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首页> 外文会议>2011 International Conference on Business Management and Electronic Information >The impact of margin trading on the liquidity and volatility of the securities market based on the empirical research of the Shanghai security market
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The impact of margin trading on the liquidity and volatility of the securities market based on the empirical research of the Shanghai security market

机译：基于上海证券市场的实证研究保证金交易对证券市场流动性和波动性的影响

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摘要

Margin trading in the securities market is an important modern trading system. This paper utilizes the data from Shanghai stock market to study the liquidity and volatility changes of market before and after the introduction of margin trading and the relationship among them. Then I arrived at the conclusion after correlations test, unit root test, cointegration test, and the Granger Causality test that for the Shanghai stock market, the starting of margin trading had a positive impact on market liquidity and volatility, and could improve the market liquidity and stabilize the stock price volatility to a certain extent.
机译：证券市场的保证金交易是一个重要的现代贸易体系。本文利用上海股票市场的数据研究在引入保证金交易之前和之后的市场流动性和波动性变化及其中的关系。然后我在相关测试后到达结论，单位根系测试，协整试验和对上海股票市场的格兰杰因果关系测试，利润率交易的开始对市场流动性和波动性产生了积极影响，可以提高市场流动性并在一定程度上稳定股票价格波动。

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