我国股市稳定基金法律制度的构建——以我国2015年股市流动性风险救助为视角  

Formulation of Legal System of China Stock Market Stabilization Fund:In Perspective of China Stock Market Liquidity Risk Rescue in 2015

作　　者：马其家[1] 黄飞[1] Ma Qijia;Huang Fei

机构地区：[1]对外经济贸易大学

出　　处：《法学杂志》2019年第12期53-61,共9页Law Science Magazine

基　　金：2012年国家社会科学基金一般项目“我国国际板证券发行监管制度的构建研究”(项目编号:12BFX135);2011年教育部规划基金项目“我国证券市场国际板设立中法律问题研究”(项目编号:11YJA820050)的阶段性成果

摘　　要：设立股市平准基金干预股市是化解流动性缺失,防范系统性风险和金融风险的有效方式。我国可借鉴域外立法经验,在《证券法》修改时对股市稳定基金做出原则性规定,并授权国务院制定《股市稳定基金监督管理条例》规定具体事项。基于我国股市发展快、制度不健全、股市非理性因素多、投资者教育不足等各种因素,我国适宜设立长期的股市稳定基金,应对随时可能出现的股市异常波动;基金规模可维持在总市值10%左右;基金来源可包括股东出资、财政拨款、债权发行、贷款等。可设立股市稳定基金监督管理委员会,作为基金的监管机关和决策机关,"证金公司"为操作主体。平准基金可在市场剧烈异常波动,股市交易流动性丧失,有可能引发系统性风险时或有重大事件发生时,经证监会同意入市操作;操作时需防范利用未公开信息交易,并建立基金卖出后的收益提存机制。It is an effective way to eliminate the lack of liquidity and prevent systemic financial risks by setting up stock market stabilization fund to intervene stock market. China can learn legislative experience from other countries, make provisions about stock market stability fund when the Securities Law is amended, and authorize the state council formulating Regulations on Supervision and Administration of Stock Market Stability Fund to stipulate specific matters. Due to the factors of rapid development of stock market of China, imperfect system, many irrational factors, insufficient education of investors and so on, China is suitable to set up a long-term stock market stability fund to deal with abnormal fluctuations of the stock market. The size can be maintained at about 8% of the total market value;Sources of the fund may include shareholder contribution, financial allocation, bond issuance, loans, etc. The Supervision and Management Committee can be set up for regulating and decision-making, China securities finance co., LTD can be the operating subject. The fund may enter the market with the approval of the CSRC when the market fluctuates violently and the liquidity of stock market transactions lost, which may cause systemic risks or when there are major events. The operation needs to prevent the trading of using non-public information, and establish earnings withdrawal mechanism of trading.

关 键 词：股市流动性风险 金融系统性风险 股市稳定基金 股市救助 

分 类 号：F83[经济管理—金融学]