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| 融资融券对科创板波动性的影响 |
| Research on the Impact of Margin Trading on the Volatility of Science and Technology Innovation Board |
| 投稿时间：2022-06-02 修订日期：2022-08-06 |
| DOI： |
| 中文关键词: 科创板 固定效应模型 股票波动性 融资融券 |
| English Keywords:The Science and Technology Innovation Board, fixed effects Model, stock prices volatility, securities margin trading |
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| 中文摘要: |
| 作为一种信用交易工具,融资融券不仅可以帮助投资者对冲市场风险,还能够向市场注入充足的流动性。我国资本市场的两融交易业务起步较晚,且分批次进行,存在一定的限制。不同于A股的其他主要市场,科创板自成立之初所有股票都可以用来融资融券。根据科创板股票的面板数据,采用固定效应面板回归分析模型,并通过稳健性检验,得出结论：在平稳市场行情下融资融券交易能够降低科创板股票的波动。因此,监管当局应完善资本市场相关法规制度,加强信息披露力度,为融资融券在科创板市场的发展中营造良好的市场环境。 |
| English Summary: |
| As a credit trading tool, margin trading can not only help investors hedge market risk, but also inject sufficient liquidity into the market. Margin trading started late in China, and is carried out in stages with certain restrictions. Margin trading of STAR Market is different from the main board market, all stocks can be used for margin trading. This article, based on the panel data of STAR Market, using fixed effect panel regression analysis model, and through the robustness test, the research results show that: Margin trading can effectively inhibit STAR Market stock price volatility. This conclusion shows that the advantage of margin trading system has achieved preliminary results on STAR Market. While doing a good job in supervision, the regulatory authorities should improve the relevant laws, accelerate information disclosure, further liberalize the scale of margin trading on STAR Market, provide more convenience for the market, and guide more rational qualified investors to learn and enter margin trading. At the same time, the reform measures of STAR Market can also provide reference experience for the main board market, promote the reform of the margin trading and short selling to the whole A-share market and provide investors with a better and more sound market environment. |
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