摘要
中国证券市场曾经实行过T+0交易制度,由于存在过度投机T+0被取消,进而推出了T+1交易制度。2010年之后,股指期货等金融衍生产品的推出标志着中国证券改革正走向纵深,T+1交易制度已经不再适应中国资本市场的重大变化,特别是光大"8·16"乌龙事件中,机构利用股指期货和ETF变相T+0交易规避风险,市场的公平与效率亟待维护和提升。为此,本文提出在沪深300成分股中率先实行T+0制度的渐次改革原则及其三大理由。
In the early 20th century,China＇s stock market practiced T ＋0 trading system once.Due to the presence of excessive speculation,T ＋0 is canceled and the T ＋1 trading system has been introduced.After the year of 2010,the launching of stock index futures and other financial derivatives marks a positive trend of China＇s securities reform in depth. However,T ＋1 trading system no longer meets the major changes in China＇s capital market,especially the Everbright “8· 16”amusing incident,in which the agencies use stock index futures and ETF to make disguised T ＋0 transactions to avoid the risk,so the fairness and efficiency of market urgently need to maintain and upgrade.Therefore,the paper puts forward the gradually advancing principle of first implementation of T ＋0 system in Shanghai and Shenzhen 300 constituent stocks and three major necessities.
出处
《经济与管理研究》
CSSCI
北大核心
2015年第12期62-65,共4页
Research on Economics and Management
