股市平准基金制度研究

发布时间：2018-11-25 19:34

【摘要】：股市的发展需要稳定,然而非理性的剧烈波动却会不时出现。目前来看,我国还没有特别行之有效的方法来应对股市的异常波动,尤其是股市急速暴跌带来的危机,所以需要研究和探讨有效的解决办法。建立股市平准基金制度,在笔者看来能够对稳定股票市场起到一定的作用,值得加以研究。本文从股市平准基金制度的基本问题出发,明确了基金的性质是非盈利的政策性基金,指出其具有基金规模大、政策性强和以稳定市场为最终目的的三个主要特点,进而指出其两大积极功效在于平抑非理性的价格波动、稳定市场和引导资金流向、优化资源配置。然后分析了我国建立股市平准基金制度的必要性,主要从国外的经验和实践情况、我国股票市场的发展以及政府的职责三个角度来谈。接着对香港地区、台湾地区、日本和韩国四个典型国家或地区股市平准基金制度和实践进行考察。最后重点对我国建立股市平准基金制度立法的基础问题和制度建立的主要内容进行研究。股市平准基金在需要之时应先行入市,而后再完善相关立法,可以效仿台湾地区的做法出台相关条例,加以规范。并且要解决好股市平准基金的合法化问题,协调与《证券法》等法律法规的矛盾之处。股市平准基金设立的目的除了平抑股市非理性的剧烈波动、稳定股票市场之外,还是为了保护广大投资者的利益,尤其是中小投资者的利益,并且其设立能够丰富政府平抑股市波动的方法,提高政府对股票市场的宏观调控能力,提高股市的风险管理水平,增强股市抵御风险的能力。股市平准基金的资金来源应以法定为主,主要是财政拨款和市场相关主体的上缴。资金规模要偏大一些,应在总市值的5%-10%比较恰当。关于股市平准基金的运用主体,可以考虑设立一个基金管理委员会,统一负责平准基金的运行和管理。同时,明确相关主体的法律责任,规范其行为。当股票市场出现受非经济性危机因素影响的剧烈波动,并且这种波动满足一定的涨跌幅指数时,平准基金就该入市运行。在股市平准基金的操作中要平衡信息公开和保密的关系,选择对象应集中在影响力较大的成分股和国家重点扶持行业的领头股。在平准基金完成稳定市场的重任之后,应适时启动退出程序,逐步有序地退出基金,并时刻关注股市的后续波动和稳定情况。
[Abstract]:The development of the stock market needs to be stable, but irrational violent fluctuations will occur from time to time. At present, there is no effective method to deal with the abnormal fluctuation of stock market, especially the crisis brought by the sharp fall of stock market, so it is necessary to study and explore the effective solution. The establishment of stock market stabilization fund system, in my opinion, can play a certain role in stabilizing the stock market, and it is worth studying. Starting from the basic problems of the stock market stabilization fund system, this paper clarifies that the nature of the fund is a non-profit policy fund, and points out that it has three main characteristics: large fund scale, strong policy and the ultimate purpose of stabilizing the market. Then it points out that its two positive effects are to stabilize the irrational price fluctuation, to stabilize the market and to guide the flow of funds, and to optimize the allocation of resources. Then it analyzes the necessity of establishing the stock market stabilization fund system in China, mainly from the experience and practice of foreign countries, the development of our stock market and the responsibility of the government. Then the stock market equalization fund system and practice in Hong Kong, Taiwan, Japan and South Korea are investigated. Finally, the basic problems and the main contents of establishing the equalization fund system in China are studied. Equity stabilization funds should enter the market first and then perfect the relevant legislation when needed, and can follow the example of Taiwan to issue relevant regulations and regulate them. And it is necessary to solve the legalization of the stock market stabilization fund and harmonize the contradiction with the securities law and other laws and regulations. The purpose of the stock market stabilization fund is not only to calm the irrational and violent fluctuations of the stock market and stabilize the stock market, but also to protect the interests of the majority of investors, especially the interests of small and medium-sized investors. Moreover, its establishment can enrich the government's methods of stabilizing stock market fluctuations, improve the government's ability to control the stock market macroscopically, improve the stock market's risk management level, and strengthen the stock market's ability to resist risks. The fund source of the stock market stabilization fund should be mainly legal, mainly the financial allocation and the turning over of the market related main body. The size of the capital is larger, should be 5-10% of the market value is more appropriate. With regard to the main body of the application of the equalization fund in the stock market, we may consider setting up a fund management committee to be responsible for the operation and management of the equalization fund. At the same time, make clear the legal responsibility of relevant subject, standardize its behavior. When the stock market is affected by non-economic crisis factors, and this fluctuation meets a certain index of fluctuation, the stabilization fund should enter the market. In the operation of the equalization fund, the relationship between information disclosure and confidentiality should be balanced, and the chosen objects should be concentrated on the influential constituent stocks and the leading stocks in the key industries supported by the state. After the stabilization fund completes the important task of stabilizing the market, it should start the exit procedure in good time, exit the fund step by step in an orderly manner, and pay close attention to the subsequent fluctuation and stability of the stock market.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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