关键词: 集合竞价, 成交价算法, 市场压力原则, 参考价格原则, 数值仿真

Abstract: Algorithm of call auction price is designed according to the determining principles popular in international stock markets.From point of view of the algorithm，the roots of good characteristics of call auction are oriented in these principles.Numerical simulations are conducted to validate the findings.Theoretical analysis and simulation results show that：by implementing principles of maximum volume，minimum residual，market pressures and reference prices，the alternative transaction price set of call auction is gradually narrowing，which indicates that the algorithm has good convergence；the principle of reference prices guarantees the uniqueness of the final transaction price；principles of minimum residual and market pressure contribute to reducing the price volatility；principles of market pressure and reference prices help to enhance the quality of price discovery.Suggestion for constructing Chinese stock market is：Principles of market pressure and reference prices should be introduced into the call auction principles of Chinese stock market as soon as possible，which will help to reduce the systematic volatility of stock market and enhance the continuity of stock prices.

Key words: call auction, algorithm of call auction price, principle of market pressure, principle of reference prices, numerical simulation