摘要
选取融资融券标的股票的数据,运用单位根检验、协整检验和格兰杰因果检验,实证研究融资融券对标的股票波动性的影响。结果表明,融资融券交易制度能够抑制标的股票价格波动性,且融资交易的抑制效果比融券交易的效果明显,并根据实证结论提出促进融资和融券业务协调发展,扩大标的股票范围充分发挥融资融券抑制波动性作用。
The article selects data of Margin of the underlying stocks, using the unit root test, cointegration test and granger causality test, to empirically research the impact of the margin on the volatility of underlying stocks. The empirical results show that the margin trading system can inhibit of the underlying stock price volatility, and securities trading effect is obvious. The empirical conclusion is put forward to promote the coordinated development of finance and securities business, expand the scope of the underlying stocks margin inhibitory effect of volatility into full play.
出处
《兰州工业学院学报》
2016年第1期96-100,共5页
Journal of Lanzhou Institute of Technology
关键词
融资融券
波动性
标的股票
margin trading
volatility
underlying stock
