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我国目前正处于社会改革深化和经济结构转型升级的关键时期,在世界经济缓慢复苏的形势之下我国坚持积极稳健的财政和货币政策,金融体系得到了进一步的完善。2011年上半年我国开始推行融资融券交易和股指期货业务,对于股票市场产生了巨大的影响。根据其他国家股票市场发展经验来看,做空机制在一定程度上有利于股市波动性的降低和市场流动性的提高,但我国做空机制建立的时间较晚发展不够完善,容易造成金融市场风险性的上升,因而本文就做空机制对于中国股市波动性的具体影响进行了分析和研究。
At present, our country is in a crucial period of deepening social reform and restructuring and upgrading of the economic structure. Under the situation of a slow recovery in the world economy, China has adhered to a proactive and prudent fiscal and monetary policy and its financial system has been further improved. In the first half of 2011, China started to implement the margin trading and stock index futures business, which had a huge impact on the stock market. According to the experience of stock market development in other countries, the short mechanism will be conducive to the reduction of stock market volatility and market liquidity to a certain extent. However, the relatively short period of time for the establishment of the short-selling mechanism in our country is not perfect enough to easily lead to the riskiness of financial markets Therefore, this paper analyzes and studies the specific impact of shorting mechanism on the volatility of China’s stock market.