融资融券对股票市场的影响分解.docx

融资融券对股票市场的影响摘要融资融券对股票市场的影响到底怎样?这是一个理论界和实务界不断争论的热点问题。本文拟选取重点国度或地域的融资融券作为研讨对象，对融资融券对股票市场动摇性和活动性的影响停止深化、严谨和系统的剖析，以期为国内融资融券制度的试点和完善提供自创和支持。在当前中国融资融券试点正逐渐展开，融资融券的市场影响己成为监管层与投资者关注重点之际，展开上述研讨无疑具有重要的学术价值和现实意义。本文对国内外关于融资融券对股票市场影响的相关文献停止了综述和总结，接着系统性地引见了融资融券的根本理论学问，定性剖析了融资融券对股票市场的影响机制，然后选取我国沪深融资融券标的券的买卖数据为研讨样本，采用相对排序得分办法，实证剖析了融资融券对我国股票市场的影响，结果发现，融资融券业务的推出，在一定水平上降低了融资融券标的股的动摇性。关键字：融资融券 流动性 波动性 融资融券交易AbstractWhat is the impact of margin trading on the stock market? This is a hot issue in the field of theory and practice. This article intends to select the margin of the key country or region as the research object, the margin trading on the stock market shake activity and the effect of deepening, rigorous and systematic analysis, in order to pilot of the margin trading system and perfect reference and support. At present, the pilot of Chinas margin trading and securities lending is gradually being developed, and the influence of the market has become the focus of regulators and investors in the market, so the discussion will undoubtedly have important academic value and practical significance.The at home and abroad about the effect of margin trading on the stock market related literature stop the review and summary, and systematically introduced the margin of basic theoretical knowledge, qualitative analysis of the mechanism of influence of the margin trading on the stock market, then select the stock financing financial data for the sale of standard coupons coupons as the research sample, the relative ranking score, an empirical analysis of the effect of margin on the stock market of our country, it was found, the introduction of margin trading and securities lending business, in certain level reduces the margin of the underlying shares wavered.Keyword：Margin liquidity volatility margin trading目 录第一章、绪论I1.1选题背景与研究意义I1.2研究思路与结构I1.3可能的创新和不足之处II第二章、融资融券对股票价格波动影响的理论分析II2.1融资融券根本概念II2.2融资融券对股票市场波动率的影响机制III2.3融资融券对股票市场流动性的影响机制V第三章、融资融券对股票价格波动影响的实证分析VI3.1方法在融资融券方面的应用研究VI3.2