| With through the impact of the stock market supply and demand relationship means to stabilize the stock price fluctuation margin trading. China began to introduce margin trading from March 31,2010, to research on the volatility of China’s stock market margin has been a hot issue in the academic margin.SSE 50 rate of return, financing and securities lending transactions based on margin financing business to December 31,2014 data of the influence of financial transactions, the impact on the stock market volatility and margin trading on stock market volatility are studied respectively. This paper systematically describes the definition, characteristics, significance and function of margin trading, then from the qualitative point of view that the mechanism of margin financing and securities lending transactions have an impact on the stock market volatility, then from the quantitative point of view, respectively, the establishment of vector financing transactions and securities lending transactions on the stock market volatility autoregressive equations, are the impulse response analysis and variance decomposition, and comes to the conclusion that the financing securities loan transaction will produce stabilize fluctuation of China’s stock market has just started, but due to the short development process, at present this kind of influence is not particularly obvious conclusion.This paper mainly divided into the following several parts, first introduce the combs and summarizes the domestic and foreign research about historical influence on the volatility of stock market margin, and then introduced the system of margin trading, and the mechanism of impact on stock market volatility analysis. Finally, according to the qualitative analysis and quantitative analysis of the conclusions, and in the light of China’s actual conditions, gives the opinions and suggestions to promote the healthy and rapid development of the margin trading business. |
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