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本文基于市场非理性角度分析了2016年初熔断机制失灵原因。熔断机制引进的初衷是为了促进资本市场健康发展,然而引进后多次触发熔断点引发了我们对熔断机制和股票市场的深思。本文认为由于投资者情绪、羊群效应、过度自信等市场非理性因素,熔断机制在我国出现了水土不服。最后根据非理性因素分析,本文从政府、上市公司、证券机构、媒体和投资者等角度提出了相关的建议。
This article analyzes the reasons for the failure of fuse mechanism in early 2016 based on market irrationality. The original intention of the introduction of the fuse mechanism is to promote the healthy development of the capital market, but after the introduction of multiple triggering the fuse point triggered our fuse mechanism and the stock market for thought. This paper argues that due to irrational market factors such as investor sentiment, herding effect and overconfidence, the fusing mechanism appeared in our country acclimatized. Finally, based on the analysis of irrational factors, this paper puts forward relevant suggestions from the perspectives of government, listed companies, securities institutions, media and investors.