改革与战略
改革與戰略
개혁여전략
Reformation & Strategy
2008年
6期
73~75
,共null页
融资 融券 波动性 追涨杀跌
融資 融券 波動性 追漲殺跌
융자 융권 파동성 추창살질
margin financing; securities lending; fluctuation; following the herd
我国拟同时推出融资交易和融券交易，但融资交易量将明显大于融券交易量。因此，证券信用交易引入初期对我国股价波动的影响首先将表现为融资交易带来的股价上涨。从长期来看，在我国，证券信用交易对股价波动存在多样化的传导机制。引入证券信用交易可以在一定程度上平抑我国的股价波动，但我国投资者出于“跟涨杀跌”行为作出的融资融券将加剧股价波动。
我國擬同時推齣融資交易和融券交易，但融資交易量將明顯大于融券交易量。因此，證券信用交易引入初期對我國股價波動的影響首先將錶現為融資交易帶來的股價上漲。從長期來看，在我國，證券信用交易對股價波動存在多樣化的傳導機製。引入證券信用交易可以在一定程度上平抑我國的股價波動，但我國投資者齣于“跟漲殺跌”行為作齣的融資融券將加劇股價波動。
아국의동시추출융자교역화융권교역，단융자교역량장명현대우융권교역량。인차，증권신용교역인입초기대아국고개파동적영향수선장표현위융자교역대래적고개상창。종장기래간，재아국，증권신용교역대고개파동존재다양화적전도궤제。인입증권신용교역가이재일정정도상평억아국적고개파동，단아국투자자출우“근창살질”행위작출적융자융권장가극고개파동。
Margin financing transaction and securities lending transaction are going to be introduced into China at the same time, but the trading volume of financing will be much more than that of securities lending. Therefore, in the early stage, the effect of securities credit transaction on the stock market fluctuation in China will be the growth of stock price resulted from financing transaction. In the long run, multiple mechanisms could bring various effects to Chinese stock market fluctuation, i.e. securities credit transaction could slow down fluctuation in Chinese stock market to a certain extent. However, securities credit transaction based on ＂Following the Herd＂ of the investors will accelerate the fluctuation in Chinese stock market.
