通过平准基金的方式来平抑股价波动理论界历来存有争议。然而,宏观环境的变化、资本市场自身的体制机制性缺陷,将进一步增加我国金融体系的不确定性,强化金融内在的脆弱性,从资本市场的渠道对我国金融安全构成潜在的威胁和挑战。作为现代市场经济的核心,金融的稳定与安全高于一切,金融安全比市场化规则更重要。因此,规划设立股市平准基金,建立资本市场危机干预机制符合国家金融安全这一战略利益。当然,对于平准基金的管理、运作、风险控制和信息披露等方面应该制订一系列严格的制度规范,以控制基金自身的风险,保证基金的运行效率。 There is always controversy over the theory of stock price volatility by way of leveling the fund. However, changes in the macroeconomic environment and systemic institutional defects in the capital market will further increase the uncertainty of our financial system and strengthen the inherent vulnerability of the financial system. This will pose a potential threat and challenge to China’s financial security from the channels of capital markets. As the core of a modern market economy, financial stability and security are above all else, and financial security is more important than the market-oriented rules. Therefore, the planning and establishment of a stock market leveling fund and the establishment of a capital market crisis intervention mechanism are in line with the strategic interests of national financial security. Of course, a series of strict rules and regulations should be formulated for the management, operation, risk control and information disclosure of the leveling fund so as to control its own risks and ensure the operating efficiency of the fund.