The Influence Of Margin Trading On Stock Price Fluctuation

In March 2010,the start of margin trading in China finally made A-share market bid farewell to the unilateral market,which is a milestone in the development history of China's securities market.The introduction of margin trading system is an important reform measure for China's securities market to be in line with the international standards.The scale of margin trading has developed rapidly since its introduction.Margin trading system has become an indispensable part of China's securities market.After 10 years of development,margin trading has become an important investment tool for China's securities investors,and it is also the focus of scholars' research.With the occurrence of stock disaster in 2015,more and more scholars began to pay attention to the relationship between margin trading and A-share market volatility.There are three main conclusions in the research of scholars: margin trading can restrain the fluctuation of stock price,has no effect on the fluctuation of stock price,and promotes the fluctuation of stock price.On this basis,through theoretical and empirical analysis,this paper studies the impact of margin trading on the stock price from the influencing factors,and studies the impact of margin trading on the stock price of different industries.On the basis of summarizing the relevant research of scholars at home and abroad,this paper establishes VAR model and panel data model respectively with stock price fluctuation,financing balance,securities lending balance,CPI,range,Shibor,GDP and PMI as variables,and analyzes the impact of securities lending on stock market fluctuation.Through the analysis of the factors that affect the fluctuation of stock price,we can see that financing increases the fluctuation of stock price,and the degree of influence is stable in the 16 th period,with an explanation ability of 19.043873%;securities lending also slightly increases the fluctuation of stock price,but its influence is almost negligible,CPI,range and Shibor have a negative impact on the fluctuation of stock price,and GDP and PMI have a positive impact on the fluctuation of stock price,that is,aggravate the fluctuation of stock price Move.It can be seen from the analysis of the impact of margin trading on stock price fluctuation in different industries that,for the agriculture,forestry,animal husbandry and fishery,information transmission,leasing,scientific research,water conservancy and education industries,financing increases stock price fluctuation and margin trading reduces stock price fluctuation;for the power industry,margin trading has a negative impact on stock price fluctuation,that is,the two financing reduces stock price fluctuation;for the health industry For the industry,financing reduces the stock price volatility,while securities lending increases the stock price volatility;for other industries,the impact of securities lending on the stock price volatility is positive,that is to say,it increases the stock price volatility.The final part concluded in full and make relevant conclusions.