融资融券对上市公司股票价格的影响研究

发布时间：2018-01-16 00:08

本文关键词：融资融券对上市公司股票价格的影响研究　出处：《郑州大学》2014年硕士论文　论文类型：学位论文

【摘要】：融资融券业务是一种证券信用交易,并作为一种成熟交易制度在海外证券市场普遍实施,也是成熟证券市场交易体系中非常重要的一个组成部分。融资融券业务在我国于2010年3月31日正式进入市场操作阶段,使我国的股票市场告别“单边市”的市场格局。融资融券业务的推出,是中国证券市场改革发展必须迈出的一步,也是维护证券市场稳定健康发展必须迈出的一步,它将加速市场从新兴走向成熟。融资融券业务为我国股票市场增加了灵活的交易模式,为投资者开辟了新的投资渠道,完善了价格发现功能,使投资者更有效的去规避市场系统性风险。随着我国证券市场的进一步开放和整体水平的进步,融资融券对市场的作用会越来越大。尽管我国证券市场制度一直在进步与完善,但与其他发达国家相比,发展还不成熟,融资融券在我国证券市场运行的实际情况及其具体作用,还需要结合我国证券市场的基本情况来进一步证实和检验。以前的研究更多关注的是融资融券制度建设方面和运行原理,以及应用策略方面,还有对市场整体的波动性影响研究,但融资融券对上市公司股票价格的影响却很少涉及。本课题根据融资融券交易制度在我国的开展情况,收集901只标的股票半年的融资融券余额和股价的变化情况,运用统计法,案例法,分类法对主板、中小板、创业板上市公司股票价格变动进行分析,并进行科学分析论证,为投资者制定了相应的投资策略,为证券公司开展此业务提供依据,同时对监管部门的监管方式和监管措施也具有一定的指导意义。
[Abstract]:Margin trading is a kind of securities credit transactions, and as a mature trading system in overseas securities markets generally, is a very important part of the mature stock market trading system. The margin trading business in China in March 31, 2010 officially entered the market stage, the Chinese stock market to bid farewell to the "single market" the pattern of the market. The launch of the margin trading business, is the reform and development of the securities market must be Chinese a step, but also to safeguard the healthy development of the securities market stability must be a step, it will accelerate the market from emerging to mature. The margin trading business in China's stock market to increase the flexibility of the trading mode, opened up a new the investment channels for investors, improve the price discovery function, to enable investors to avoid the market system risk more effectively.
With the further opening of China's securities market and the overall level of progress, effect of margin trading on the market will become increasingly large. Although our country's stock market system has been improved, but compared with other developed countries, development is not mature, the actual situation of margin trading operation in China's stock market and its specific role. Also need to combine the basic situation of China's securities market to further confirm and verify.
Previous studies pay more attention to the aspect of the margin trading system construction and operation principle, and application strategy, and volatility impact on the overall market research, but the impact of margin trading on the stock prices of listed companies are rarely involved. Based on the margin trading system in China's development, changes from 901 only half of the underlying stock price and margin balance, using the statistical method, case method, small plates on the motherboard, classification, the GEM listed companies stock price movements are analyzed, and the scientific analysis on the certificate, formulate the corresponding investment strategy for investors and provide the basis for securities companies to carry out this business at the same time. It has a certain guiding significance for the supervision of regulation and supervision measures.

【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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