The Reasearch On Development, Supervision And Perfection Of Leverage Trading

Although the stock market financing transaction business has developed for a long time in China,it was not until the volatility of the A-share market in 2015 that the financing transactions represented by brokerage margin financing and offshore financing instruments were widely familiar,and because of the data.The non-publicity and the serious influence of policy supervision,stock market financing transactions,especially off-market financing tools,have less relevant results in academic research,and it is necessary to do a more detailed review.This paper first introduces the relevant theories of financing transactions,including the related background,the concept and characteristics of stock financing transactions,and selects the three most important categories of margin financing and securities lending,OTC financing instruments and stock return swaps.The status quo of its business development,the status quo of supervision and the problems existing in the current business development and supervision system were analyzed and analyzed.Subsequently,the article expounded the impact of financing transactions and established a model to empirically demonstrate the volatility of stocks in financing transactions.The study found that financing transactions are beneficial to the stock market's price discovery in the securities market and enhance the liquidity of the market,but at the same time,improving the overall risk of the market,it has the effect of contributing to the decline,and has a negative impact on the speculative atmosphere and market order.As the development of equity market financing transactions in developed countries and regions is earlier than domestic,the corresponding supervision is also relatively perfect.This paper selects some representative overseas regions,and the development status and supervision of its over-the-counter financing transactions and on-market financing transactions.A comparative analysis was conducted.Finally,based on the combination of domestic actual conditions and international advanced experience,this paper puts forward that "it is recommended that China's regulatory authorities change the regulatory concept and change the financing activities from 'strict blocking' to'sparing',from 'prohibition' to 'regulation'.The viewpoint of",and aiming at the status quo of the regulatory system,from the six aspects of regulatory concept,substance,transaction rules,investor management,financial innovation,and public opinion guidance,put forward suggestions for the improvement of China's financing supervision system.