| As one of the most commonly used methods in the mature securities market, margin trading can be classified into the category of credit transaction, which also determines the investors can take the means to borrow money to buy securities, also can borrow securities for sale, and then return the funds or the underlying securities, that is financing and securities lending. Overall, in the international market, margin trading business appeared earlier, with a sound legal system and a wealth of practical experience. And with the continuous development of China’s securities market, in order to comply with the reform trend, there is enough reason to introduce margin trading, the formation of a new credit trading mechanism. The national securities and Futures Commission officially released in 2006, securities companies Margin pilot management approach, which marks the beginning of China’s margin trading business. After 4 years of preparation, in 2010, the margin trading business pilot, which greatly promoted the Chinese securities market is gradually becoming mature. After that, China’s securities market has formed a short selling mechanism, which has been transformed from the previous unilateral market to bilateral market. However, margin trading and securities lending business as the securities market, it is not a simple increase in a transaction means only. Margin trading business has a special operating mode and operation mechanism, which will have a profound impact on the securities market. In this regard, the academic and regulatory authorities have made a number of research work, but also there is a big difference of opinion. Margin trading is like a double-edged sword, how to correctly carry out the business of margin trading, how to implement scientific supervision, to give full play to its business advantages, but also to effectively prevent the negative impact of market volatility, which is a problem need to be further studied. In this paper, we make a systematic study on the specific impact of the securities market in China.At present, in the international academic circles and the regulatory body to carry out a number of research and discussion, especially abroad due to the relatively perfect securities market, the formation of a standardized credit trading mechanism, the accumulation of a large number of transaction data information. However, the specific impact of the margin trading on the market volatility, has not yet made a systematic demonstration. Currently, the margin trading business has a chance to cause a strong market volatility, but also a chance to further stabilize the market. In this regard, different countries or regions of the securities market as well as different stages of development do not have a systematic conclusion. Some researchers have proposed that the margin trading machine manufacturing has become a strong market volatility, especially in the 2008 global financial crisis, resulting in the decline in the world’s stock market, which is mainly due to the short selling mechanism for the stock price to suppress. A part of the country has already made restrictions on the sale of short selling, or a direct release of the ban. However, there are some researchers proposed that margin trading is the credit trading mechanism, which can play a positive impact on the stability of the market, the market is difficult to limit the short selling mechanism, and even counterproductive. In practice, the securities market regulators will indeed have doubts about the credit trading mechanism, because the short selling mechanism is also true that at least to promote the stock return volatility. At present, China has a late start, so all aspects are not mature, it is more necessary to systematically sort out the relevant transaction data, carry out empirical analysis and inspection, timely detection of problems, and the proposed countermeasures, which not only can provide reference for the regulators, but also for the securities market investors have a positive meaning. |
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