分析融资交易、融券交易对标的证券定价效率影响的不一致性,可以发现,融资融券交易制度的推出显著地提高了标的证券的定价效率,但融资交易和融券交易的影响却存在不一致性.具体而言,融券交易提高了定价效率而融资交易降低了定价效率.融券交易对改善高估值股票的定价效率更加显著,融资交易的影响则没有显著差异.融资融券调控不应采取一刀切的方式,应针对不同标的采取差异化的调控.%China introduced the mechanisms off margin trading and short selling to develop stock markets in 2010. However,whether the two mechanisms improved pricing efficiency have aroused a great deal of debate among the financial professionals.Moreover,the academic researches mainly focus on the effect of short selling,but few on the effect of margin trading.Thus,this paper investigates the effects of both mechanisms on the pricing efficiency,especially the different effects between them.It is found that pricing efficiency is improved after the implementation of short selling and margin trading in 2010.However,the short selling and margin trading have different effects on the pricing efficiency.More specifically,the short selling improved the pricing efficiency,but margin trading worsened the pricing efficiency. Moreover,compared to stocks with lower pricing error,the pricing efficiency of stocks with higher pricing error can improve more by the short selling mechanism,while the margin trading exerts no different effects on the pricing efficiency between the stocks with higher and lower pricing errors.
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