融资融券交易对我国股市波动性影响的研究——基于第四次扩容前后的比较分析

发布时间：2018-04-09 15:10

本文选题：融资融券　切入点：沪深指数　出处：《会计之友》2017年02期

【摘要】：文章以沪深300指数为样本数据研究2014年9月22日第四次扩容前后,融资融券交易对我国股票市场波动性的影响。研究表明两融标的证券第四次扩容对市场波动性有显著的正向影响。进一步对两个分样本估计结果显示,随着时间的推移,融资融券业务平抑股票市场波动的效果更加稳定。最后将实证结果与我国融资融券发展现状相结合提出相关对策建议。
[Abstract]:Based on the sample data of CSI 300 index, this paper studies the influence of margin trading on the volatility of Chinese stock market before and after the fourth expansion on September 22, 2014.The results show that the fourth expansion of the securities with two financial targets has a significant positive effect on market volatility.The results of two sample estimates show that with the passage of time, the securities financing and short selling business is more stable in stabilizing the volatility of the stock market.Finally, the empirical results are combined with the current situation of margin financing in China to put forward relevant countermeasures.
【作者单位】：天津科技大学;
【基金】：天津科技大学金融工程与风险研究中心资助项目
【分类号】：F832.51

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