Empirical Study On The Influence Of Trading Information In The SSE 50ETF Options Market On Investors' Trading Behavior

After four years of development,the trading volume of SSE 50 ETF option has reached 18.7132 million in 2015,79.0694 million in 2016,183.9762 million in 2017 and 316.212 million in 2018.The overall operation of SSE 50 ETF option market is develops rapid and stable.The development of option market is not only conducive to improving the price discovery mechanism of capital market,attracting more funds to the market,but also enriching investors' risk management means and trading strategies.Therefore,it is necessary to explore whether the trading behavior of the option investors is related to the transaction status and positions of the market on the previous trading day,and to what extend the transaction status and positions of the market will effect the trading behavior of the option investor.In addition,whether the impact of this effect on institutional investors and individual investors is different,and whether this effect is different for investors that have amount of account equity in different levels.In order to study the correlation between the transaction data of the SSE 50 ETF option market on the previous trading day and the investor trading behavior,this paper selected the transaction data of the stock option customers from a securities broker as the investor sample data,and selected the four-year data ranging from 2015 to 2018(since the launch of the SSE 50 ETF option)to conduct analysis.According to the nature of investors and the amount of investor account equity,investors are classified and regression analysis is performed on the sample data metioned above.It is found that the trading behavior of a securities broker's SSE 50 ETF option investors is closely related to the transaction status of the SSE 50 ETF option market on the previous trading day.This paper provides a useful reference value for regulators to improve the market and investors to make investment decisions.