As housing market is not perfect, this chapter apply manufacturer theory into analyzing of enterprise behavior for the first time.
针对住宅市场的不完善性，本章将厂商理论首次应用到对我国住宅开发企业的行为分析中。
The Standard Finance Theory holds that investors are rational, and the security market is efficient due to the possibility of perfect arbitrage, even if most of the investors are irrational.
标准金融学认为，投资者是理性人，即使大部分投资者是非理性人，但是由于完美套利的存在，市场也将是有效市场。
And the liquidity, volatility, which run through the entire market microstructure theory, are used to design the market structure and evaluate whether the market structure is perfect.
而流动性，波动性始终贯穿整个市场微观结构理论，更是被用来设计市场结构及评价一个市场结构是成熟，稳定而采用的广泛标准。
And the liquidity, volatility, which run through the entire market microstructure theory, are used to design the market structure and evaluate whether the market structure is perfect.
而流动性，波动性始终贯穿整个市场微观结构理论，更是被用来设计市场结构及评价一个市场结构是成熟，稳定而采用的广泛标准。
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