融资融券对证券市场流动性和波动性的影响研究

发布时间：2018-05-17 12:09

本文选题：金融杠杆化 + 融资融券　；参考：《浙江大学》2017年硕士论文

【摘要】：2010年3月31日中国正式引入了融资融券交易,投资者既可以通过融资获得更大利润,也可以通过融券卖空获利,融资融券的推出标志着一个全新交易模式的开启。随着融资融券由试点转为常规、标的证券品种大幅扩容以及转融通业务的启动,融资融券的交易额和余额,都呈现持续快速增长态势。融资融券对中国证券市场的影响力日益扩大。本文的研究主要分为理论和实证两个部分。在理论分析方面,首先回顾了国内外文献关于融资融券对市场影响的各种论述,同时介绍了几种具有代表性的融资融券交易制度,接着从交易流程分析融资融券如何影响证券市场的波动性和流动性。在实证研究部分,本文从流动性和波动性两个视角,通过一系列实证检验方法,分析了融资融券对证券市场波动性和流动性的影响程度。最后,本文根据实证分析结果,从做好风险管理、完善转融通机制、推动融资和融券平衡发展等几个不同角度提出了相关政策建议,供相关部门参考。
[Abstract]:In March 31, 2010, China formally introduced margin trading. Investors can gain greater profits by financing and profit from short selling. The introduction of margin trading marks the opening of a new trading model. Starting, the trading volume and balance of financing margin are increasing rapidly. The influence of financing margin on China's securities market is increasing. The research of this paper is divided into two parts: Theory and demonstration. This paper analyses how to affect the volatility and liquidity of the securities market from the transaction process. In the empirical part, this paper analyzes the volatility and liquidity of the margin to the securities market through a series of empirical tests from two perspectives of liquidity and volatility. Finally, according to the results of the empirical analysis, this paper puts forward relevant policy suggestions from several different angles, such as doing a good job of risk management, perfecting the mechanism of transfer, promoting financing and the balanced development of financing, for the reference of the relevant departments.
【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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