【正文】 t just about sharing art with nomadic families but also about gaining inspiration for the music and dance. Ulan Muqir literally translates as red burgeon, and today39。比如可以將證券以類型，規(guī)模等指標進行分類，對不同類型的證券加以不同的保證金比例。 畢業(yè)論文：正文 16 （二）完善 保證金制度 保證金制度是融資融券中最基本也是最重要的制度，是能夠優(yōu)先保障融資融券安全性的核心和關(guān)鍵，保證金比例和保證金制度的完備與否直接關(guān)系到了融資融券的集體發(fā)展，間接的影響到了證券市場的變化和完善。 第二， 融資融券確實可以對股票市場的波動性產(chǎn)生一定的影響，但是通過實證研究，所得出的 VAR 方差的系數(shù)只有 ，可以得知融資融券對股票市場的波動性影響效果是十分微小的。所以最佳的滯后階數(shù)一個具有完整性和自由度良好的雙重優(yōu)勢，這里，我們由 AIC 和 SC 兩個準則來確定最佳的滯后階數(shù)。 . 2 . 1.0.1.28 . 89 . 09 . 29 . 49 . 6II I I I IV I II I I I IV I II I I I IV I II I I I IV I2 01 0 2 01 1 2 01 2 2 01 3 2 01 4R e s i d u a l A c t u a l F i t t e d 圖 1 殘差圖 從以上的殘差圖明顯得知，指數(shù)波動顯現(xiàn)出一種群聚現(xiàn)象 ，即在一段時間內(nèi) 急劇起 畢業(yè)論文：正文 11 伏 ，一段時間內(nèi)則相對平緩，這很大程度上可以看出該數(shù)據(jù)存在條件異方差性。融資交易增加市場股票供給主 畢業(yè)論文：正文 9 要 是通過橫向和縱向的兩條途徑，橫向途徑是其本身交割股票所帶來的增加；縱向途徑是融資余額的減少將會向投資者傳遞估值偏高的信號，引發(fā)投資者競相賣出股票，增加股票供給，而至此多空的力量對比再一次發(fā)生變化，空方力量的增強會帶來股價下行，價值低估的局面再次出現(xiàn)，這種空隙性收益率將會被理性投資者不斷 地 利用，這一個循環(huán)的過程便會反反 復復，理性投資者的融資操作則會帶來股票價格圍繞其均值上下波。 三、背景介紹 畢業(yè)論文：正文 8 自 2022 年 3 月以來，我國融資融券數(shù)額即達到了 840 多億，符合增長率為 150%，融券的標的股票也從一開始的 50 只增長到 500 只，證交所 300 只標的債券大約占到了上證總市值的 80%，融券的交易數(shù)量從 2022 萬股增加到 4 億股。 Hong and Stein（ 2022）發(fā)現(xiàn)如果不允許賣空或者融券限制過于嚴格，很可能會導致股市的崩盤。其研究結(jié)論主要有一下三種觀點：第一，融資融券機制對股票價格有助漲助跌的效果，即融資融券機制對股票市場的波動性有促進作用。在 2022 年 3月 31 日，證監(jiān)會開始對融資融券業(yè)務進行試點，這意味著融資融券從開始的規(guī)制性階段正式進入操作化階段。研究發(fā)現(xiàn)，融資融券可以抑制股票市場的波動性，但是影響甚微， 同時發(fā)現(xiàn)融券的抑制效果大于融資的效果。它 包括金融機構(gòu)對券商的融資、融券和券商對投資者的融資、融券。所以融資融券交易對證券市場所產(chǎn)生的是積極影響還是消極影響，我國政府部門還是保持著謹慎 的態(tài)度 來對待，其對證券市場的 真正影響還需要實證的研究和實際的檢驗。有此分析可知，融資融券機制會使股票市場更具波動性。這就意味著做空交易不會導致股票價格的震動，但兩者 之間卻存在著正相關(guān)關(guān)系。 從結(jié)構(gòu)層面來看，融資融券的結(jié)構(gòu)失衡嚴重。羊群效應會導致非理性投資者大批跟進已經(jīng)回歸均衡值的股票，這又再次轟降股價偏離均衡值而低估。 (二 )VAR 模型的構(gòu)建 1． 平穩(wěn)性及其檢驗 同樣， VOL 也要進行平穩(wěn)性檢驗，而 該處的平穩(wěn)性檢驗同樣也用單位根檢驗，檢驗結(jié)果如下表。 表 7 VAR 模型運行結(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股票市場波動性有著 一定 的影響 ,但是影響效果甚微 。但是目前融資融券對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。 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。 （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構(gòu)的聯(lián)系者。s Liaoning province, decades ago. The solider gave the old man a handmade saddle when they bid farewell. The story inspired Nasun to write Carved Saddle, a song that later became one of his most popular numbers. Now, every year, Nasun recruits young singers and dancers for the troupe. The troupe has also designed a new repertoire, which is mostly based on the daily lives of Mongolian people, especially the lives of nomadic families, and has bined contemporary musical elements with folk songs of the region. Haimu, a 25yearold khoomei (a local variant of overtone singing) singer, joined the troupe three years ago. Along with a sixmember band, he performs fast songs and soft ones that he writes－ all while playing the horsehead fiddle.Although I learned the piano since childhood and grew up listening to various kinds of music, to me, the folk music of Inner Mongolia is the root, he says. Performing in remote villages is pleasant. I feel at home on the boundless grasslands, and the warm people there make me feel fulfilled. The first round of spring auction season in Beijing ended last week, but it failed to create much spring in the art market. Although two pieces of Chinese painting fetched more than 100 million yuan, the decline in trading volume and sa le rate showed a downturn this year. In the ―Grand View: Chinese Painting Highlight‖ session at China Guardian 2022 spring auctions, Pan Tianshou’s representative work Eagle, 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 d