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

摘要： 根据国际证券市场广泛采用的集合竞价成交价决定原则，设计集合竞价成交价算法；从算法本身出发，分析集合竞价机制优良性质的根源，并从数值仿真角度给予验证。理论分析与仿真结果表明：依次执行最大成交量原则、最小剩余原则、市场压力原则、参考价格原则，输出的备选成交价集合在逐渐缩小，算法具有良好的收敛性；参考价格原则保障了最终成交价的唯一性；最小剩余原则和市场压力原则有助于降低价格波动性；市场压力原则和参考价格原则有助于提高价格发现的质量。研究建议应尽快将市场压力原则和参考价格原则引入我国证券市场集合竞价制度建设，将更有利于降低整个股票市场的系统性风险，增强股票价格的连续性。

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