CAJ | 학술논문

知情交易在市场微观结构的信息模型中扮演着关键角色，特别是在理性预期模型（REE）引入到市场微观结构以后，知情交易更是理解市场流动性、市场波动性以及价格发现等诸多市场运行特征的钥匙。本文对知情交易的基本特征和意义进行了介绍，对学术界衡量市场知情交易的各类方法进行了梳理总结，并对各方法特点作了简要评价。
지정교역재시장미관결구적신식모형중분연착관건각색，특별시재이성예기모형（REE）인입도시장미관결구이후，지정교역경시리해시장류동성、시장파동성이급개격발현등제다시장운행특정적약시。본문대지정교역적기본특정화의의진행료개소，대학술계형량시장지정교역적각류방법진행료소리총결，병대각방법특점작료간요평개。
Informed-trading plays a key role in the information model of market microstructure. Particularly, after the Ra-tional Expectations Model (REE) is introduced to the market microstructure, informed-trading has been the key to understand-ing market liquidity, market volatility and price discovery. This paper introduces the basic characteristics and significance of informed-trading. Then, the paper summarizes all kinds of methods to measure the informed-trading of market and gives a brief evaluation of the characteristics of each method.