卖空机制

卖空机制运作机理分析及对我国的启示

An Analysis of Short Sales Mechanism and its Enlightenment to China

我国证券市场卖空机制模式的选择分析限制卖空条件下的证券投资组合

Analysis of Diversified Short Sales Mechanism s Portfolio model under limited short sales

卖空机制的引入尤其会让中国人寿（chinalife）和平安保险（pinganinsurance）等保险公司受益。

The introduction of short selling , in particular , could benefit insurance companies such as China Life and Ping An insurance .

最后，对全文进行总结并得出结论，卖空机制对IPO抑价有显著影响，根据研究结论并结合现实背景对股票市场提出建议并指出进一步的研究展望。

Finally , draw the conclusion that shorting mechanism of significantly influences the IPO under-pricing . According to the study conclusions and realistic background , the paper pointed out that further research prospect .

但由于我国证券市场环境和法律环境的限制，国内推出的上证50ETF不具有借券卖空机制和期货等衍生产品进行风险对冲等特点。

However , because of stock market environment and legal constraints in China , domestic50ETF can not be permitted short selling , and does not have derivatives and futures mechanism for hedging risk .

试行卖空机制，开设避险工具市场；

Introducing sell - short mechanism and establishing hedge markets ;

卖空机制影响风险资产组合。

The short-selling mechanism affects the optimal portfolio .

卖空机制与资本市场效率

Short Sales Mechanism and Capital Market Efficiency

卖空机制的缺乏；

The non existence of short-sale mechanism ;

监管机构既然努力推出卖空机制，就表明他们认识到了问题。

That regulators have tried to introduce shorting at all shows a recognition of the problem .

本文在分析卖空机制的基础上，进一步讨论其在我国的可行性。

The paper based on the analysis of short sales mechanism expounds its feasibility in China .

新兴市场引入卖空机制对股市的冲击效应&来自香港证券市场的经验证据

The Shock Effect of Short Selling Mechanism to Emerging Market : Evidence from Hong Kong Stock Market

文章重点探讨了卖空机制价格发现功能的内在机理以及境外市场关于这一功能的实证结果。

This paper focuses on the intrinsic mechanism of the price discovery function and discusses the empirical results in the overseas securities market .

中国长期以来存在地下融资交易活动，但一直缺乏卖空机制。

The underground activities of long sales in China have existed for many years , but there is lack of the mechanism of short sales .

通过与成熟市场比较，本文认为缺乏卖空机制是其中的重要原因。

Through the comparison with foreign mature markets , the lack of short selling mechanism is one of the important reasons for market volatility in China .

卖空机制的引入，将为股指期货及权证和期权等其它股票衍生品的平稳推出铺平道路。

The introduction of the short-selling mechanism will pave the way for the smooth launch of index futures and other equity derivatives such as warrants and options .

研究发现我国证券投资基金在卖空机制前后都存在着羊群行为，但在卖空机制后呈现出羊群行为减弱的趋势。

The research finds out that there are herd behaviours both before and after the sell-short mechanism , while the heard behaviour after the sell-short is on the decrease .

但是近来很多研究发现股票市场并不是有效的，投资者由于信息不完全、卖空机制的限制、资金的不足等，不能通过构造投资组合来完全分散特质风险。

But recent papers find capital markets are not efficient and many investors can hardly hold perfectly diversified portfolios because of incomplete information and the limitations of short-selling mechanism .

关于建立融券卖空机制对股市影响的分析卖空者抛售卖空的货来购买证券或商品。

Analysis on the Impact of Establishing Bond Short Selling Mechanism upon Stock Market the purchase of securities or commodities by a short seller to close out a short sale .

在我国即将推出融资融券等卖空机制的大背景下，此类研究具有重要的前瞻性意义。

In the context of establishing of short mechanism such as financing capital and financing securities in our country in near future , this kind of research has an important forward-looking significance .

卖空机制不仅可以促使资产的价格向基本价值回归，提高市场的有效性，而且在一定程度上减少了内幕交易者对市场的操纵行为。

Short selling mechanism not only can move price to levels justified by fundamentals , and help to improve market efficiency , but to some extent can decrease the manipulation behavior of the insider .

各主要证券市场发展经验表明，卖空机制模式的选择，与一国或地区的证券市场基础和金融体系监管模式密切相关。

The experience in the development of main securities markets shows that in a country or region the selection of shortage mode is related to its securities market basis and its financial regulatory mode .

只有完善市场，引入卖空机制，加强投资者教育，才能有效平抑泡沫，这对于加深对衍生品市场的理解，遏制资产泡沫，稳定金融市场有着重要而深远的意义。

Only in an improved market with short-selling methods and more rational investors , can the security bubbles be avoided . This is especially important for a better understanding of the derivative market and a more stable financial environment .

此外，我们的研究还发现，在某种错误制度禁止卖空机制的诱导下，投资者行为会退化：投资者从信息交易者蜕变为噪音交易者。这可以对中国股票市场投机盛行的现象给出一个解释。

Besides , a wrong institution , such as ban of short sell can induce investors to degenerate : from an information trader to a noise trader , which can explain the formation of strong speculation in China stock market .

首先，股指期货所具有的卖空机制改变了投资者仅能在股价上涨时获利的单边盈利模式，所以对组合优化策略的研究是目前研究的热点之一。

First , the mechanism of short selling that index futures have change the investors unilateral profit model that can make a profit only when the stock rose , so the study on portfolio optimization strategy is one of the hot currently .

从第四章为本文的实证分析内容，采用行业聚合强度模型，以卖空机制前后一年中各季度的证券投资基金的行业投资组合数据来进行市场羊群行为的度量。

The fourth chapter is an analysis of the empirical study for the whole thesis . Using an industrial polymerization strength model , this chapter adopts the fund securities investment data generated from the sell-short mechanism around a year to measure the herd behaviour at the market .

另外，本文站在市场主体与政府监管部门两个角度，着重分析市场监管与卖空机制的相互作用，分析随着卖空机制的发展，卖空机制与监督的关系，并明确双方责任。

In addition , this paper stood in the market main body and the government supervision department from two angles , and focuses on analysing market supervision and shorting mechanism of interaction analysis as shorting mechanism of development , shorting mechanism and supervision relations and clear bilateral responsibility .

在进一步增强证券的可融性，降低中国股市的系统性风险和控制监管漏洞与异常交易的基础上，中国股市建立融券卖空机制的现实条件已基本具备。

On the basis of further enhancing the financing capacity of securities , reducing the system risk of China 's stock market , controlling the regulatory loopholes and abnormal transaction , the realistic premise for China to set up a bond short selling mechanism has been mature in the main .

卖空交易机制、波动性和流动性&一个基于香港股市的经验研究

The Short Selling Mechanism , the Market Fluctuation , and the Market Fluidity

上海证券市场波动性现状与卖空交易机制建立

The Study on Volatility and Establishment of Short Sales Trading Mechanism in Shanghai Stock Market