According to the Science and Technology 50 Index, the trading volume and the two financial data of its constituent stocks, and the weighted average turnover rate, empirical analysis is carried out through the construction of VAR model and ADF unit root test, AR root test, Granger causality test and impulse response test. The sci-tech innovation board trader’s investment behavior is quantitatively analyzed, the impact of margin trading and securities lending on the investment behavior of the Sci-tech innovation board is studied, and countermeasures for my country's STAR market margin trading and securities trading are proposed from both investors and supervisory levels.

Xiaoyue Zhang. Analysis of the Impact of Margin Financing and Securities Lending on the Investment Behavior of the Sci-Tech Innovation Board—Based on the Var Model. International Journal of Frontiers in Sociology (2021), Vol. 3, Issue 7: 21-24. https://doi.org/10.25236/IJFS.2021.030703.

[1] Li Gongyan. Impact of Margin and Short selling on stock Price Volatility of Science and Technology Innovation Board [D]. East China Normal University, 2020.   

[2] Sun Q, Yao J. The impact of margin trading on the volatility of China's stock market: An empirical analysis based on Shanghai Stock Index [J]. Financial Review, 2012(11): 37-41.  

[3] Lin JIa-yong. Experimental research on short selling mechanism in securities market [J]. Statistics and Decision, 2006(18):101-104.

[4] Dai Qin, YAN Guangle, Shi Quansheng. Analysis on the correlation between the introduction of securities credit trading and stock price volatility in China [J]. Reform and Strategy, 2008(06): 73-75.  

[5] Tang Yan. VAR Model analysis of Margin trading and Stock Market Volatility in China [J]. Finance and Economy, 2012(09): 17-20.