摘要
为了研究A股实施"T+0"交易制度对投资者的影响,本文选取2012年1月3日至2012年12月31日AH板块股票在香港和大陆两市交易的高频数据,通过对每天的最高和最低股价构建最大获利和最大亏损模型,运用matlab进行单因素方差分析,发现A股如果实施"T+0"交易制度,将会使投资者获利机会增加,盈利增大,最大获利风险无差异且"T+0"比"T+1"更易弥补亏损或止损。最后,建议投资者必须理性分析价值投资,避免频繁操作,操作错误时及时止损。
In order to study the impact of A share market implementing 'T+0'trade system on Investors, this paper selects high-frequency trading data of AH shares in both Hong Kong and mainland during Jan 3th to Dec 31 th, 2012. Through building maximum benefit and minimum lose model to analyze the highest and the lowest share price everyday, and using matlab for single factor analysis of variance, this article finds out that if A share market implements 'T+0'trade system, chances for investors to be profitable will largely increase, as well as profit margins. There is no difference in risks of maximum benefit, and'T+0'is much easier to cover losses and stop lose than 'T+1'. In the end, suggests that investors should analyze reasonably, do value investing, and avoid frequent trade. As to wrong trades, investors should stop lose in time.
出处
《财会通讯（中）》
北大核心
2015年第3期35-37,共3页
Communication of Finance and Accounting
基金
广西高校科研项目(项目编号:2013YB247)
百色学院一般科技项目(项目编号:No.2010KB16)阶段性研究成果
