摘要
文章通过对熔断机制运行机理的文献进行收集,分析影响熔断机制冷却效应与成本效应发挥的制度适应条件。基于制度适应条件的理论机制,收集分析熔断机制运行的4日内股票市场交易数据信息与相关历史数据,深入探究不适应所造成的成本效应的表现。结合分析国外运行的冷却效应的分析得出了熔断机制的不适应其原因就在于过度干预股市,即作为一种价格干预的应急措施,如果在中国这样的市场环境设置为常规性的平稳股市波动的措施将会带来巨大成本效用,弱化自身冷却效应。然后分析股票市场投资群体结构的不同、熔断档设置的差异、股票市场流动性的差异以及不利外部条件对制度适应性条件的影响,进一步细化分析了其中的原因。最后,为监管机构提出相关的意见。
The article collects the literature about the operating mechanism of the circuit-breaker and analyzes the a- daptive conditions that affect its cooling effect and cost effect. On the basis of the theoretical mechanism of the con- ditions of system adaptation, article collects and analyzes stock market transaction data and related historical data within four days, and inquired into the performance of cost effect caused by the inadaptation of the system. After combining the analysis of the cooling effect of the operation of foreign mechanism, the article concludes that the rea- son why circuit-breaker mechanism does not adapt to the Chinese stock market is that excessive intervention in the stock marke. In other words, circuit-breaker mechanism is a price intervention emergency measures. If it is set to a conventional measures to stabilize the stock market volatility in the market environment of China, it will bring huge cost utility and weaken its own cooling effect. Then it analyzes the different structure of the stock market investment groups, differences in fuse settings, differences in the liquidity of the stock market, unfavorable external conditions on the impact of non-adaptability to further refine the reasons. Finally, the article put forward the relevant opinions for the regulatory agencies.
作者
卓燕利
陆智强
ZHUO Yan-li;LU Zhi-qiang(Business School,Ningbo University,Ningbo 315211,China)
出处
《科技与管理》
2018年第3期97-102,共6页
Science-Technology and Management
基金
浙江省自然科学基金项目(LQ16G030002)
关键词
股市
熔断机制
运行效果
stock market
circuit-breaker mechanism
operation effect
