| Although the development of the margin trading in countries like the U.S and the U.K has become more mature,the effect on the liquidity and volatility of the market is often controversial.It is helpful to clarify the specific effect if we can make more research on the securities market.Besides,the start of margin trading in countries like China is relatively late,so the system of it is being in a process of continuously improving,thus the research on it needs to keep up with the times.So,this thesis briefly summarizes the development history,operation mode,and practical application,and the possible impact on the market is analyzed theoretically which shows that the margin trading should have a gain effect on the liquidity,and a calming effect as to the volatility.On the basis of this,this thesis selects the event that the stock allowed to margin trading expanded on December 2nd,2016 as the study object,and uses PSM to match the control group and the experimental group,and uses DID model to carry out the empirical analysis.In the case of conclusion,this thesis holds that the effect of the margin trading on the liquidity has been reflected,and it has a significant effect on the aspect of the volatility.Finally,based on the conclusions and the actual conditions,the following three suggestions are put forward: one is to reduce the threshold of the margin trading,in order to provide a chance to the function of maintaining the stability and improving its efficiency to fully exert.The second is to polish up the structure of investors.In our country,many of the investors have a weak investment concept,and the education of this part is beneficial to a rational investment atmosphere.The third is to strengthen the guidance function of policy.The government has an irreplaceable important role in the securities market,bringing the active effect of the policy into play will help to make the development of the margin trading more orderly and reasonable. |
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