在非瓦尔拉斯市场下,构建了一个有一风险资产和两类交易者的微观结构市场模型,讨论了在流动性异动的市场环境下风险中性的短线投资者的交易行为,以及持有或卖出风险资产的均衡临界点。研究结论表明,短线投资者持有或卖出的价格临界点由投资者的损失极限唯一确定,且严格大于损失极限。 In the non-Walrasian market, a microstructure-based market model with risk assets and two types of traders is constructed. It deals with the trading behavior of risk-neutral short-term investors in the market with liquidity disruption, The equilibrium point of selling risky assets. The conclusion of the research shows that the critical point of the price held or sold by short-term investors is uniquely determined by the loss limit of investors and strictly exceeds the limit of loss.