| In Europe and America and other developed countries, short selling has become a mature trading system and an integral part of the security market. In March 2010, the staring of the margin trading let the A-share market say goodbye to the one-tier long mechanism, which is a milestone in history of Chinese security market. In November 2011, Shanghai and Shenzhen stock exchange issued the rules for the implementation of the margin trading, which means the margin trading pass from business pilot to business as usual. In August 2012, refinancing money business took the lead; then in February 2013, refinancing securities business started experimenting. This expands the sources of money and securities in the margin trading, which makes the margin trading become more perfect. During the period of improving the margin trading, we should consider the impacts, and then we can make some targeted policy recommendations.The purpose of this paper is to standard 11 August,2014 to 10 August,2015, the 245 trading day of the Shanghai and Shenzhen two city 16 banking sector stocks are selected as the research object, discusses the financing securities loan service for this 16 standard stock flow and volatility effects. Through the establishment of model of panel data regression reached the margin of the stock liquidity promotion effect, and financing transactions greater than enhance the role of the margin trading; for the volatility of the underlying stock also can improve and enhance the role of financing transactions less than enhance the role of the margin trading. And Shanghai and Shenzhen stock markets and the surrounding market (Hong Kong and Taiwan) were compared and found that margin trading for the banking sector standard stock volatility has enhance the role, but trading in Shanghai and Shenzhen stock market and enhance the role was significantly greater than that of two other markets. At last, I put forward some opinions on how to improve the margin trading. |
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