The Research Of Margin Trading On Pricing Efficiency Of China’s Growth Enterprise Market

In China’s stock market, the introduction of margin trading system has been more than five years, as an important part of perfecting the mechanism of securities trading, securities lending and borrowing effects on the market pricing efficiency has always been the focus of investors and regulators.The growth enterprise market in our country’s share price more volatile and risky, as the chi-next stocks into margin targets, chi-next margin trading on pricing efficiency effect is being more and more people pay close attention to.In this paper, first of all, on the basis of summarizing the research achievements of many scholars, theoretically analyzed the influence of the margin on the pricing efficiency mechanism is studied through theoretical models and margin trading relationship with insider trading information and its negative effects, provides a theoretical basis for the back of the empirical test. Secondly, based on the perspective of individual stocks, using event study method, from the information content of stock price, adjusting speed and stability three aspects empirically the effect of margin on the pricing efficiency and its reasons are analyzed; In addition, the gem margin on the pricing efficiency effect and the influence of the small and medium-sized plate margin effects on the pricing efficiency of comparison analysis. Finally, the gem of our country the development of the securities lending and borrowing business put forward reasonable Suggestions. Research conclusion of this paper:(1) the gem margin to reduce the reflection of the price information for individual stocks; (2) Entrepreneurship margin slows the price adjustment; (3) The gem margin makes stock yield deviation from the random walk process. Overall, the margin of the gem of the positive effect is not obvious. Advice from margin regulation and financing system two aspects to perfect the margin trading system, strengthen the securities market information transparency, cultivating rational investors and strengthen the capital market integration.