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融资融券在我国证券市场推出以来,随着试点至扩容,经过几年的时间已经发展至近万亿的规模。由于融资融券可以提高证券市场的定价效率,其施行一直备受关注,但另一方面,由于该业务为证券交易加上杠杆,其对证券价格的影响如何也是多方讨论的重点。通过对融资融券具体制度安排的分析,可梳理其因为制度安排上产生的对投资者交易行为的影响,进一步对该制度安排产生的风险进行阐述,针对融资融券对市场所产生的影响进而提出完善建议。
Since the introduction of margin trading in China’s securities market, with the pilot to expansion, after several years has been developed to nearly trillion scale. Since margin financing and securities lending can enhance the pricing efficiency of the securities market, its implementation has always been a subject of great concern. On the other hand, as the business leverages securities trading, how it affects the price of securities is also the focus of various discussions. Through the analysis of the specific institutional arrangements of margin financing and securities lending, we can sort out its influence on the trading behavior of investors arising from the institutional arrangements, further elaborate the risks arising from the institutional arrangements, and analyze the impact of margin trading on the market. Make perfect suggestions