Research On The Impact Of Margin Financing And Securities Lending Transactions On The Volatility Of China's Stock Market

Chinese stock exchange in 1990 of China's securities market towards a new stage.The establishment of the stock market for the enterprise provides an important financing channels in our country.Since then,China's stock market is improving the process of maturing,one of the main obstacles is no shorting trading on the stock market system in our country.In March 2010 officially pilot margin trading system stock market in China.Also introduced the credit trading of the stock market at the same time,it is also an important symbol of Chinese stock market to mature markets.First of all in this paper,the research background of this paper found the value of the research background of study and put forward in this paper.In the analysis of research status both at home and abroad on the basis of the research methods and contents are put forward.Secondly,from the theoretical part first introduces the basic concept of margin in our country,the development of China's margin trading,and the characteristics of the margin trading.By describing the mechanism of action of margin impact on stock market volatility.Then,in terms of empirical analysis,to the selection of sample data and index selection,the refinancing purchases and sell the forehead to the original data.Research conclusions based on the theoretical analysis and empirical analysis,There are three conclusions in this study : The Chinese stock market volatility inertial impact itself increased the volatility of the stock market in our country;The short-term financing to buy trade increased the volatility of the stock market in our country;In the short term securities selling inhibits the volatility of the stock market in our country.Analyze the conclusion and put forward the corresponding policy recommendations.