我国资本市场融资融券与内部人交易获利性的关系研究

发布时间：2018-01-02 04:28

本文关键词：我国资本市场融资融券与内部人交易获利性的关系研究　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国融资融券业务自2010年3月31日正式开展以来,融资融券标的股票数量已经超过900只,两融交易余额一度突破两万亿元。融资融券业务对股票市场的影响越来越受到人们的关注。我国上市公司内部人交易的行为一直受到市场关注,内部人交易普遍能够获得超额收益的现象也一直是市场关注的焦点。本文从内部人交易的角度,研究了2010年3月31日至2014年9月22日五次新增融资融券标的股票在纳入标的后内部人交易获利能力的变化。研究结果表明,在股票纳入融资融券标的之后内部人利用股价错估进行交易获利的能力显著降低,其中对减持交易的影响更加显著。研究还发现,股票纳入融资融券标的之后,内部人减持会带来更强烈的市场反应。另外,不论是交易获利性还是市场反应,股票加入标的对二者的影响都随着融资融券业务的推进呈现出逐渐增强的趋势。最后,在文章研究结论的基础上结合我国融资融券业务现状和存在的问题,提出了相应的政策建议。
[Abstract]:Since the margin trading business in China since March 31, 2010 formally launched, the number of margin trading the underlying stock has more than 900, two financial transactions balances topped two trillion yuan. The margin of the business impact on the stock market has attracted more and more attention. Insider trading of Listed Companies in China is always concerned about the market, insider trading is generally able to obtain excess returns phenomenon also has been the focus of the market. This paper from the perspective of insider trading, studied from March 31, 2010 to September 22, 2014 five increase in margin trading the underlying stock into the underlying profit after insider trading ability. The results show that the decrease in the stock into the ability after the margin target insiders by using stock misvalued trading profit, which influence to trade on the reduction is more significant. The study also found that in stock After the subject of margin trading, insider holdings will bring market reaction more intense. In addition, whether trading profit or stock market reaction, join the subject of the two effects with the advance of the margin trading business has gradually increased. Finally, combined with China's current situation and existing financing business in this paper the research conclusion, put forward the corresponding policy recommendations.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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