Abstract：Margin-trading is one kind of short purchase mechanism which implies leverage buying. Since the launch of margin-trading and short-selling in Chinese security market, the special trading mechanism and the characteristics of Chinese stock market together have produced profound and complicated influence on investor behavior. In essence, margin-trading is a kind of leverage trading. It is not only a means of trading method, its business characteristics and trading mechanism has a profound impact on investor psychology, and thus affect the stock market. Previous study proves that individual investors in China market have shown obviously overtrading. Do margin-trading investors have significant differences in overtrading with ordinary individual investors? Using account data and trading history of all investors from a large security company in China, this paper makes an empirical study on the overtrading behavior of margin-trading investors. We document that compared with ordinary investors, 1) investors who trading in credit account trade more frequently, showing more prominent overtrading; 2) and thereby reduce their returns more so than do ordinary investors.
廖理, 张云亭, 张伟强. 中国融资投资者是否更为过度交易[J]. 系统工程理论与实践, 2018, 38(4): 836-847.
LIAO Li, ZHANG Yunting, ZHANG Weiqiang. Research on overtrading of Chinese margin-trading investors. Systems Engineering - Theory & Practice, 2018, 38(4): 836-847.
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2018, Vol. 38 
