我国证券市场熔断机制研究

发布时间：2018-01-22 01:38

本文关键词： 证券市场熔断机制法律规制可行性　出处：《四川省社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：在美国1987年股灾后,人们意识到跨市场风险控制的重要性,首次提出熔断机制来维护市场稳定。熔断机制历经多次调整后逐步成熟,是一种目前已被多个国家证券市场采用的证券交易风险控制机制。其设定初衷是为了降低市场极端情况下的信息不对称与投资者的恐慌情绪所带来的证券市场持续暴跌。任何一项制度适用都有其特殊的历史背景,我国股票市场在2015年6月至8月期间经历三次大幅下跌,给投资者带来巨大损失,也给中国证券市场乃至整个金融体系带来巨大动荡。在此背景下,我国尝试引入熔断机制。然而熔断机制实施后因不断触及熔断点引发休市、影响正常证券交易进行被证监会叫停,这也引起了各方对熔断机制的争议。熔断机制在我国短暂的实施后便宣告暂停,究竟是其本身的问题,还是我国当前的实施环境不成熟?我国证券市场处于新兴加转轨的发展阶段,一直充斥着市场操纵、内幕交易以及过度投机行为,因此从我国证券市场的自身需求来讲,需要完善稳定市场的措施。熔断机制实施涉及法学、经济学等多学科的内容,本文通过探究熔断机制内涵与功能,从熔断机制法律理论基础、与相关法律制度的比较等途径,进一步阐述熔断机制对于我国证券市场的必要性,并结合对美国熔断机制的分析,深入剖析我国已实行过的熔断机制相关规定,指出熔断机制在我国实施失败的原因及其存在的不足,最终结合上述分析从法律规制方面指出我国实施熔断机制有助于完善我国证券市场风险控制法律体系。
[Abstract]:After the 1987 stock market crash in the United States, people realized the importance of cross-market risk control, and put forward the melting break mechanism to maintain market stability for the first time. It is a kind of securities trading risk control mechanism that has been adopted by securities markets in many countries. Its original intention is to reduce the information asymmetry in the extreme situation of the market and the stock market holding caused by the panic of investors. Any application of a system has its own special historical background. From June 2015 to August, China's stock market experienced three large declines, which brought huge losses to investors, but also brought huge turbulence to China's securities market and even to the entire financial system. Our country tries to introduce the melting break mechanism. However, after the implementation of the melting break mechanism, the market is closed because of the continuous touch of the melting point, which affects the normal securities trading to be suspended by the CSRC. This has also caused controversy on the melting break mechanism, which was suspended after the brief implementation in our country. Is it its own problem or the current implementation environment of our country is not mature? The securities market of our country is in the developing stage of emerging and transition, which is always full of market manipulation, insider trading and excessive speculation, so from the perspective of our own demand of the securities market. Need to improve the measures to stabilize the market. The implementation of the fuse mechanism involves the law, economics and other multi-disciplinary content, this paper explores the connotation and function of the fuse mechanism, from the basis of the legal theory of the mechanism. Compared with the relevant legal system, this paper further expounds the necessity of the fuse mechanism for the securities market of our country, and analyzes the relevant regulations of the melting break mechanism that has been implemented in our country in the light of the analysis of the American melting break mechanism. This paper points out the reasons for the failure of the fuse mechanism in our country and its shortcomings, and finally points out that the implementation of the melting break mechanism in our country will help to perfect the legal system of risk control in China's securities market by combining the above analysis with the legal regulation.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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