A Research On The Effects Of Block Trading On The Stock Market

With the rapid development of institutional investors, the mergers and acquisitions phenomenon frequent in the stock market, The large-scale equity transfer need safety and efficiency’s channel, the investors increased demand for liquidity in the stock market, commodities trading securities trading market is a special trading mechanism, than the average of the securities market trading mechanism is particularly convenient in the big share stock to pay, so commodities trading activity in the market has become increasingly strengthened, more and more be taken seriously in our country securities market industries. Commodity trading system as a complement for the normal system, not only can meet the investors’ high liquidity demand, but also can effectively promote the large equity transfer and reduce the transaction cost. Thus, promote the commodity trading market orderly fast operation is of great significance to promote the development of the securities market.As based on the background, this paper attempts to study China’s stock market’s reaction under the commodity trading event, to further explore commodities trading is how to affect the market. This article selects the main-board, small and medium-sized plate, and the growth enterprise market shares of each representative in March 2012 to March 2014 in transaction data as sample, extract the csi 300 index, the index of small and medium-sized board and gem index as the index of corresponding; Using the theory of efficient market hypothesis, the liquidity premium and liquidity shocks hypothesis as the theoretical foundation, adopts the method of event study method and study and multiple regression empirical research commodity trading in the secondary market stock prices and the impact of stock trading volume, the influence of the results found that the stock of commodities trading to have greater impact on stock prices before and after the incident, but trading volume reaction was not significant on the whole, for big deals by factors such as different drive side and plate for the impact of stock prices is different; On the basis of each factor is how to affect stock market reaction, and then puts forward the block trading system in China should take measures, namely the perfect commodity trading information disclosure mechanism, enhance market transparency; A sound system of large transactions, to ensure market stability and strengthen the government supervision and other measures.