| The margin trading mechanism is an integral part of a mature and perfect capital market and an important basis for the basic functions of the market.The margin trading mechanism officially started on March 31,2010,it marked the beginning of the era of bilateral trading in China's securities market.Now the proportion of the current financing balance to the total market capitalization has exceeded 2%,which is comparable to the international average level.The margin trading mechanism has become an important part of the securities market.After more than eight years of operation,the scale of the securities lending business is still very slow,and the margin lending business is seriously unbalanced,and this state has not been improved.In view of the impact of the securities margin trading mechanism on stock market volatility,most scholars in foreign markets believe that it is calming market volatility.However,the impact of this innovative business on the volatility of the a-share market is highly controversial among domestic scholars.Based on the real margin trading data,taking the behavior of margin trading players as the research object,and borrowing the theory of behavioral finance to analyze the impact of margin trading mechanism of market fluctuations.Firstly,through the analysis of literature data and the comparison of the differences in the status quo of the domestic and foreign financial transactions,the two domestic financial systems are extremely unbalanced and this imbalance has contributed to market volatility;then,the two financial traders have been analyzed from the micro level.The decision-making choices and behavior choices,the study of the trading mechanism of the impact of the behavior on the price;finally,it is recommended to expand the size of the short sale business and propose a plan for improving the margin trading mechanism.Based on the results of the study,this paper concludes that the micro-level restrictions on China's securities market system and the trading behavior preference of participants in the margin trading mechanism have led to an imbalance in the structure of margin trading and securities lending.The impact of short-selling transactions on the market is minimal,and the effect of the margin trading mechanism on the market is as follows: The leverage effect of the dominant financing transactions on the market,the current margin trading mechanism has not reached the original intention to stabilize the market fluctuations.But from the perspective of the development of any system innovation was accepted by the market is a gradual process,with the improvement of the margin trading and the concept of investors to mature,the mechanism of a deal is expected to run to the health of the Chinese stock market to play a positive role. |
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