICY 27
     3.1 COUNTRY PROFILE 29
     3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35
     3.3.1 MARKET SIZE AND TRADING VOLUME 36
     3.3.2 TRADING HOURS AND TRADING DAYS 37
     3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38
     3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48
     CHAPTER 4 50
     4.1 RESULTS 50
     4.2 DISCUSSION 53
     4.3 CONCLUSION AND SUGGESTIONS 59
     REFERENCES 61
     APPENDIX 1 66
     
     
     
     LIST OF TABLES
     
     Table 1 Advantages and disadvantages of types of company ownership 16
     Table 2 Degree of Automation in the Price Discovery Process 22
     Table 3 Panama Data Profile 29
     Table 4 Panama Data Profile (II part) 30
     Table 5 Market Size (as of December 2005) 36
     Table 6 Market Size – Part II (as of December 2005) 37
     Table 7 Trading hours and trading days 38
     Table 8 BVP Brokerage fees and other costs 39
     Table 9 Types of orders in BVP 40
     Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47
     Table 11 Standard Deviation of the Sample 50
     
     
     
     List of Figures
     
     Figure 1 Historical Trading Volume 1998-2006 33
     Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34
     Figure 3 Stock Exchange Seats from 1998 - 2006 34
     Figure 4 Trading Volume of the Sample 51
     Figure 5 Trading Mechanism 56
參考文獻 1. Amihud, Y., H. Mendelson, and B. Lauterbach, (1997). Microstructure and Securities Values: Evidence from the Tel Aviv Stock Exchange. Journal of Financial Economics 45: 365-390.
2. Bekaert, Geert, and Harvey, Campbell R (2002). Research in Emerging Markets Finance: Looking to the Future. Emerging Markets Review 3(4): 429-448.
3. Bekaert, Geert, Harvey, Campbell R. and Lundblad, Christian T. (2003). Equity Market Liberalization in Emerging Markets. Journal of Financial Research 26(3): 275-299.
4. Bolsa de Valores de Panamá:
a. Manual de Sesiones. http://www.panabolsa.com/sys/upload/files/PDFs/pdfs_generales/Manual_Sesiones_aprobado_Res_5_05_14ene05.pdf (viewed 11/05/2007).
b. Manual de Tarifas. http://www.panabolsa.com/sys/upload/files/PDFs/pdfs_generales/Manual_Tarifas_Aprobado_por_CNV_2ag02modificado13mar06.pdf (viewed 11/05/2007).
5. Central Intelligence Agency (June 19th, 2007). Panama. Country Fact Book. https://www.cia.gov/library/publications/the-world-factbook/geos/pm.html (viewed 11/05/2007).
6. de la Torre, Augusto, Gozzi Juan Carlos and Schmukler, Sergio L. (2007). Capital Market Development: Whither Latin America? World Bank Policy Research Working Paper 4156
7. Domowitz, Ian. (1992).Automating the Price Discovery Process: Some International Comparissons and Regulatory Implications. Journal of Financial Services Research: 305-326.
8. Domowitz, Ian, Glen, Jack and Madhavant, Ananth (2001). Global Equity Trading Costs.
9. Eid, Florence (2006). Private Equity Finance as a Growth Engine: What It Means for Emerging Markets. Business Economics 41(3): 7-22.
10. Emerging Markets Committee of the International Organization of Securities Commissions (1999). Measures to Disseminate Stock Property.
11. Glen, G (1994). An Introduction to the Microstructure of Emerging Markets. World Bank International Finance Corporation. Series Papers 24: 36 pages.
12. Guadamillas, Mario and Keppler, Robert (2001). Securities Clearance and Settlement Systems: How to assess securities clearance and settlement systems, based on international standards and best practices. A Guide to Best Practices. The World Bank Latin America and the Caribbean Region Finance Cluster And Financial Sector Development Department Financial Sector Infrastructure. Policy Research Working Paper 2581: 34 pages
13. Gilson, Ronald J. Transparency (2000). Corporate Governance and Capital Market. The Latin American Corporate Governance Roundtable São Paulo, Brazil, Organisation for Economic Co-operation and Development in Co-operation with The World Bank Group.
14. Haque, Mahfuzul; Hassan, Kabir and Varela, Oscar (2001). Stability, Volatility, Risk Premiums, and Predictability in Latin American Emerging Stock Markets, Quarterly Journal of Business and Economics. 40, 3 and 4: 23-44.
15. Harris, Larry (2003). Trading and Exchanges. Market Microstructure for Practitioners. Oxford University Press.
16. Joel Hasbrouck, George Sofianos. (1993). The Trades of Market Makers: An Empirical Analysis of NYSE Specialists. The Journal of Finance. 48 (5): 1565-1593.
17. Kehr Heinrich, Carl, Krahnen, Jan P. and Theissen, Erik. (2001). The Anatomy of a Call Market. Journal of Financial Intermediation 10: 249-270.
18. Landolt, Joseph (2007). Symposium Report Competition Consolidation Cooperation Wolfsberg, Switzerland. International Security Serivices Association.
19. Monetary and Capital Markets Department (2007). Panama Assessment of Financial Sector Supervision and Regulation. International Monetary Fund Country Report No. 07/66: 62 pages.
20. Naranjo, Andy and Porter, Burt (2005). Including Emerging Markets in International Momentum Investment Strategies. Emerging Markets Review 8(2): 147 -166
21. Organization for Economic Co-Operation and Development (2007). The Importance of Financial Education. Financial Education Policy Brief. OECD
22. Stehm, Jeff (1996). Clearance and Settlement Systems for Securities Critical Design Choices in Emerging Market Economies .World Bank Discussion Papers 321.
23. Stoll R., Hans. (1992). Principles of Trading Market Structure. Journal of Financial Services Research 6: 75-107.
24. The World Bank Group. Key Development Data & Statistics: Panama. http://devdata.worldbank.org/external/CPProfile.asp?PTYPE=CP&CCODE=PAN.(viewed 15/6/2007).
25. Tokat, Wicas, Yesim, Nelson W. (2004). Investing in Emerging Stock Markets. Journal of Wealth Management 6(2): (68-80).
26. Thomas Murray Securities Market Profiles: Panama (2007): 13 pages.
27. Vihang R , Errunza, (1994). Emerging markets: Some new concepts. Journal of Portfolio Management; 20( 3): 82-87
26. Wood, R.A., T.H. McInish, and J.K. Ord (1985). An Investigation of Transactions Data for NYSE Stocks, Journal of Finance 40: 723-241
27. Yoo, Jae Hoon (2007). How to Build an Efficient Exchange for Small Firms Financing. Public Policy Journal; 315: 4 pages.
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
94933034
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094933034
資料類型 thesis
dc.contributor.advisor 郭維裕zh_TW
dc.contributor.author (Authors) 陶俐安zh_TW
dc.creator (作者) 陶俐安zh_TW
dc.date (日期) 2006en_US
dc.date.accessioned 14-Sep-2009 09:49:23 (UTC+8)-
dc.date.available 14-Sep-2009 09:49:23 (UTC+8)-
dc.date.issued (上傳時間) 14-Sep-2009 09:49:23 (UTC+8)-
dc.identifier (Other Identifiers) G0094933034en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/31338-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理碩士班(IMBA)zh_TW
dc.description (描述) 94933034zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 新興國家股票市場市場微結構之探討zh_TW
dc.description.abstract (摘要) Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market.en_US
dc.description.abstract (摘要) ABSTRACT I
     ACKNOWLEDGEMENTS II
     CHAPTER 1 1
     1.1 INTRODUCTION 1
     1.2 LITERATURE REVIEW 3
     CHAPTER 2 6
     2.1 TRADING 6
     2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6
     2.1.2 ORDER TYPE 6
     2.2 MICROSTRUCTURE OF MARKETS 7
     2.2.1 CALL VERSUS CONTINUOUS MARKET 9
     2.2.2 EXECUTION SYSTEMS 9
     2.2.3 COMMUNICATION SYSTEMS 10
     2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12
     2.2.4.1 ORGANIZATIONAL FORM 14
     2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14
     2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15
     2.2.4.4 COMPANY OWNERSHIP 15
     2.2.4.5 BALANCE SHEET STRENGTH 16
     2.2.4.6 PRODUCTS AND SERVICES 17
     2.2.4.7 PROCESS AND TECHNOLOGY 17
     2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18
     2.3.1 REASONS FOR PEOPLE TO TRADE 19
     2.3.3 TRANSACTION COSTS 22
     2.3.4 TYPE OF RISKS 23
     2.3.5 INSTITUTIONALIZATION 25
     2.3.6 COMPETITION 25
     2.3.7 INFORMED TRADERS 26
     2.4 TRANSPARENCY 26
     2.5 POLICY 27
     3.1 COUNTRY PROFILE 29
     3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35
     3.3.1 MARKET SIZE AND TRADING VOLUME 36
     3.3.2 TRADING HOURS AND TRADING DAYS 37
     3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38
     3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48
     CHAPTER 4 50
     4.1 RESULTS 50
     4.2 DISCUSSION 53
     4.3 CONCLUSION AND SUGGESTIONS 59
     REFERENCES 61
     APPENDIX 1 66
     
     
     
     LIST OF TABLES
     
     Table 1 Advantages and disadvantages of types of company ownership 16
     Table 2 Degree of Automation in the Price Discovery Process 22
     Table 3 Panama Data Profile 29
     Table 4 Panama Data Profile (II part) 30
     Table 5 Market Size (as of December 2005) 36
     Table 6 Market Size – Part II (as of December 2005) 37
     Table 7 Trading hours and trading days 38
     Table 8 BVP Brokerage fees and other costs 39
     Table 9 Types of orders in BVP 40
     Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47
     Table 11 Standard Deviation of the Sample 50
     
     
     
     List of Figures
     
     Figure 1 Historical Trading Volume 1998-2006 33
     Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34
     Figure 3 Stock Exchange Seats from 1998 - 2006 34
     Figure 4 Trading Volume of the Sample 51
     Figure 5 Trading Mechanism 56
-
dc.description.tableofcontents ABSTRACT I
     ACKNOWLEDGEMENTS II
     CHAPTER 1 1
     1.1 INTRODUCTION 1
     1.2 LITERATURE REVIEW 3
     CHAPTER 2 6
     2.1 TRADING 6
     2.1.1 THE BUY AND SELLING SIDE OF THE MARKET 6
     2.1.2 ORDER TYPE 6
     2.2 MICROSTRUCTURE OF MARKETS 7
     2.2.1 CALL VERSUS CONTINUOUS MARKET 9
     2.2.2 EXECUTION SYSTEMS 9
     2.2.3 COMMUNICATION SYSTEMS 10
     2.2.4 CLEARING, SETTLEMENT, AND PAYMENT 12
     2.2.4.1 ORGANIZATIONAL FORM 14
     2.2.4.2 RELATIONSHIP WITH PARTICIPANTS 14
     2.2.4.3 IMMOBILIZED OR DEMATERIALIZED SECURITIES 15
     2.2.4.4 COMPANY OWNERSHIP 15
     2.2.4.5 BALANCE SHEET STRENGTH 16
     2.2.4.6 PRODUCTS AND SERVICES 17
     2.2.4.7 PROCESS AND TECHNOLOGY 17
     2.3 FACTORS AFFECTING THE MICROSTRUCTURE OF MARKETS 18
     2.3.1 REASONS FOR PEOPLE TO TRADE 19
     2.3.3 TRANSACTION COSTS 22
     2.3.4 TYPE OF RISKS 23
     2.3.5 INSTITUTIONALIZATION 25
     2.3.6 COMPETITION 25
     2.3.7 INFORMED TRADERS 26
     2.4 TRANSPARENCY 26
     2.5 POLICY 27
     3.1 COUNTRY PROFILE 29
     3.3 MICROSTRUCTURE OF PANAMA STOCK MARKET (BOLSA DE VALORES DE PANAMA) 35
     3.3.1 MARKET SIZE AND TRADING VOLUME 36
     3.3.2 TRADING HOURS AND TRADING DAYS 37
     3.3.3 TRANSACTION FEES (BROKERAGES FEES AND OTHER TRANSACTION COSTS) 38
     3.4 METHODOLOGY AND DESCRIPTION OF THE DATA 48
     CHAPTER 4 50
     4.1 RESULTS 50
     4.2 DISCUSSION 53
     4.3 CONCLUSION AND SUGGESTIONS 59
     REFERENCES 61
     APPENDIX 1 66
     
     
     
     LIST OF TABLES
     
     Table 1 Advantages and disadvantages of types of company ownership 16
     Table 2 Degree of Automation in the Price Discovery Process 22
     Table 3 Panama Data Profile 29
     Table 4 Panama Data Profile (II part) 30
     Table 5 Market Size (as of December 2005) 36
     Table 6 Market Size – Part II (as of December 2005) 37
     Table 7 Trading hours and trading days 38
     Table 8 BVP Brokerage fees and other costs 39
     Table 9 Types of orders in BVP 40
     Table 10 Comparison of the Panamanian Clearing and Settlement System to US 47
     Table 11 Standard Deviation of the Sample 50
     
     
     
     List of Figures
     
     Figure 1 Historical Trading Volume 1998-2006 33
     Figure 2 Structure of Trading Volume by Type of Security 2002 - 2005 34
     Figure 3 Stock Exchange Seats from 1998 - 2006 34
     Figure 4 Trading Volume of the Sample 51
     Figure 5 Trading Mechanism 56
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094933034en_US
dc.subject (關鍵詞) 巴拿馬股市zh_TW
dc.title (題名) 新興國家股票市場市場微結構之探討─以巴拿馬股市為例zh_TW
dc.title (題名) Microstructure of Emerging Stock Markets: An Explorary Study of Panama Stock Exchangeen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Amihud, Y., H. Mendelson, and B. Lauterbach, (1997). Microstructure and Securities Values: Evidence from the Tel Aviv Stock Exchange. Journal of Financial Economics 45: 365-390.zh_TW
dc.relation.reference (參考文獻) 2. Bekaert, Geert, and Harvey, Campbell R (2002). Research in Emerging Markets Finance: Looking to the Future. Emerging Markets Review 3(4): 429-448.zh_TW
dc.relation.reference (參考文獻) 3. Bekaert, Geert, Harvey, Campbell R. and Lundblad, Christian T. (2003). Equity Market Liberalization in Emerging Markets. Journal of Financial Research 26(3): 275-299.zh_TW
dc.relation.reference (參考文獻) 4. Bolsa de Valores de Panamá:zh_TW
dc.relation.reference (參考文獻) a. Manual de Sesiones. http://www.panabolsa.com/sys/upload/files/PDFs/pdfs_generales/Manual_Sesiones_aprobado_Res_5_05_14ene05.pdf (viewed 11/05/2007).zh_TW
dc.relation.reference (參考文獻) b. Manual de Tarifas. http://www.panabolsa.com/sys/upload/files/PDFs/pdfs_generales/Manual_Tarifas_Aprobado_por_CNV_2ag02modificado13mar06.pdf (viewed 11/05/2007).zh_TW
dc.relation.reference (參考文獻) 5. Central Intelligence Agency (June 19th, 2007). Panama. Country Fact Book. https://www.cia.gov/library/publications/the-world-factbook/geos/pm.html (viewed 11/05/2007).zh_TW
dc.relation.reference (參考文獻) 6. de la Torre, Augusto, Gozzi Juan Carlos and Schmukler, Sergio L. (2007). Capital Market Development: Whither Latin America? World Bank Policy Research Working Paper 4156zh_TW
dc.relation.reference (參考文獻) 7. Domowitz, Ian. (1992).Automating the Price Discovery Process: Some International Comparissons and Regulatory Implications. Journal of Financial Services Research: 305-326.zh_TW
dc.relation.reference (參考文獻) 8. Domowitz, Ian, Glen, Jack and Madhavant, Ananth (2001). Global Equity Trading Costs.zh_TW
dc.relation.reference (參考文獻) 9. Eid, Florence (2006). Private Equity Finance as a Growth Engine: What It Means for Emerging Markets. Business Economics 41(3): 7-22.zh_TW
dc.relation.reference (參考文獻) 10. Emerging Markets Committee of the International Organization of Securities Commissions (1999). Measures to Disseminate Stock Property.zh_TW
dc.relation.reference (參考文獻) 11. Glen, G (1994). An Introduction to the Microstructure of Emerging Markets. World Bank International Finance Corporation. Series Papers 24: 36 pages.zh_TW
dc.relation.reference (參考文獻) 12. Guadamillas, Mario and Keppler, Robert (2001). Securities Clearance and Settlement Systems: How to assess securities clearance and settlement systems, based on international standards and best practices. A Guide to Best Practices. The World Bank Latin America and the Caribbean Region Finance Cluster And Financial Sector Development Department Financial Sector Infrastructure. Policy Research Working Paper 2581: 34 pageszh_TW
dc.relation.reference (參考文獻) 13. Gilson, Ronald J. Transparency (2000). Corporate Governance and Capital Market. The Latin American Corporate Governance Roundtable São Paulo, Brazil, Organisation for Economic Co-operation and Development in Co-operation with The World Bank Group.zh_TW
dc.relation.reference (參考文獻) 14. Haque, Mahfuzul; Hassan, Kabir and Varela, Oscar (2001). Stability, Volatility, Risk Premiums, and Predictability in Latin American Emerging Stock Markets, Quarterly Journal of Business and Economics. 40, 3 and 4: 23-44.zh_TW
dc.relation.reference (參考文獻) 15. Harris, Larry (2003). Trading and Exchanges. Market Microstructure for Practitioners. Oxford University Press.zh_TW
dc.relation.reference (參考文獻) 16. Joel Hasbrouck, George Sofianos. (1993). The Trades of Market Makers: An Empirical Analysis of NYSE Specialists. The Journal of Finance. 48 (5): 1565-1593.zh_TW
dc.relation.reference (參考文獻) 17. Kehr Heinrich, Carl, Krahnen, Jan P. and Theissen, Erik. (2001). The Anatomy of a Call Market. Journal of Financial Intermediation 10: 249-270.zh_TW
dc.relation.reference (參考文獻) 18. Landolt, Joseph (2007). Symposium Report Competition Consolidation Cooperation Wolfsberg, Switzerland. International Security Serivices Association.zh_TW
dc.relation.reference (參考文獻) 19. Monetary and Capital Markets Department (2007). Panama Assessment of Financial Sector Supervision and Regulation. International Monetary Fund Country Report No. 07/66: 62 pages.zh_TW
dc.relation.reference (參考文獻) 20. Naranjo, Andy and Porter, Burt (2005). Including Emerging Markets in International Momentum Investment Strategies. Emerging Markets Review 8(2): 147 -166zh_TW
dc.relation.reference (參考文獻) 21. Organization for Economic Co-Operation and Development (2007). The Importance of Financial Education. Financial Education Policy Brief. OECDzh_TW
dc.relation.reference (參考文獻) 22. Stehm, Jeff (1996). Clearance and Settlement Systems for Securities Critical Design Choices in Emerging Market Economies .World Bank Discussion Papers 321.zh_TW
dc.relation.reference (參考文獻) 23. Stoll R., Hans. (1992). Principles of Trading Market Structure. Journal of Financial Services Research 6: 75-107.zh_TW
dc.relation.reference (參考文獻) 24. The World Bank Group. Key Development Data & Statistics: Panama. http://devdata.worldbank.org/external/CPProfile.asp?PTYPE=CP&CCODE=PAN.(viewed 15/6/2007).zh_TW
dc.relation.reference (參考文獻) 25. Tokat, Wicas, Yesim, Nelson W. (2004). Investing in Emerging Stock Markets. Journal of Wealth Management 6(2): (68-80).zh_TW
dc.relation.reference (參考文獻) 26. Thomas Murray Securities Market Profiles: Panama (2007): 13 pages.zh_TW
dc.relation.reference (參考文獻) 27. Vihang R , Errunza, (1994). Emerging markets: Some new concepts. Journal of Portfolio Management; 20( 3): 82-87zh_TW
dc.relation.reference (參考文獻) 26. Wood, R.A., T.H. McInish, and J.K. Ord (1985). An Investigation of Transactions Data for NYSE Stocks, Journal of Finance 40: 723-241zh_TW
dc.relation.reference (參考文獻) 27. Yoo, Jae Hoon (2007). How to Build an Efficient Exchange for Small Firms Financing. Public Policy Journal; 315: 4 pages.zh_TW