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证监会提出熔断机制的本意是给与投资者更多理性思考时间从而稳定A股市场,控制市场波动,但实践表明在当前中国股市的制度和中国股市的环境下,熔断机制并不适用于中国股市。本文通过分析中国股市特点,包括个股涨跌停、中小市值股票、投机市场、散户过多等,与熔断机制对中国股市已有机制和股票市场环境的影响,梳理出熔断机制不适用于中国股市的原因。
The intention of the Commission to put forward the fusing mechanism is to give investors more reason to think about the time to stabilize the A-share market and control market volatility. However, practice shows that in the current Chinese stock market system and the Chinese stock market environment, the fusing mechanism does not apply to China stock market. By analyzing the characteristics of China’s stock market, including the ups and downs of individual stocks, small and medium cap stocks, speculative markets and retail investors, this paper analyzes the impact of the blow-down mechanism on the existing mechanism of the Chinese stock market and the stock market environment, and concludes that the blow-out mechanism does not apply to the Chinese stock market s reason.