The Comparison And Enlightment For China From The Global System Of Margin Lending

Margin Lending,also known as margin trading,means that the securities company lend money for its investors to buy securities,or lending of securities sold for their customers in business activities.Securities companys do margin lending for investors,and financial institutions do margin lending for securities companys.Margin trading lending transactions are divided into two types of margin lending transactions.Mature stock markets abroad,it is an important part.for margin lending trading system which has become the basis.With the rapid development of securities markets in China,unilateral stock market and traditional business has been unable to meet the needs of investors.Investors and securities companies also need margin lending in order to increase investment strategy and profit model.At the same time,the margin lending business is also about to carry out.This paper studies the margin lending of our business systems,identify appropriate national method of capital and security financing and monitoring system.Through the ADF,Cointegration, Granger test on the empirical analysis of the Hong Kong market,margin lending business has not effect on volatility of Hong Kong's market index.Through a comparative analysis of the methods the United States,Japan,Taiwan and the three types of transactions and monitoring system,combined with China's own national conditions,analysis of the need for margin lending.In the future,our country's margin lending should be a transaction mode "three-step" strategy,the introduction of margin lending for the securities industry and the impact of the banking industry,and finally analyzes the regulation of margin lending system and put forward proposals for future development.