融资融券对我国股票市场流动性影响的实证分析

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1、安徽财经大学硕士学位论文hadlittleeffectonliquidity.Withthepilotbatchofbrokersincreasing,influenceontheroleofliquiditywasabating.Thestocklendingandborrowingbusinessesinfluencedontheliquidityarelargerthanthepilotsecurities.3.Thebuylongmargintransactionvolumeofmargintradingwasverysmall,

2、sofocusedonthebuylongmargintransactionimpactedonliquiditywasmorepracticalsignificanceinChina.(1)BuylongmargintransactionwastheGrangercausalityofmarketliquiditychanged,but“Zhongtiestock”wasn’ttheGrangercausalityofstockliquiditychanged.In11stocks,54%ofstocksofindustryrepres

3、entativesrefusedthenullhypothesisofthatBuylongmargintransactionisnottheGrangercausalityofliquiditychanged.(2)Buylongmargintransactionplayedrelativelyweaknessonstockmarketandindustrystocksliquidity,thatnotonlythenatureoftheimpulseresponsefunction,butalsointhevariancedecomp

4、osition.Whetheritisstockmarketliquidity,orliquidityoftheindustry,thechangesweremainlyfromitsimpaction.4.Fromthestandpointoftheinstitution,supervision,brokersandinvestors,combinedwithaboveempiricalconclusions,somerelevantadviceonstocklendingandborrowingbusinessesweregiven.

5、KEYWORDS:stocklendingandborrowingbusiness,stockmarket,liquidity6II安徽财经大学硕士学位论文目录第一章绪论.........................................................1第一节选题背景和意义............................................1第二节文献综述..................................................2一、国外的相关研究.......

6、....................................2二、国内的相关研究...........................................2第三节本文的构架和研究方法......................................4一、研究内容的构架...........................................4二、研究方法.................................................4第四节本文可能的创新和不足........

7、..............................4一、本文可能的创新...........................................4二、本文的不足...............................................5第二章融资融券对流动性影响的理论分析...............................6第一节融资融券..................................................6一、融资融券...................

8、..............................6二、我国融资融券业务概况.....................................6第二节流动性.........