【正文】 agle, Rock and Flora hit a record auction price of 279 million yuan, while Li Keran’s masterwork Jinggang Mountain fetched million yuan, an unexpected high in recent years. However, the trading volume fells to billion yuan from billion yuan in the same period the year before. The Huangchen 2022 Spring Auctions, which recorded million yuan in total sales, experienced the same. The section number went down to 5 from 12 pared to last year. According to expert Shao Jianwu, the art market did not attract much excitement this year due to the booming stock market and the persistent problems of fery and fake deals. The two pieces of Chinese painting notched up high price this spring due to their own value not due to a revival in the market. The successful transaction of two works with a hammer price of more than 100 million yuan once again confirms that valuable and rare works of high quality always earn the longlasting high price. Chinese painting and calligraphy is still the pillar of the market. However, the overall sales rate has dropped slightly, which reflects the demand for the ordinary auction goods has weakened,‖ said the president of China Guardian’s Hu Yanyan. Besides, the entry of new buyers also makes certain changes to the direction of purchasing. In a word, the overall market trend is very unpredictable. Although China Guardian 2022 Spring Auctions has achieved remarkable results, it does not mean that the market has walked out of the predicament. We still have to wait for the big economic boom to invigorate the art market.‖ Even so, the hot pursuit of some special items appeared this spring. A special session of China Guardian Spring Auctions titled ―Fine Gilt—Bronze Buddhist Images‖ achieved a great deal with total sales volume of million yuan and 92 percent sale rate. The 5th Shamar Rinpoche Statue from 1617th century of Tibet was sold for million yuan. The Beijing Chengxuan Auctions featured almost 2,800 items of coins and stamps in three sessions with good sale rate. The Huachen Auctions also set a special session of photographs under the condition of largescale decline of auction sessions. There was a palpable dull thud of disappointment that acpanied the return of the imperial entourage of Zhen Huan to her homeland. It followed a couple years of hushed excitement as Chinese fans were fed tidbits about their proud concubine who was supposed to conquer the high ground of the North American market. Zhen Huan is, of course, the title character of The Legend of Zhen Huan, a 2022 television series that swept China off its feet and later took other Asian countries by storm. Two years ago, it was reported that HBO, a premium cable service headquartered in the United States, was going to air it in North America after some modification. Now, a condensed version that provides English subtitles but no dubbing has finally been made available on Netflix for online streaming. This version, highly anticipated as a milestone in China39。s performers of the troupe still tour the region39。80s. We sat on the back of pickup trucks for hours. The sky was blue, and we couldn39。2022（ 4） :3435 [17]蔡笑 .融資融券對(duì)股票市場的影響研究 [D].蘇州大學(xué) ,2022(12):4322 [18]A1len F S. Morris, Michael, Melvin. Finite Bubbles with Short Sale Constraints and Asymmetric Information[J]Journal of Economic Theory,2022(61):206229 [19]Arturo Bris, William , Ning Zhu. Efficiency and the bear:short sales and markets around the world[C].Yale International Center for Finance, 2022(82):3212 [20]Bogen Jules, Hermann E. Krooss. Security credit and its economic role and regulation[C].Englewood Cliffs,NJ: PrenticeHall, lnc, 1960(11):3241 [21]Chang, E, Chen, J. Yu, — sales constraints and price discovery: evidence from the Hong Kong market [J].Journal of Finance, 2022(62):1231 [22]Conrad, J. The price of effect of option introduction[J]． Journal of Finance,1994(44),487498 [23]Figlewski, Stephen, Gwendolyn . Options， short sales and mark pleteness[J] Journal of Finance, 1993(48):761777 [24]Haruvy,Ernan and Charlesn Noussair, 2022, The effect of short selling on bubbles and crashes in experimental spot asset markets， The Journal of Finance， 2022(01):31211 [25]Henry, M. McKenzie. 39。 （四）提高證券公司內(nèi)部建設(shè) 在我國，證券公司作為融資融券的媒介，是投資者和其他金融機(jī)構(gòu)的聯(lián)系者。 （三）加強(qiáng)投資者教育 在我國，個(gè)人投資者是我國融資融券參與者的主體，而由于各種因素的影響，個(gè)人投資者的投資素養(yǎng)還有待提高。在市場波動(dòng)的情況下，如果僅用證券來充當(dāng)保證金，在市場下跌時(shí)必然會(huì)影響到保證金制度的有效性和公平性。但是從長遠(yuǎn)來看，我 國保證金制度的確定也應(yīng)該和國際接軌，即保證金制度的確定和監(jiān)管應(yīng)該由我國的中央銀行，即中國人民銀行才決定，這樣才能更好的銜接和統(tǒng)一資本市場和貨幣市場，更好地控制風(fēng)險(xiǎn)和協(xié)調(diào)兩個(gè)市場。 在國外，保證金比例的確定都是由國家金融系統(tǒng)中最權(quán)威的部門來制定。 保證金制度是 控制融資融券信用風(fēng)險(xiǎn)的保障，該制度在一定程度上增加了投資者進(jìn)行投資的機(jī)會(huì)成本，從而減少了系統(tǒng)內(nèi)部的交易風(fēng)險(xiǎn)。 在 我國證券市場，由于信息披露制度不健全，信息不對(duì)現(xiàn)象也是十分的普遍，如信息披露的真實(shí)性，時(shí)效性和全面性都存在很大問題。另外，我國普遍存在的法律執(zhí)行力不足，也是需要加強(qiáng)的一個(gè)重要方面，只有強(qiáng)化了對(duì)于違 反 融資融券相關(guān)法律法規(guī)的懲罰制度和效率，才能扼住非法融資融券的行為。但是目前融資融券對(duì)我國證券市場的影響甚微，尚未像在其他國外成熟的證券市場所扮演的重要角色一樣。不過，這些也是符合我國國情的，原因有二。并且在 9期以后變動(dòng)量很小，進(jìn)一步還說明了目前融資融券對(duì)我國股票市場的影響還是比較小的。 畢業(yè)論文：正文 14 . 00 00 02. 00 00 00. 00 00 02. 00 00 04. 00 00 06. 00 00 08. 00 00 101 2 3 4 5 6 7 8 9 10L N R Q L N R Z V O LR e s p o n s e o f V O L t o C h o l e s k yO n e S . D . I n n o v a t i o n s 圖 2 脈沖響應(yīng)結(jié)果函數(shù)圖 注：從上至下，第一條線為 VOL,第二條線為 LNRZ，第三條線為 LNRQ 從圖中的具體 結(jié)果 可以看出， 融資的影響在第 7 期就趨于零，而融 券 的沖擊效應(yīng)更加持久 ， 到最后一期也不為零。 表 7 VAR 模型運(yùn)行結(jié)果 LNRQ LNRZ VOL LNRQ(1) [ ] [] [ ] LNRQ(2) [ ] [ ] [] LNRZ(1) [] [ ] [ ] LNRZ(2) [ ] [] [] VOL(1) [] [ ] [] VOL(2) [ ] [ ] [ ] C [ ] [ ] [ ] 由上表可以看出融資融券對(duì)股票市場波動(dòng)性有著 一定 的影響 ,但是影響效果甚微 。計(jì)算結(jié)果由下表給出。這意味著自我國融資融券開始以來，此舉動(dòng)對(duì)股票市場的波動(dòng)性有著 一定程度 的影響。 表 4 Johansen 的極大似然值協(xié)整檢驗(yàn)結(jié)果 原假設(shè) 特征根 跡統(tǒng)計(jì)量 最大特征值統(tǒng)計(jì)量 0 個(gè)協(xié)整向量 1 個(gè)協(xié)整向量 2 個(gè)協(xié)整向量 從上述表格可以看出，不管是融資還是融券都和 股票市場波動(dòng)性存在著長期協(xié)整關(guān)系。 (二 )VAR 模型的構(gòu)建 1． 平穩(wěn)性及其檢驗(yàn) 同樣， VOL 也要進(jìn)行平穩(wěn)性檢驗(yàn)，而 該處的平穩(wěn)性檢驗(yàn)同樣也用單位根檢驗(yàn)，檢驗(yàn)結(jié)果如下表。 4． ARCHLM 檢驗(yàn) 為了更加精確 地 得出結(jié)論，對(duì)上述模型的殘差進(jìn)行 ARCH LM TEST， 得到在滯后階數(shù) m=10 的情況下的檢驗(yàn)結(jié)果， 結(jié)果如下 表 2 ARCHLM