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融资融券对我国股票市场收益率波动性的影响研究.docx

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融资融券对我国股票市场收益率波动性的影响研究 Title:TheImpactofMarginTradingandShortSellingontheVolatilityofStockReturnsinChina Abstract: ThispaperaimstoinvestigatetheinfluenceofmargintradingandshortsellingonthevolatilityofstockreturnsinChina.TheintroductionofmargintradingandshortsellingintheChinesestockmarkethasbeenaccompaniedbyconcernsabouttheirpotentialimpactonmarketstabilityandvolatility.ThisstudyutilizesempiricalanalysistoevaluatetherelationshipbetweenthesetradingactivitiesandstockmarketvolatilityinChina.ThefindingsofthisresearchwillcontributetoabetterunderstandingoftheeffectsofmargintradingandshortsellingontheChinesestockmarket. 1.Introduction 1.1Background 1.2ResearchObjectives 2.LiteratureReview 2.1MarginTradingandStockMarketVolatility 2.2ShortSellingandStockMarketVolatility 2.3EmpiricalStudiesontheChineseStockMarket 3.Methodology 3.1ResearchDesign 3.2DataCollectionandVariables 3.3EmpiricalModel 4.ResultsandAnalysis 4.1DescriptiveStatistics 4.2CorrelationAnalysis 4.3RegressionAnalysis 5.Discussion 5.1InterpretationofFindings 5.2ComparisonwithPreviousStudies 5.3PolicyImplications 6.LimitationsandFutureResearch 7.Conclusion 1.Introduction 1.1Background TheChinesestockmarkethasexperiencedrapiddevelopmentoverthepastdecades,becomingoneofthelargestandmostimportantmarketsglobally.Inrecentyears,theintroductionofmargintradingandshortsellinghassignificantlytransformedthelandscapeoftheChinesestockmarket.Thesetradingactivitiesallowinvestorstotradeonborrowedfundsandprofitfromthedeclineinstockprices.However,thereareconcernsthatthesetradingpracticesmayamplifystockmarketvolatilityandincreasetheriskofmarketdisruptions. 1.2ResearchObjectives Theobjectiveofthisstudyistoempiricallyexaminetherelationshipbetweenmargintrading,shortselling,andthevolatilityofstockreturnsinChina.Byanalyzingacomprehensivedatasetandemployingsuitableempiricalmodels,weaimtoprovideamorecomprehensiveunderstandingoftheimpactofthesetradingactivitiesonmarketvolatility. 2.LiteratureReview 2.1MarginTradingandStockMarketVolatility Pre