Research On The Impact Of Margin Financing And Securities Lending In The Main Board Maeket On Stock Price Fluctuations From An Industry Perspective

Margin trading is a kind of credit transaction.It provides a new option for securities investment and has become one of the indispensable transaction methods in securities trading.Since the pilot of the margin financing and securities lending policy in 2010,my country’s margin financing and securities lending market has gradually developed,and the number of stocks that are the subject of margin financing and securities lending has also gradually increased.As of the end of 2020,my country’s securities market has experienced six large-scale expansion of the subject matter.The number of stocks that can be traded in Shanghai and Shenzhen stock exchanges exceeds1,800,and the transaction size accounts for about 10% of the total transaction volume of my country’s securities market.However,there are still differences in academic research on the impact of margin financing and securities lending on my country’s stock price fluctuations,and there are industry differences in the scale of margin financing and securities lending transactions.Therefore,this paper starts from the industry and explores the impact of the implementation of margin financing and securities lending transaction policies on the fluctuation of underlying stock prices in different industries.affect utility.This paper firstly starts from the theory,sorts out the relevant literature on the impact of margin financing and securities lending on stock price volatility,and summarizes the previous academic research.On this basis,it discusses the influence of industry factors on stock price fluctuations and the transmission mechanism of margin financing and securities lending affecting stock price fluctuations.Furthermore,it analyzes the current situation and defects of my country’s margin financing and securities lending market by collating and collecting data.In the empirical analysis part,this paper first explains the concept of the double-difference model,selects listed companies in the real estate,non-bank finance,medicine,computer and electronics industries that have been included in the six financing and securities lending,and uses the 180-day period before and after the six expansions.Daily data,data analysis and model fitting for different industries.The empirical results show that margin financing and securities lending in different industries have different effects on stock price fluctuations.According to the specific analysis of different industries,in the three industries of real estate,non-banking financial industry and pharmaceutical industry,margin financing and securities lending will have a significant negative impact on stock price fluctuations,and margin financing and securities lending transactions will inhibit the price of stocks in the industry.fluctuation.And the effect on the target enterprises of the pharmaceutical industry is more obvious,and the effect on the target enterprises of the non-bank financial industry is relatively weak.Compared with other industries,the empirical results of the computer industry are relatively special,and the stock price fluctuations of margin financing and securities lending are exactly opposite to those of the above three industries.The implementation of margin financing and securities lending will lead to more volatile stock prices of target companies in the computer industry.However,the implementation of margin financing and securities lending in the electronic industry has no obvious impact on stock price fluctuations.In response to the above empirical results,this paper interprets the results from the perspectives of the proportion of securities lending in different industries and the difference in the cycle of the industry,and makes recommendations to regulatory authorities and investors related to margin financing and securities lending.For the relevant regulatory authorities,different regulatory systems should be implemented according to the development of different industries;the proportion of institutional investors in margin financing and securities lending transactions should be increased,and the proportion of speculative transactions should be reduced;and the rules and regulations of margin financing and securities lending should be improved.For investors,they should understand the development scale of margin financing and securities lending in different industries and the development cycle of the industry,improve their risk awareness;continuously strengthen the systematic study of investment theoretical knowledge,and actively improve their awareness of short selling,and choose a rational investment direction.