股市中政府干预的适当性研究

发布时间：2018-02-09 12:29

本文关键词： 政府干预 2015年股市危机适度性法律建设制度建设　出处：《海南大学》2017年硕士论文　论文类型：学位论文

【摘要】：证券市场是资本市场的重要组成部分,是市场经济发展到一定阶段为缓解资本供求矛盾和流动性不足应运而生的产物,对经济的调控和运行有十分重要的作用。而其中,股市作为维持证券市场正常运行的一部分,它对市场的调节和影响力不容小觑。股市以其自身的融资功能、资产评估等功能为经济的发展和稳定带来一定的贡献。此外,由于股市高风险的特点,其自身还具备了自我调节的功能,保护投资者及其资金,维持市场的平稳运转。但是我国股市起步时间较晚,在制度和体系方面还不甚成熟,因此需要借助政府的宏观调控力量对股市秩序进行干预。对于政府是否应当出手干预这一疑问,向来在社会各界存在许多争议,但在实践中不论发达国家亦或是发展中国家的政府都从未袖手旁观过。因此我们可以肯定,政府干预是应对股市危机的行之必要的重要手段,随之而来就产生了政府干预应当干预到什么程度,应当掌握什么度的问题,即政府干预的适当性问题。本文通过对美国2008年次贷危机的产生原因及美国政府的救市干预措施,总结可为我国政府干预借鉴的经验和干预不适当的警示,并以我国2015年的股市危机作为切入点对我国政府干预适当性进行分析。本文除了引言和结语外共分为五章:第一章主要介绍了政府干预的基本概念,包括政府干预的法律内涵、目标和特征,为全文做引述。第二章主要讨论域外政府对市场干预的手段及借鉴经验,以美国2008年次贷危机为例,先阐述危机产生的背景及应对该危机美国采取的具体措施,再从这些具体措施中分析总结出于我国股市发展有利的启示。第三章从我国2015年股市危机中政府采取的具体措施出发,对政府干预的必要性、适度性的表现、适度性的方式进行分析。第四章主要讨论构建和规范政府干预适当性标准的措施,分别从股市内部机制和外部措施两方面进行阐述。第五章是对上述讨论的结果的整合,得出当股市发生危机时,特定情况下政府的适度干预手段是必要的,是挽救股市的良策之一。探究政府干预的适度性问题无论理论层面还是现实层面上都有不可忽视的意义。因此,政府干预的适度性标准的确立是当务之急,是推动我国法治化建设的重要步伐。
[Abstract]:The securities market is an important part of the capital market. It is the product of the market economy to alleviate the contradiction between the supply and demand of capital and the lack of liquidity, and plays a very important role in the regulation and operation of the economy. The stock market is a part of maintaining the normal operation of the securities market, and its regulation and influence on the market cannot be underestimated. The stock market contributes to the development and stability of the economy with its own functions of financing and asset evaluation. Because of the high risk of stock market, it also has the function of self-regulating, protecting investors and their funds, and maintaining the smooth operation of the market. However, the stock market in our country started relatively late and is not very mature in system and system. Therefore, we need to use the government's macro-control power to intervene in the stock market order. There has always been a lot of controversy over whether the government should intervene in the stock market. But in practice governments in both developed and developing countries have never stood by. So we can be sure that government intervention is an important means of dealing with the stock market crisis. Then comes the question of what degree of government intervention should be intervened and what degree of government intervention should be grasped, that is, the issue of the appropriateness of government intervention. This paper analyzes the causes of the subprime mortgage crisis in 2008 in the United States and the measures taken by the United States government to rescue the market. Summing up the experience that can be used for our government intervention and warning of improper intervention, In addition to the introduction and conclusion, this paper is divided into five chapters: the first chapter mainly introduces the basic concept of government intervention, including the legal connotation of government intervention. The second chapter mainly discusses the means and experience of foreign governments' intervention in the market. Taking the subprime mortgage crisis in 2008 as an example, the paper first expounds the background of the crisis and the concrete measures taken to deal with the crisis. The third chapter starts from the concrete measures taken by the government in 2015 to analyze the necessity of government intervention and the expression of the appropriateness of the government intervention. Chapter 4th mainly discusses measures to construct and standardize the standards of government intervention in appropriateness, respectively from the internal mechanism of stock market and external measures. Chapter 5th is the integration of the results of the above discussion. It is concluded that when a crisis occurs in the stock market, appropriate government intervention is necessary under certain circumstances. It is one of the best ways to save the stock market. It is of great significance to explore the appropriateness of government intervention both in theory and in reality. Therefore, it is urgent to establish the appropriate standard of government intervention. It is an important step to promote the construction of rule of law in our country.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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