Research On The Impact Of Stock Price Fluctuation On Investors’ Margin Financing Behavior

Since the launch of China’s margin financing and securities lending business,it has had an important impact on the stock market.The relationship between stock price volatility and investor financing and securities lending behavior has always been a hot issue for research scholars.Studying this issue is of great significance for mastering the inner workings of the stock market and guiding investors’ decision-making.This thesis gives a detailed review of the domestic and foreign scholars’ discussion on stock price volatility theory and the analysis of margin financing and securities lending behavior.On this basis,relevant data of 968 trading days in 2014-2018 of China’s Shanghai and Shenzhen stock markets are adopted to establish the multi-time series analysis model.From aspects of the overall market and individual stocks,an empirical analysis of the impact of stock price volatility on investors’ margin financing and securities lending behavior was carried out.Then,the motivation analysis was carried out from the subjective and objective levels,and related supervision and investment suggestions were put forward.Compared with the existing research,this thesis focuses on the impact of stock price fluctuation on investors’ margin financing and securities lending behavior for the first time.Based on econometric theory,a multivariate time series analysis model between stock price index and margin financing and securities lending index is established.It shows that stock price volatility has a significant impact on investor financing behavior,but the impact on securities lending behavior is not obvious.This thesis can provide a kind of ideas and methods for investors to make financing and securities lending decisions and related theoretical research.