| Since March 31 st, 2010, China launched pilot margin trading, margin trading business development of increasingly sophisticated. The arrival in 2014 of a new round of market, the stock market index soared, market transactions and blind fanaticism, it is in this context, margin trading mechanism was quickly known to the public. Margin exactly what impact on China's stock market run, the current domestic scholars eyes of the beholder, the wise see wisdom. As used herein, the Shanghai and Shenzhen stock market data, further explore this issue, specific analysis of the impact of margin trading in different markets under the operating state of the stock market, it has a certain practical significance.Volatility and market liquidity as a measure of the quality of the core index, the effective operation of the market plays an important role, reasonable volatility and ample liquidity is a prerequisite for the effective operation of the market. From the development process of margin trading, credit mode, and the status of margin development and the problems start, select the margin on the stock market volatility and liquidity of the two effects, the theoretical analysis of the margin the impact of the stock market mechanism, and empirical test. The following conclusions: When the market is in a rising channel margin increased liquidity and volatility of the stock market, the market is in a downward spiral margin decreased liquidity and volatility of the stock market. Finally, China's stock market the special circumstances and empirical analysis, respectively, from investors to strengthen education and management, and expand the scope of the underlying securities, improve the information disclosure system, strict risk management system several perspectives put forward relevant policy recommendations, and the different markets specific operating margin operating state corresponding measures proposed recommendations. |
PDF Full Text Request