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本文根据公开的市场数据,从市场角度简要分析2015年中国股市异常波动的原因,并对救市举措的市场效果进行评估。本文从五个方面分析股市异常波动的原因,包括融资融券结构、股指期货、熔断机制与磁吸效应、场外配资监管、分业监管制度。本文认为,监管部门在救市时点与舆论引导方面需要进一步改进,救市措施及退出安排方面需要进一步完善,救市过程中的频繁规则变动以及行政色彩较浓的管制措施可能会产生负面影响。
Based on the open market data, this article briefly analyzes the reasons for the abnormal fluctuations in the Chinese stock market in 2015 from the perspective of the market and evaluates the market effect of the bailout measures. This article analyzes the causes of anomalous fluctuations in the stock market from five aspects, including the structure of margin trading, stock index futures, fuse mechanism and magnetism absorption, the regulation of over-the-counter investment and the separation supervision system. This article argues that regulators need to be further improved when it comes to saving the market and guidance from public opinion. The bailout measures and exit arrangements need to be further improved. Frequent regulatory changes in the bailout process and control measures of a more administrative color may have a negative impact.