發(fā)布時間：2018-01-22 01:38

  本文關鍵詞： 證券市場 熔斷機制 法律規(guī)制 可行性　出處：《四川省社會科學院》2017年碩士論文　論文類型：學位論文

【摘要】：在美國1987年股災后,人們意識到跨市場風險控制的重要性,首次提出熔斷機制來維護市場穩(wěn)定。熔斷機制歷經(jīng)多次調整后逐步成熟,是一種目前已被多個國家證券市場采用的證券交易風險控制機制。其設定初衷是為了降低市場極端情況下的信息不對稱與投資者的恐慌情緒所帶來的證券市場持續(xù)暴跌。任何一項制度適用都有其特殊的歷史背景,我國股票市場在2015年6月至8月期間經(jīng)歷三次大幅下跌,給投資者帶來巨大損失,也給中國證券市場乃至整個金融體系帶來巨大動蕩。在此背景下,我國嘗試引入熔斷機制。然而熔斷機制實施后因不斷觸及熔斷點引發(fā)休市、影響正常證券交易進行被證監(jiān)會叫停,這也引起了各方對熔斷機制的爭議。熔斷機制在我國短暫的實施后便宣告暫停,究竟是其本身的問題,還是我國當前的實施環(huán)境不成熟?我國證券市場處于新興加轉軌的發(fā)展階段,一直充斥著市場操縱、內幕交易以及過度投機行為,因此從我國證券市場的自身需求來講,需要完善穩(wěn)定市場的措施。熔斷機制實施涉及法學、經(jīng)濟學等多學科的內容,本文通過探究熔斷機制內涵與功能,從熔斷機制法律理論基礎、與相關法律制度的比較等途徑,進一步闡述熔斷機制對于我國證券市場的必要性,并結合對美國熔斷機制的分析,深入剖析我國已實行過的熔斷機制相關規(guī)定,指出熔斷機制在我國實施失敗的原因及其存在的不足,最終結合上述分析從法律規(guī)制方面指出我國實施熔斷機制有助于完善我國證券市場風險控制法律體系。
[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.
【學位授予單位】：四川省社會科學院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.287

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相關博士學位論文 前1條

1 王小麗;股票和股指期貨跨市場監(jiān)管法律制度研究[D];安徽大學;2012年

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本文編號：1453219