大宗交易为什么折价？这是一个引人关注的问题，也是证券市场的一个现象。以下是对这一现象的分析及其英文翻译。

首先，大宗交易的折价可以归因于供求关系的影响。当大宗交易的数量较大时，买方和卖方之间的供需关系可能发生不平衡，导致股价出现折价。例如，如果大量股票被卖给少数买家，买家可能会通过折价来降低购买成本，从而增加其购买意愿。英文翻译为：The discounted price of bulk transactions can be attributed to the influence of supply and demand. When the volume of bulk transactions is large, the supply and demand relationship between buyers and sellers may become unbalanced, leading to a discounted price in the stock. For example, if a large number of stocks are sold to a few buyers, the buyers may reduce their purchase cost through discounts to increase their willingness to purchase.

其次，大宗交易的折价还可能受到市场情绪的影响。当市场处于不稳定状态时，投资者可能会感到担忧和不安，从而降低他们对股票的估值。这种情绪可能会影响股票价格，从而导致大宗交易出现折价。英文翻译为：The discounted price of bulk transactions may also be influenced by market sentiment. When the market is in an unstable state, investors may feel worried and anxious, which may lower their evaluation of stocks. This sentiment may affect stock prices, leading to a discounted price for bulk transactions.

最后，大宗交易的折价还可能受到交易成本和市场效率的影响。当大宗交易的数量较大时，买卖双方可能需要支付更高的交易成本，例如手续费、佣金等。这些成本可能会导致股票价格出现折价，以抵消这些成本。此外，市场效率也是影响大宗交易价格的因素之一。如果市场效率较低，信息不对称和流动性不足等问题可能会出现，从而影响股票价格的合理性和大宗交易的折价程度。英文翻译为：The discounted price of bulk transactions may also be influenced by transaction costs and market efficiency. When the volume of bulk transactions is large, buyers and sellers may need to pay higher transaction costs, such as fees and commissions. These costs may lead to a discounted price in the stock to offset them. In addition, market efficiency is also one of the factors that affect the price of bulk transactions. If market efficiency is low, information asymmetry and liquidity不足may arise, which can affect the rationality of stock prices and the degree of discount for bulk transactions.

综上所述，大宗交易的折价主要是由于供求关系、市场情绪、交易成本和市场效率等因素的影响。这些因素共同作用，导致大宗交易的价格低于正常水平。英文翻译为：In summary, the discounted price of bulk transactions is mainly due to the influence of supply and demand, market sentiment, transaction costs, and market efficiency. These factors work together to result in a price for bulk transactions lower than the normal level.