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自2015年中旬开始,中国股市经历了一场从高点急剧下滑的过山车式震荡;2016年伊始,中国股市又接连触发了几轮熔断。呼吁国家队入场救市的声音不绝于耳。往往国家为稳定股市,也会组建国家队救市。不过,从国家队一入市开始,就意味着它终有一天会离场,但每次的撤离又都会带来股市新的震荡。是否有一个既能替代国家队为国护盘,又能保证股市稳定的有效办法?有!可以将中国股市改造成保底股市,即为所有上市交易股票确定一个交易的最低价,以电子交易系统阻止低于最低价的股票交易。这种股票市场制度从几方面看都是可行的。首先,作为非自主性市场,政府可以通过政策影响股市。其次,股票市场是一种投机性市场,从中可衍生出一个政策结论,即制定一个符合广大股民主体利益的官定价格是合理的、可接受的。再次,股票市场具有可塑性,因此认为塑造股市制度是符合股市特点的。用制度止损代替个人止损,能够在经济动荡时期稳定股市人心,不至于因太过恐慌而大量抛售股票;国家队也可以在稳住股市后放心撤退。
Since mid-2015, the Chinese stock market experienced a roller coaster-style turmoil that plunged from a high point. Starting from 2016, the Chinese stock market triggered several rounds of fusing. Appeal to the national team to save the market admission voices endless. Often countries to stabilize the stock market, will also set up a national team to save the market. However, as soon as the national team enters the market, it means that it will eventually leave the market one day, but each withdrawal will bring new shocks in the stock market. Is there an effective way to replace the national team for the country to support the market and ensure the stability of the stock market? There is a way to transform the Chinese stock market into a guaranteed stock market, that is, to determine the lowest price of a transaction for all listed stocks. With the electronic trading system Prevent stock trading below the lowest price. This stock market system is feasible in several ways. First, as a non-autonomous market, the government can influence the stock market through its policies. Second, the stock market is a speculative market, from which a policy conclusion can be drawn that it is reasonable and acceptable to formulate a government-prescribed price that meets the interests of the majority of shareholders. Thirdly, the stock market is plastic, so we think the stock market system is in line with the characteristics of the stock market. Using institutional stops instead of individual stops can stabilize stock market sentiment during times of economic turmoil, and will not sell stocks in large quantities because of too much panic. The national team can also ease the withdrawal after stabilizing the stock market.