| The global capital market was affected deeply by the financial crisis in 2008 and the European debt crisis in 2009. Furthermore, A-share market had been declined for seven years. During this time, A series of financial derivative instruments were launched one after another by our regulators, such as Margin trading, Stock index futures, Options and so on. With the continuous improvement of trading mechanism, investors could have more trading tools and investment transactions according to their needs. In 2014, with the good news, such as improvement of IPO, on-line of Shanghai-Hongkong stock, relaxed monetary policy, expected reformation of regulatory and so on, A-share market finally exploded in July, SSE(Shanghai stock Exchange) rose by more than 50% in half of the year, became the leader of the global capital market. During this time, the day trading volume peaked a historical high, and Margin played a key role in the process. The balance of margin trading has climbed to break through one trillion for the first time on Dec.19,2014. And it broke quickly through two trillion on May 20,2015. The two balance of margin trading continue to hit record highs.This bull market which is pushed by finance leverage is hard for investors to deal with, specially for the investors who are directly involved in margin trading. A phenomenon of "full in stock and won less profit", "Loss the profit from bear market in bull market" appeared in market. Moreover, it will influence the healthy development of the capital market. From Jan.5 to 8, Xinhua News Agency had issued four comments about "leveraged bull market" and from Dec.2014 to Jan.2015, the supervision level stared the investigation, and even made punishment to the illegal securities. I think it’s necessary to study this investment phenomenon and the behavior of the investors with margin trading tool.In international finance, behavioral finance has become a hot spot research. Behavioral finance, which combine the research results of psychology, behavior science and sociology, can systematically study the investment behavior of investors under irrational hypothesis. This paper will use behavioral finance theory as the foundation, margin trading investors of Z securities trader as the object of study, by analysis of the actual transaction data from financing investment participants, combined with the recent phenomenon of market investment to margin investors behavior, Wherein the actual transaction data samples selected time is July 1,2014 to December 31,2014.Evidence analysis shows:First, application of leverage tool could help rise and fall and is difficult to control,the investors are not easy to gain the high returns by using leverage tool as expected and it not apply to all investors. Secondly, There is "excessive fear", "overconfidence", "too greedy", "Herd behavior" emotion and investment phenomena among margin investors. At last, statistics find that institutional investors and professional investors are more flexibility than individual investors in the process of using leverage.This paper will help the investors to learn more about leverage tools, and also help investors to recognize themselves, as far as possible to correct and reduce the irrational investment behavior, provide advisory suggestion for the securities and related institutions in business risk control, investors’ education, investors’ management and maintenance. Through the analysis and research of investors in margin trading, it also will be a reference for the regulatory to supervise and regulate in related margin trading business. |
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