The Influences Of Margin Trading On China’s Stock Markets

With the launch of the pilot margin trading on march31,2010,margin impact on the stock market has become a hot issue of domestic scholars and experts to study, but through the analysis of the past studies, we found that research on margin trading focuses on the world’s major stock market margin trading system as well as differences in the analysis of margin trading system launched revelation;on the other hand, due to the lack of margin trading of securities market data or data samples is not enough, the domestic researchers select the securities markets overseas as the research object, such as:Hong Kong, Taiwan, etc., By analysis of the trading data of the oversea stock market, the impact of margin trading on the stock market was explored, but researches on the stock market impact on our margin were rarely; Currently, there are still large differences in the academic area about the impact of margin trading on the stock market, the researchers haven’t yet formed a unified point of view and opinions.In this paper, the literatures on domestic margin impact on the stock market were reviewed and summarized, followed by a systematic introduction to the basic theoretical knowledge of margin trading, the margin impact on the stock market mechanism was analyzed qualitatively, then the margin trading data in shanghai and Shenzhen were selected for the study of the subject sample coupons, relative ranking score method were used to analyze the impact on the margin of the stock market. And the conclusion is that the introduction of margin trading business reduced the margin volatility of the underlying stock to a certain extent.