| 融资融券交易价格发现功能研究——基于标的证券确定与调整的视角 |
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| 引用本文： | 廖士光.融资融券交易价格发现功能研究——基于标的证券确定与调整的视角[J].上海立信会计学院学报,2011,25(1). |
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| 作者姓名： | 廖士光 |
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| 作者单位： | 上海证券交易所研究中心,上海,200120 |
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| 摘 要： | 作为一项基础性证券制度,融资融券交易通常具有价格发现功能。为了更加清晰地认识融资融券交易的价格发现功能,文章利用沪深证券市场融资融券标的证券确定与调整事件进行实证分析。研究结果表明,融资融券交易的业务发展失衡,融资交易有助于提升标的证券的市场价格,融资融券交易的价格发现功能有待进一步发挥。
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| 关 键 词： | 融资融券交易 标的证券 价格发现 |
Study on the Price Discovery Function of Margin Purchase and Short Sale Transaction: From the Aspect of Underlying Securities Determination and Adjustment |
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| LIAO Shi-guang.Study on the Price Discovery Function of Margin Purchase and Short Sale Transaction: From the Aspect of Underlying Securities Determination and Adjustment[J].Journal of Shanghai Lixin University of Commerce,2011,25(1). |
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| Authors: | LIAO Shi-guang |
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| Institution: | LIAO Shi-guang(Research Center,Shanghai Stock Exchange,Shanghai 200120,China) |
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| Abstract: | As a basic security trading system,margin purchase and short sale(MP & SS) transaction usually owns the price discovery function.The paper discusses the price discovery function of MP & SS transaction with the events of underlying securities determination and adjustment in Shanghai and Shenzhen securities market.The result shows that the development of MP & SS transaction is disequilibrium,and the MP transaction is contribute to increasing the price of underlying securities.Finally,the paper points out that... |
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| Keywords: | margin purchase & short sale transaction underlying securities price discovery |
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