本文選題：光大證券　切入點：“烏龍指”事件　出處：《鄭州大學》2014年碩士論文　論文類型：學位論文

【摘要】：最近十年來,中外各大“烏龍指”事件頻現(xiàn)報端,資本市場的巨大波動使某些投資者收益頗豐,但也有人賠得血本無歸。烏龍指一旦有意為之,就會與老鼠倉、內幕交易掛起鉤,在巨大的投機利益驅動下,誰為廣大中小投資者的損失買單成為大家關注的焦點。 8.16光大證券自營業(yè)務“烏龍指”事件震驚我國A股市場,194分鐘股市驚魂,人們不禁要問作為業(yè)內排名前十的光大證券是有意為之,還是有難言之隱。探究此次事件背后的深層次因由對我國廣大投資者和證券市場建設顯得十分必要。抽絲剝繭,通過對該事件不斷深入地研究發(fā)現(xiàn)：光大證券自身存在問題,比如交易系統(tǒng)運行機制、內控機制和高管層的嚴重失職為該事件的發(fā)生埋下了隱患；監(jiān)管機構證交所監(jiān)管力度不夠,在問題浮出水面后沒有有效的機制加以制止,放任了該事件的發(fā)生；我國證券市場本身的制度缺陷也對該事件的發(fā)展起到了推波助瀾的作用。這些問題的解決對我國資本市場的可持續(xù)發(fā)展具有重大的意義。 針對此次事件暴露出的問題,從對廣大投資者和證券市場兩個角度提出了一些政策性建議和啟示。對投資者的啟示：一是要理性看待股指變動的暴漲暴跌,不可一味跟風、追漲殺跌；二是要清醒認識證券市場的各類風險,提高風險識別能力；三是合理運用避險手段,加強自身保護意識；四是堅持價值投資策略,理性選擇股票。對中國證券市場的啟示：第一,規(guī)范量化投資,營造良好投資環(huán)境；第二,加強券商的風險控制,建立應對高頻交易的熔斷機制；第三,建立健全我國重大突發(fā)事件的索賠機制；第四,加強我國證券市場的監(jiān)管力度。這些建議的提出將對廣大投資者,尤其是中小投資者加強自身的投資素養(yǎng),提高風險識別和規(guī)避能力,完善證券市場建設起到積極的作用。
[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.
【學位授予單位】：鄭州大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：1606570