基于Swarm平台的中国融资融券制度对股市波动影响研究

The Effect of Margin Trading on Chinese Stock Market Fluctuation Based on the Swarm Platform

本文在Swarm模型的基础上设计开发了支持中国股市现行的连续双向拍卖和融资融券制度的人工股市仿真系统。此外,模型还对中国股市现行的涨跌停板制度、T+1清算制度、融资融券回转交易制度进行了仿真,按照机构投资者和个人投资者的不同特点进行分类建模,较好地模拟了中国股市基本特征。研究结果表明,在中国现行股市交易制度下,融资融券制度可以在一定程度上平抑股价波动,增加市场的有效性和理性程度。

Chinese stock market is a continuous double auction market. Based on the platform of Swarm, this paper designed and established a simulation system of artificial stock market with continuous double auction mechanism and margin trading. This model simulates the existing regulations of China＇s stock market, including the continuous double auction mechanism, the up and down price limit, the T ＋ 1 clearing system, margin trading, and the intra-day trades. Classified models are made with different features of the institutional investor and the individual investor in China＇s market, which demonstrates a basic simulation China＇s stock market. The simulation proves that under the current regulations of China＇s stock market, margin trading can stabilize the fluctuation of stock prices to some degree, and enhance the validity and rationality of the market.