本文使用三個假說來驗證放寬漲跌幅限制的影響，在波動度溢出的假說中，10%限制時的波動度顯著大於7%限制，我認為這是因為放寬漲跌幅限制本身增加了交易的價格範圍，再延遲價格發現假說中，我的結果支持放寬價格限制，這意味著在放寬漲跌幅限制之後強化了市場的價格發現機制，在交易干擾的假說中，我的結果也支持放寬價格限制，表示放寬漲跌幅限制減少了交易干擾，放寬漲跌幅限制提供了投資人更大的交易範圍讓他們買到他們喜好的價格。我的所有檢測大部分都支持放寬漲跌幅限制會強化市場的效率性。

This paper use three hypotheses to examine the effect of relaxing price limit. In volatility spillover hypothesis, the volatility of 10% limit is higher than 7% limit. I think that might because the relaxing limit increases the trading price range. In the delayed price discovery hypothesis, my results support the position of price limit critics. This means after relaxing price limit, the mechanism enhances the price discovery. In trading interference hypothesis, my results support the position of price limit critics, too, which means the policy reduces the trading interference. It provides more time for the investor to buy the stock at favor price. My all tests show that relaxing price limit enhances the market efficiency.

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