作　　者： ;

机构地区： 中山大学管理学院

出　　处： 《南京财经大学学报》 2016年第4期36-43,共8页

摘　　要： 融资融券交易对股市流动性的影响尚未形成一致结论,不过大多数学者的研究结论认为融资融券将提升股市流动性。本文基于沪深市场个股交易数据得出的实证结果表明:融资融券标的股票的流动性要显著高于非融资融券标的股票,融资融券交易对于个股流动性有着显著的提升作用,并且主要体现为融资买空对流动性的提升作用,而融券卖空对流动性的提升作用并不明显。此外,融资融券交易事件日前后个股流动性的对比结果显示:融资融券交易推行后,个股的流动性水平较之前有了显著提高。之后应继续完善融资融券交易制度,促进融资和融券业务均衡发展。 The effects of margin trading on the stock market liquidity has not reached a conclusion. But most of the scholars conclude that margin tradings will boost the stock market liquidity. With datas from Shanghai and Shenzhen stock market, this paper concludes that liquidity of the underlying stocks is significantly lower than the non-margin-target stocks ; margin tradings significantly boost the individual stock liquidity, which is because of margin purchase. The effect of short-sell is also weak. In addition, the result of comparision of the stocks＇ liquidity before and after margin tradings shows that the liquidity level has been significantly improved.

关 键 词： 融资融券 流动性 买卖价差 非流动性

领　　域： [经济管理—金融学]