股市危机：结构缺陷与规制改革

Stock Market Crisis:Structural Defects and Regulatory Reform

2015年中期发生的股市异常波动,从学术标准看,是一次相对单一的市场危机。引发这场股市危机的原因主要有:市场对中国经济改革和增长模式的转型短期预期过高、长期预期不足所带来的极度投机意识;对发展资本市场的政策本意出现了严重误读;高杠杆配资;交易机制的结构性缺陷;监管的滞后和监管独立性的削弱;媒体"牛市"情结的过度渲染。为此,应推进制度改革和规则完善,包括建立动态的杠杆调整机制,形成更加市场化和国际化的交易机制,强化监管的独立性,平衡处理好金融创新与风险管控的关系等。

In the mid of 2015, an abnormal fluctuation occurred in the Chinese stock market. From the perspective of academy, it is a relatively homogeneous market crisis. The main causes of the stock market crisis can be summarized as follows., extremely speculative awareness brought about by the adequate short-term expectation but inadequate long-term expectation for the transition of China＇s economic reform and growth patterns, seriously misreading policies about the development of China＇s capital market, high leverage funding, structural defects in trading mechanisms, regulatory delays and the undermining regulatory independence, and the over-exaggerated ＂ bull market＂ from the media. Based on above-mentioned reasons, we propose a number of measures to promote regulatory reform and rules improvements, such as establishing a dynamic leverage adjustment mechanism, forming a marketloriented and international trading mechanism, strengthening the independence of the regulatory body, and balancing financial innovation and risk management.