Monetary Policy, Margin Trading, And Accounting Information Comparability

The financial reporting behavior of micro-enterprises and the optimal allocation of capital have always been the targets of macroeconomic policies.As an important macroeconomic policy of China,monetary policy plays an important role in realizing the effective allocation of financial resources.As an important factor affecting the liquidity of banks,it is related to the stability of the entire financial system.Financing and margin trading as a new form of transaction,and as a connection hub between the capital market and the liquid market,can effectively enhance the policy effect of monetary policy,especially the margin trading,that is,the short selling mechanism on the capital market efficiency and accounting information The impact of quality is of particular concern.Comparability,as one of the four characteristics of improving the quality of accounting information,helps to help users of financial reports compare the similarities and differences of different projects and guide the rational allocation of resources.Therefore,combined with monetary policy,it is necessary to study the comparability of margin financing and accounting information.This article combines the influence of monetary policy,First,from the perspective of the transaction mechanism itself,the relationship between financing and securities lending and the comparability of accounting information is studied.Then,the relationship between short selling intensity and comparability of accounting information is further analyzed from the perspective of transaction volume.Finally,a leadership structure is introduced to study the difference in the impact of financing and margin trading mechanism and short selling intensity on the comparability of accounting information in different environments.The study found that the relationship between the margin trading system and the comparability of accounting information will be affected by the effectiveness of monetary policy.In the period of currency tightening,compared with the comparability of the accounting information of nonstandard companies,margin trading transactions promote the comparability of the accounting information of the target company;on the contrary,in the period of monetary easing,the accounting information of the non-standard company is comparable In comparison,margin financing and margin trading have a depressing effect on the comparability of the accounting information of the target company.Secondly,the short selling intensity has a promoting effect on the comparability of the accounting information of the target company.Under different monetary policies,the impact of short selling intensity on the comparability of the accounting information is different.Compared with the tightening monetary policy,the short-sale intensity under the loose monetary policy will have a stronger impact on the comparability of accounting information.Finally,the study found that whether the two positions are separated has a difference in the impact of financing and margin trading mechanism and short selling intensity on the comparability of accounting information.The research in this paper is helpful to understand the impact of financing and margin trading mechanism and short selling intensity on the comparability of accounting information under different macroeconomic policies.