光大证券自营业务“乌龙指”案例研究

发布时间：2018-03-13 13:25

本文选题：光大证券　切入点：“乌龙指”事件　出处：《郑州大学》2014年硕士论文　论文类型：学位论文

【摘要】：最近十年来,中外各大“乌龙指”事件频现报端,资本市场的巨大波动使某些投资者收益颇丰,但也有人赔得血本无归。乌龙指一旦有意为之,就会与老鼠仓、内幕交易挂起钩,在巨大的投机利益驱动下,谁为广大中小投资者的损失买单成为大家关注的焦点。 8.16光大证券自营业务“乌龙指”事件震惊我国A股市场,194分钟股市惊魂,人们不禁要问作为业内排名前十的光大证券是有意为之,还是有难言之隐。探究此次事件背后的深层次因由对我国广大投资者和证券市场建设显得十分必要。抽丝剥茧,通过对该事件不断深入地研究发现：光大证券自身存在问题,比如交易系统运行机制、内控机制和高管层的严重失职为该事件的发生埋下了隐患；监管机构证交所监管力度不够,在问题浮出水面后没有有效的机制加以制止,放任了该事件的发生；我国证券市场本身的制度缺陷也对该事件的发展起到了推波助澜的作用。这些问题的解决对我国资本市场的可持续发展具有重大的意义。针对此次事件暴露出的问题,从对广大投资者和证券市场两个角度提出了一些政策性建议和启示。对投资者的启示：一是要理性看待股指变动的暴涨暴跌,不可一味跟风、追涨杀跌；二是要清醒认识证券市场的各类风险,提高风险识别能力；三是合理运用避险手段,加强自身保护意识；四是坚持价值投资策略,理性选择股票。对中国证券市场的启示：第一,规范量化投资,营造良好投资环境；第二,加强券商的风险控制,建立应对高频交易的熔断机制；第三,建立健全我国重大突发事件的索赔机制；第四,加强我国证券市场的监管力度。这些建议的提出将对广大投资者,尤其是中小投资者加强自身的投资素养,提高风险识别和规避能力,完善证券市场建设起到积极的作用。
[Abstract]:In the last decade, the major "Oolong finger" events in China and foreign countries have been reported frequently. The huge fluctuations in the capital market have made some investors quite profitable, but others have lost their money. Oulong pointed out that once he intended to do so, he would go into a rat position. Insider trading hooks, driven by huge speculative interests, who pays for the losses of small and medium-sized investors has become the focus of attention. 8.16 the "Oolong finger" incident of Everbright Securities's proprietary business shocked the Chinese A-share market for 194 minutes, and people could not help asking whether Everbright Securities, as the top 10 in the industry, intended to do so. It is still difficult to say it. It is necessary to explore the deep-seated cause behind this incident for the vast number of investors and the construction of the securities market in China. Through the continuous in-depth study of this incident, we find that Everbright Securities has its own problems. For example, the operating mechanism of the trading system, the internal control mechanism and the serious dereliction of duty on the part of senior executives have laid a hidden danger for the occurrence of this incident; the regulatory body, the stock exchange, is not strong enough to monitor the situation, and there is no effective mechanism to stop it after the problem has surfaced. The institutional defects of China's securities market have also contributed to the development of the event. The solution of these problems is of great significance to the sustainable development of China's capital market. In view of the problems exposed by this incident, this paper puts forward some policy suggestions and revelations from the two angles of the vast number of investors and the securities market. The enlightenment to investors is: first, we should rationally look at the sharp rise and fall of the stock index changes, so that we should not blindly follow the trend. Second, we should soberly understand all kinds of risks in the securities market and improve their ability to identify risks; third, we should make rational use of the means of avoiding risks and strengthen our own awareness of protection; fourth, we should adhere to the strategy of value investment. Rational selection of stocks. The enlightenment to China's securities market: first, standardize quantitative investment, create a good investment environment; second, strengthen the risk control of securities companies, establish a fuse mechanism to deal with high-frequency trading; third, Establish and improve the claim mechanism for major emergencies in China; 4th, strengthen the supervision of our securities market. These suggestions will strengthen their investment literacy for the majority of investors, especially the small and medium-sized investors. Improve the ability of risk identification and avoidance, improve the construction of the securities market play a positive role.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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