【摘要】 2015年6-7月中国股票市场出现的异常波动引起了人们对融资融券制度有效性的疑虑。本文在考量了中国投资者普遍存在较高过度自信这一特质的基础上,通过设计经济学实验检验了中国证券市场现有融资融券制度在抑制资产泡沫和价格波动等方面的效果。研究结果显示,与理性市场相比,在投资者过度自信水平较高的市场上会产生更严重的资产泡沫、交易中资产价格波动也更为剧烈;引入融资融券制度可以显著降低资产泡沫和平抑价格波动,但制度的作用效果要弱于理性市场。更多还原

【Abstract】 The abnormal fluctuation of China Stock Market from between the June,2015 and July,2015 gives the rise to the doubt of the validity of margin trading system.Due to the consideration of the higher level of overconfidence among the common Chinese investors,this article applies an economics experiment to test the control effects of the current margin trading system on the asset bubble and price fluctuation in China stock market.Comparing with other rational markets,our research results show the market with higher level of overconfidence investors might worsen asset bubble and generate more severe price fluctuation during the trading process;although the introduction of margin trading system could significantly reduce the asset bubble and stabilize the price fluctuation,the actual effects are much weaker in China stock market.更多还原