| Stock price collapse is a common occurrence in financial markets,which seriously affects the stability of the financial market and threatens the healthy operation of the stock market.The occurrence of the 2015 Chinese stock market crash has caused many scholars to focus on researching the influencing factors of the risk of company stock price collapse.The policy environment in which listed companies operate is considered an important factor affecting the risk of stock price collapse,and the policy of margin trading and securities lending is a key policy that has a significant impact on the risk of company stock price collapse.China’s margin trading and securities lending trading system has been implemented since March 31,2010,and has a history of 13 years.It has undergone numerous revisions and optimizations and has become increasingly perfect.Many scholars have studied the impact of this system on the securities market.The scale of margin trading and securities lending business in China’s stock market is now enormous,and its impact on the securities market cannot be underestimated.This paper will focus on discussing the impact of the development and expansion of margin trading and securities lending business on the risk of stock price collapse.The purpose of this paper is to explore the impact of the margin trading and securities lending system on the risk of stock price collapse.In the process of argumentation,not only the qualitative impact of the expansion policy of margin trading and securities lending on the risk of collapse is studied,but also the quantitative impact of the trading volume of margin trading and securities lending on the risk of stock price collapse is analyzed.Firstly,based on the data of the sixth increase of margin trading and securities lending,the double-difference method is used to compare the changes in the risk of stock price collapse between the experimental group and the control group before and after the expansion,in order to study the impact of the expansion policy of margin trading and securities lending on the risk of stock price collapse.Secondly,in order to further study the degree of influence of margin trading and securities lending trading on the risk of stock price collapse after the underlying securities gain margin trading and securities lending trading permission,this paper selects the balance of margin trading and securities lending as the measure indicator of margin trading and securities lending trading to discuss the issue.Since the Sci-tech innovation board is different from the main board,the stocks of the Sci-tech innovation board automatically gain margin trading and securities lending trading permission on the first day of listing.In order to compare the connection and difference between the influence of margin trading and securities lending trading on the risk of stock price collapse between the Sci-tech innovation board and the main board,the Sci-tech innovation board and the main board are regressed in the same way,and the differences between the two boards are compared.Finally,multiple methods are used to test the robustness of the regression results.The empirical results show that in the main board,the sixth increase of margin trading and securities lending is conducive to reducing the risk of stock price collapse,and the balance of margin trading is positively correlated with the risk of stock price collapse,while the balance of securities lending is negatively correlated with the risk of stock price collapse,and the impact of the balance of margin trading on the risk of stock price collapse is greater.Therefore,the higher the total balance of margin trading and securities lending,the higher the risk of stock price collapse.However,in contrast to the main board,the risk of stock price collapse in the Sci-tech innovation board increases with the increase of the balance of securities lending.Through the analysis of the results,this paper hopes to provide constructive suggestions to help achieve the original intention of the margin trading and securities lending policy and contribute to the safe and stable development of China’s financial market. |
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