融资融券对我国银行股的影响研究

Research of the Influence of Financing and Securities Loans on the Bank Shares in China

2011年11月融资融券业务正式开展,标志着我国证券市场做空时代的到来。以银行板块的16只股票为标的,首先进行了银行指数在事件前后的纵向对比,然后对银行指数与上证综指两组数据进行双重差分模型进行深度研究,分析融资融券业务对A股中银行板块的影响。研究证实,融资融券起到了抑制样本指数波动的作用。

Since November in 2011,financing symbolized a new era of short selling iu china＇ target,firstly a longitudinal comparison of bank and securities loans business has officially launched,which s securities market. Taking the 16 stocks of bank board as a index before and after the event are carried out,then a deep research on the difference-in-differences model between the bank index and two groups of data of shanghai composite index are made,and the influence of financing and securities loans business on the bank board in A stock is analyzed. It is proved that financing and securities loans restrain the fluctuation of the sample index.