中國大陸證券市場系統性風險防範之研究 -以2015年股災為例

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Title:	中國大陸證券市場系統性風險防範之研究 -以2015年股災為例 The Research on the Prevention of Systemic Risks in Mainland China’s Securities Market -A Study of 2015 Stock Crash
Authors:	陳榮霞
Contributors:	國家發展與中國大陸研究所中國大陸組
Keywords:	股災證券市場系統性風險風險防範
Date:	2023
Issue Date:	2023-07-06 15:03:18 (UTC+8)
Abstract:	本文以中國大陸證券市場系統性風險防範為研究對象，藉由2015年股災為例，通過分析股災的成因及影響、探討股災後大陸政府的救市策略，大陸股票市場的發行制度、交易制度、資訊披露制度、監管制度及政府的救市干預手段在股票市場扮演的角色，來發掘股票市場的風險形成機制，比較分析台灣、香港、日本、美國等證券市場歷次救市護盤的措施與成效，探討台灣及歐美證券市場風險防範的機制與優勢，總結和借鑑值得學習的地方。本研究從制度面找出現行中國大陸證券市場制度的缺陷問題，並提出防範股市系統性風險須採取的策略及監管思考方向，大陸政府不但要加強股市監管手段及完善監管制度，更應乖減少對市場的干預及合理管制市場資金的槓桿率，持續推行股票市場「註冊制」改革，發展多層次資本市場，推廣價值投資文化、優化市場投資者結構及加強投資者教育，建立風險預警機制及風險應急措施，同時引導長期資金入市鼓勵價值投資平滑市場的波動，政府應從股災中吸取教訓盡量減少對市場的政策干預，需要更着眼于市場自身功能的發揮上。 Taking the systemic risk prevention of China's securities market as the research object, this paper takes the 2015 stock market disaster as an example, analyzes the causes and impacts of the stock market disaster, discusses the rescue strategy of the mainland government after the stock market disaster, and the role played by the issuance system, trading system, information disclosure system, regulatory system and government rescue intervention measures in the stock market of the mainland stock market, so as to explore the risk formation mechanism of the stock market, and compare and analyze the measures and results of the previous rescue protection measures in the securities markets of Taiwan, Hong Kong, Japan, and the United States. Explore the mechanism and advantages of risk prevention in Taiwan, European and American securities markets, and summarize and learn from what is worth learning. This study identifies the shortcomings of the current securities market system in Mainland China from the institutional aspect, and puts forward the strategies and regulatory thinking directions to be adopted to prevent systemic risks in the stock market, the Mainland government should not only strengthen the means of stock market supervision and improve the regulatory system, but also obediently reduce market intervention and rationally control the leverage ratio of market funds, continue to implement the reform of the "registration system" of the stock market, develop a multi-level capital market, promote a value investment culture, optimize the structure of market investors and strengthen investor education. To establish a risk early warning mechanism and risk response measures, while guiding long-term funds into the market to encourage value investment to smooth out market fluctuations, the government should learn lessons from the stock market disaster and minimize policy intervention in the market, and need to focus more on the function of the market itself。
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