中文摘要：

通过以A股市场所有融资融券标的股票作为研究对象，划分五个研究窗口和四个指数板块，分别采用面板数据回归的方法，研究融资融券对标的股票波动性的影响。实证结果表明，融资融券对标的股票波动性的影响随行情变化而变：在非暴涨暴跌行情中，融资减小标的股票的波动，融券增大或减小标的股票的波动，但因为融资的影响更大，所以融资融券减小标的股票的波动；在暴涨暴跌行情中，融资融券加剧标的股票的波动。

英文摘要：

Based on all the underlying stocks of margin on the A-share market, and dividing them into five research windows and four index plates, this paper utilized panel data regression to research the effect of margin on the underlying stocks’volatility. The empirical results proved that the effect of margin on the underlying stocks’volatility changed with the change of the market condition. Not in a boom or crash market, leveraged buyouts decreased the underlying stocks’volatility, and short selling increase/decrease the underlying stocks’volatility, and because the effect of leveraged buyouts was greater than short selling, therefore the margin decreased the underlying stocks’volatility; in a boom or crash market, margin increased the underlying stocks’volatility.