融资融券交易对节能环保股价波动影响的实证分析

Empirical Analysis of the Impact of Margin Trading on the Fluctuation of Energy Conservation and Environmental Protection Stock Prices

摘要: 融资融券制度可以提高市场流动性、减少股价波动，但由于其自身的杠杆特性，也能加剧股票市场的波动。节能环保产业是我国的新兴产业，其中过半数的上市公司股票被列入了融资融券标的股票当中。本文选用VAR模型，基于节能环保概念板块指数，以节能环保行业为切入点，实证分析融资融券交易对我国节能环保行业上市公司股价波动的影响。

Abstract: The margin trading system can improve market liquidity and reduce stock price volatility, but due to its own leverage characteristics, it can also exacerbate stock market volatility. The energy conservation and environmental protection industry is an emerging industry in China, with over half of the stocks of listed companies being included in the target stocks of margin trading. This article uses the VAR model, based on the concept index of energy conservation and environmental protection, and takes the energy conservation and environmental protection industry as the starting point to empirically analyze the impact of margin trading on the stock price fluctua-tions of listed companies in China’s energy conservation and environmental protection industry.