【摘要】：股市的發(fā)展需要穩(wěn)定,然而非理性的劇烈波動(dòng)卻會(huì)不時(shí)出現(xiàn)。目前來(lái)看,我國(guó)還沒(méi)有特別行之有效的方法來(lái)應(yīng)對(duì)股市的異常波動(dòng),尤其是股市急速暴跌帶來(lái)的危機(jī),所以需要研究和探討有效的解決辦法。建立股市平準(zhǔn)基金制度,在筆者看來(lái)能夠?qū)Ψ�(wěn)定股票市場(chǎng)起到一定的作用,值得加以研究。本文從股市平準(zhǔn)基金制度的基本問(wèn)題出發(fā),明確了基金的性質(zhì)是非盈利的政策性基金,指出其具有基金規(guī)模大、政策性強(qiáng)和以穩(wěn)定市場(chǎng)為最終目的的三個(gè)主要特點(diǎn),進(jìn)而指出其兩大積極功效在于平抑非理性的價(jià)格波動(dòng)、穩(wěn)定市場(chǎng)和引導(dǎo)資金流向、優(yōu)化資源配置。然后分析了我國(guó)建立股市平準(zhǔn)基金制度的必要性,主要從國(guó)外的經(jīng)驗(yàn)和實(shí)踐情況、我國(guó)股票市場(chǎng)的發(fā)展以及政府的職責(zé)三個(gè)角度來(lái)談。接著對(duì)香港地區(qū)、臺(tái)灣地區(qū)、日本和韓國(guó)四個(gè)典型國(guó)家或地區(qū)股市平準(zhǔn)基金制度和實(shí)踐進(jìn)行考察。最后重點(diǎn)對(duì)我國(guó)建立股市平準(zhǔn)基金制度立法的基礎(chǔ)問(wèn)題和制度建立的主要內(nèi)容進(jìn)行研究。股市平準(zhǔn)基金在需要之時(shí)應(yīng)先行入市,而后再完善相關(guān)立法,可以效仿臺(tái)灣地區(qū)的做法出臺(tái)相關(guān)條例,加以規(guī)范。并且要解決好股市平準(zhǔn)基金的合法化問(wèn)題,協(xié)調(diào)與《證券法》等法律法規(guī)的矛盾之處。股市平準(zhǔn)基金設(shè)立的目的除了平抑股市非理性的劇烈波動(dòng)、穩(wěn)定股票市場(chǎng)之外,還是為了保護(hù)廣大投資者的利益,尤其是中小投資者的利益,并且其設(shè)立能夠豐富政府平抑股市波動(dòng)的方法,提高政府對(duì)股票市場(chǎng)的宏觀調(diào)控能力,提高股市的風(fēng)險(xiǎn)管理水平,增強(qiáng)股市抵御風(fēng)險(xiǎn)的能力。股市平準(zhǔn)基金的資金來(lái)源應(yīng)以法定為主,主要是財(cái)政撥款和市場(chǎng)相關(guān)主體的上繳。資金規(guī)模要偏大一些,應(yīng)在總市值的5%-10%比較恰當(dāng)。關(guān)于股市平準(zhǔn)基金的運(yùn)用主體,可以考慮設(shè)立一個(gè)基金管理委員會(huì),統(tǒng)一負(fù)責(zé)平準(zhǔn)基金的運(yùn)行和管理。同時(shí),明確相關(guān)主體的法律責(zé)任,規(guī)范其行為。當(dāng)股票市場(chǎng)出現(xiàn)受非經(jīng)濟(jì)性危機(jī)因素影響的劇烈波動(dòng),并且這種波動(dòng)滿(mǎn)足一定的漲跌幅指數(shù)時(shí),平準(zhǔn)基金就該入市運(yùn)行。在股市平準(zhǔn)基金的操作中要平衡信息公開(kāi)和保密的關(guān)系,選擇對(duì)象應(yīng)集中在影響力較大的成分股和國(guó)家重點(diǎn)扶持行業(yè)的領(lǐng)頭股。在平準(zhǔn)基金完成穩(wěn)定市場(chǎng)的重任之后,應(yīng)適時(shí)啟動(dòng)退出程序,逐步有序地退出基金,并時(shí)刻關(guān)注股市的后續(xù)波動(dòng)和穩(wěn)定情況。
[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.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：D922.287

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