关键词: 多层资本市场体系, 涨跌幅限价交易制度, 非对称性效应, 蒙特卡罗模拟

Abstract: Based on the actual operating conditions of the multi-layer capital market in China, this article empirically examines the risk characteristics, and analyzes the substitution of benefits and risks between markets. On the basis of the hierarchical relationships between different markets, it explores the symmetry trading mechanism of the multi-layer capital market in China . It empirically analyzes the running asymmetric effect of the Main-Board Market, the small and medium-sized market, as well as the Growth Enterprise Market, and puts forward a set of optimization plans for perfecting the multi-layer capital market system with price limit trading system in China.

Key words: Multi-layer capital market system, Price Limit trading system, asymmetric effect, Monte Carlo simulation