摘要
实施熔断机制后我国股票市场的系统性风险发生变化,本文通过测算5种指数的系数,依据资本资产定价模型来分析熔断机制对我国股票市场系统性风险的影响,得出结论如下：（1）实施熔断机制增大了股票市场的系统性风险,暂停熔断机制有助于降低股票市场的系统性风险;（2）暂停熔断机制降低股票市场系统性风险的作用还不充分。熔断机制之所以在中国以失败告终,其原因主要有以下几方面：规制部门轻发展重规制,对市场的认识不足;组织管理行政化;中国市场环境不成熟,引进国外经验过于轻率;缺乏与制度相关的政策配套。
This paper studies the impact on systematic risk of China ＇s stock market through carrying out Circuit Breaker using the Coefficient of 5 index according to the CAPM model. According to the empirical test re-sults, we could get two conclusions. There are various causes leading to the failure of Circuit Breaker： Regu-lation department despises development and pays attention to regulations, learning about market insuffi-ciently; Organization and management become more administrated; China＇s market environment is not mature and the introduction of foreign experience is too hasty; Lack of relevant policies.
出处
《特区经济》
2018年第1期86-90,共5页
Special Zone Economy
关键词
熔断机制
股票市场
系统性风险
系数
circuit breaker
stock market
systematic risk
coefficient
