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  本文關鍵詞：融資融券對上市公司股票價格的影響研究　出處：《鄭州大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 融資融券 上市公司 股票價格

【摘要】：融資融券業(yè)務是一種證券信用交易,并作為一種成熟交易制度在海外證券市場普遍實施,也是成熟證券市場交易體系中非常重要的一個組成部分。融資融券業(yè)務在我國于2010年3月31日正式進入市場操作階段,使我國的股票市場告別“單邊市”的市場格局。融資融券業(yè)務的推出,是中國證券市場改革發(fā)展必須邁出的一步,也是維護證券市場穩(wěn)定健康發(fā)展必須邁出的一步,它將加速市場從新興走向成熟。融資融券業(yè)務為我國股票市場增加了靈活的交易模式,為投資者開辟了新的投資渠道,完善了價格發(fā)現(xiàn)功能,使投資者更有效的去規(guī)避市場系統(tǒng)性風險。 隨著我國證券市場的進一步開放和整體水平的進步,融資融券對市場的作用會越來越大。盡管我國證券市場制度一直在進步與完善,但與其他發(fā)達國家相比,發(fā)展還不成熟,融資融券在我國證券市場運行的實際情況及其具體作用,還需要結合我國證券市場的基本情況來進一步證實和檢驗。 以前的研究更多關注的是融資融券制度建設方面和運行原理,以及應用策略方面,還有對市場整體的波動性影響研究,但融資融券對上市公司股票價格的影響卻很少涉及。本課題根據(jù)融資融券交易制度在我國的開展情況,收集901只標的股票半年的融資融券余額和股價的變化情況,運用統(tǒng)計法,案例法,分類法對主板、中小板、創(chuàng)業(yè)板上市公司股票價格變動進行分析,并進行科學分析論證,為投資者制定了相應的投資策略,為證券公司開展此業(yè)務提供依據(jù),同時對監(jiān)管部門的監(jiān)管方式和監(jiān)管措施也具有一定的指導意義。
[Abstract]:Margin trading is a kind of securities credit transactions, and as a mature trading system in overseas securities markets generally, is a very important part of the mature stock market trading system. The margin trading business in China in March 31, 2010 officially entered the market stage, the Chinese stock market to bid farewell to the "single market" the pattern of the market. The launch of the margin trading business, is the reform and development of the securities market must be Chinese a step, but also to safeguard the healthy development of the securities market stability must be a step, it will accelerate the market from emerging to mature. The margin trading business in China's stock market to increase the flexibility of the trading mode, opened up a new the investment channels for investors, improve the price discovery function, to enable investors to avoid the market system risk more effectively.
With the further opening of China's securities market and the overall level of progress, effect of margin trading on the market will become increasingly large. Although our country's stock market system has been improved, but compared with other developed countries, development is not mature, the actual situation of margin trading operation in China's stock market and its specific role. Also need to combine the basic situation of China's securities market to further confirm and verify.
Previous studies pay more attention to the aspect of the margin trading system construction and operation principle, and application strategy, and volatility impact on the overall market research, but the impact of margin trading on the stock prices of listed companies are rarely involved. Based on the margin trading system in China's development, changes from 901 only half of the underlying stock price and margin balance, using the statistical method, case method, small plates on the motherboard, classification, the GEM listed companies stock price movements are analyzed, and the scientific analysis on the certificate, formulate the corresponding investment strategy for investors and provide the basis for securities companies to carry out this business at the same time. It has a certain guiding significance for the supervision of regulation and supervision measures.

【學位授予單位】：鄭州大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：1430667