Study On The Influencing Factors Of The Bulk Share Discount In China

In recent years,the sustained and rapid development of equity block trading market,and through the observation of large market data we can see that,since the implementation of the bulk trading system,commodity trading volume from the volume from 2003 217 million to 2017 increased 47 billion 827 million shares,turnover is 568 billion yuan to 873 million yuan from the previous rise to 2017,from the data also verify the rapid growth of China's commodity trading market can be seen,the bulk trading market has gradually become an important part of the capital market in china.In May 27,2017,the reduction of the new rules opened up a new channel for investors to invest in the bulk trading market.Although the new regulation reduced the liquidity of bulk trading,its market performance would present a new "fixed stock increase".In addition,since 2002,China's stock market showed a significant block trading discount phenomenon,so this paper selected the data from November 2016 to March 2018 all the bulk trading in Shanghai and Shenzhen two for empirical research to explore the factors affecting equity block trading discount,explore the pricing mechanism of the equity transaction,from theoretical and practical point of view to explain the reasons China's block trading discount rate,finally through the empirical conclusion,given the large transactions related party suggestions,guide investors calm large transactions involved in capital market investment.In the theoretical part of this paper,some hypotheses are proposed,which are based on theory and logic.They are:the bulk of trading volume and stock block trading discount rate was positively correlated with the rise,block trading volume,stock block trading discount rate will expand;bulk transactions accounted for discount and equity trading rate showed a significant positive correlation;market interest rate and equity block trading discount rate is a significant negative correlation,the higher the interest rate market,block trading discount rate is low;was negatively related to market liquidity and equity block trading,market liquidity and block trading discount rate showed a significant positive correlation;market returns and equity block trading was negatively correlated,the higher the rate of return of market the seller will sell,the bulk trading market in favor of chips,a seller's market,so the market hot situation,block trading discount rate will drop;stock returns and equity trading There is a significant negative correlation;the release of the new regulation will promote the trade discount rate at a higher discount level.Based on the seven assumptions,this paper analyzes the reasons for the long term trading in the bulk trading market in China.Through multiple regression model,the empirical results show that the discount rate of share trading is related to the volume trading volume ratio,market interest rate,market return rate,stock return rate and the issuance of new rules,which verify five of the hypotheses.In addition,this paper analyzes the four stages of the rapid development of China's bulk trading market through data statistics,and makes a detailed comparison of the four stages,and draws relevant conclusions.