台灣證券交易所之交易制度自2002年7月1日起有重大興革，其中重要的新措施之一：取消兩檔限制，改採「瞬間暫停穩定措施」為穩定市場的新機制，在此機制下，若該盤在滿足最大成交量的原則下，所試算出來之成交價超過前一盤成交價的3.5%，則該盤自動延長2∼3分鐘後再重新撮合。
研究結果發現，主要影響暫停次數多寡之最主要因素為公司規模與股價，市值或股價愈小之股票愈容易發生暫停，顯示主要發生暫停原因係與小公司、低價股之波動性自然較大有關，而非全因市場結構面短暫供需失衡所引起。
對市場品質影響方面，暫停前之磁鐵效應不存在。暫停後交易量減少，價差縮小，顯示延緩撮合以接收更多的委託單確實發揮效用，但單筆委託量減少，深度變差。就波動度而言，暫停後之報酬標準差較暫停前減小，但價格變動幅度則較暫停前大，若分別觀察趨漲與趨跌之暫停，則發現股價下跌時暫停後價格變動幅度與暫停前相當，未產生波動外溢效果；價格上漲時暫停後價格變動幅度增加，有波動外溢效果，顯示暫停之穩定效果呈不對稱之現象。

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目錄
第一章 緒論...1
第一節 研究動機與目的...1
第二節 論文架構...5
第三節 研究流程...6
第二章 文獻回顧...7
第一節 裁決性機制與規則性機制之比較...7
第二節 暫停交易文獻...8
第三節 停板限制文獻...9
第三章 瞬間暫停穩定制度之介紹...12
第一節 執行方式...12
第二節 不執行之時機...12
第三節 與舊制之比較...13
第四章 研究假說...21
第一節 影響暫停次數多寡之因素...21
第二節 暫停對市場品質之影響...23
第五章 實證研究方法...26
第一節 樣本描述...26
第二節 敘述統計...26
第三節 研究方法...50
第六章 實證結果與分析...58
第一節 影響暫停次數多寡之因素...58
第二節 瞬間暫停對市場品質之影響...60
第七章 結論與建議...69
第一節 研究結論...69
第二節 後續研究建議...70
參考文獻...71

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