Margin of China's securities market stock trading
|School||Kunming University of Science and Technology|
|Keywords||Margin financing Stock trading Mobility Stock price index|
Since Chinese stock market was ser up in 1991, the entire stock market only through the share price drop to buy low and sell high, when the stock price up to make money, This situation is called single-market. In March 31,2010 the margin financing business was officially launched on the stock market in China. It is a major reformation of milepost style sense. It was indicating our country henceforth bid farewell to the 20 years of unilateral market era, It make us can benefit from share price felling. Margin financing business is also called the securities credit trading system. Financing is also called" long" is the investors to borrow money to trade securities in order to obtain more profit than its own funds, due to return loan and interest and pay the fees behavior. Securities lending is also called" short" is the investors borrow securities to sell high and buy low, due to return the same kind of securities and payment of interest and fees behavior, margin makes use of stock prices fell benefit as possible. In addition, the financing securities loan rich stock market transaction means, itself on the stock transactions with the leverage effect, can enlarge the gains and losses, so there is great risk, how much influence it can work to the stock market trading, domestic and foreign scholars have been always arguing. There are a lot of people believe that the margin can stabilize the stock market, but also a lot of people think it will aggravate the fluctuation of the stock market, to help up or help fall, while the margin in China just begin soon to our country stock trading effects still need to undertake more thorough research.The world developed capital market has a long development history of margin trading, and summed up a lot of experience, has formed a set of their own complete margin trading system, the most typical three trading patterns, are the European and American market decentralized credit transaction mode, Japanese concentrated credit transaction mode and Chinese Taiwan in both the two characteristics of the two-tier transaction mode.. This article is based on the analysis of the above three kinds of the most representative of the margin transaction model, at present to our country the financing securities loan service transaction model and experiences are described in detail, with the global developed capital market in three mature typical transaction model comparison, it is pointed out that at present the financing securities loan service financing and securities loan development is serious loss balance, lack to financing mechanism, risk prevention system, strict risk hedging mechanism is not perfect wait for a problem and deficiency.This paper studies the financing securities loan to China’s share market trading will influence from the stock market mobility, stock price index, stock price fluctuations three aspects of the role. This article selected the day which China officially launch margin financing business from March 31,2010 to July 1,2011, a total of 305 trading days, Including the SSE 50 Index 50 constituent stocks and the Shenzhen Component Index of 40 stocks, all 90 margin stock as the research sample, using the econometrics classic single equation regression model of knowledge construction, using Eviews econometric software on empirical analysis, and draws the following conclusion:1.our country the financing securities loan service can enhance the liquidity of stock market effect.2. our country’s financing securities loan service has the trend of help up or help the stock price fall.3. financing business have aggravated the fluctuation of the stock market tendency, but securities have none effect. This article suggests that financing intermediary mechanism should be established as soon as possible, relax the transaction limit, sound risk hedging and other new policies, new measures to solve the problem of existence, perfecting the financing securities loan service.