2015中国股灾成因分析与启示.docVIP

2015中国股灾成因分析与启示 陈祉均 摘要：我国证券市场发展迅速，但在发展过程中不可避免地碰到挑战，在2015年股市异常波动的惨重程度罕见，引人深思。本文回顾和总结了此次股灾的情况，上半年牛气冲天，投资者热情高涨，与下半年多次千股跌停，形成强烈对比。本文分析了股灾的成因，主要从杠杆资金、流动性风险、政府救市措施和媒体引导四方面解释。同时提出了了本次股灾的启示，很多细节还需要改进和完善，希望能为有序推动我国证券市场的全面发展提供参考建议。 关键词：杠杆资金；流动性危机；政府；媒体 Analysis and Inspiration of the Causes of the Stock Market Crash in 2015 By Chen Zhijun March, 2019 Abstract:Chinas securities market is developing rapidly, but it inevitably encounters challenges in the process of development. In 2015, the severe degree of abnormal fluctuations of the stock market is rare, which is thought-provoking. This paper reviews and summarizes the situation of the stock market crash, the first half of the bull sky, investors enthusiasm, and the second half of many thousands of stocks fell by the limit, a strong contrast. This paper analyzes the causes of the stock market crash, mainly from leverage capital, liquidity risk, government measures to rescue the market and media guidance four aspects. At the same time, it puts forward the enlightenment of the stock market crash, and many details still need to be improved and perfected, in the hope of orderly promoting the comprehensive development of Chinas securities market to provide reference suggestions. Keywords: Leveraged funds；Liquidity crisis；Government；Media 目录TOC \o 1-3 \h \u 11503 1.引言 1 3177 1.1 研究背景、目的及意义 1 20781 1.2 研究方法 1 32631 1.3 相关文献综述 2 19531 1.3.1 国外研究综述 2 13928 1.3.2 国内研究综述 2 16179 2.2015中国股灾回顾 4 25752 2.1 2015上半年表现良好 4 13707 2.2 第一轮暴跌 5 15872 2.3 第二轮暴跌 5 13985 3.2015中国股灾成因分析 7 19186 3.1 杠杆资金 7 14040 3.1.1 杠杆率过高 7 20041 3.1.2 去杠杆化 8 13693 3.2 流动性危机 8 31354 3.2.1 股市制度的内在缺陷 8 29220 3.2.2 集中赎回开放式基金 10 21495 3.3 政府救市措施 10 15864 3.4 媒体舆论引导 11 21428 4.2015中国股灾的启示 12 20658 4.1 杠杆阳光化，加强对杠杆资金的管理 12 13012 4.2 发展金融衍生品市场，优化投资者结构 12 1546 4.3 给投资者的建议 12 20681 4.4 监管改革 12 20441 4.5 规范媒体行为 13 28526 5.结论 14 19030 参考文献 14 7387 致谢 15 PAGE PAGE 3 1.引言 我国股票市场的从80年代开始兴起，现在已有30多年的发展历史。经过几十年的发展，我国多层