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本文以2015年5月28日为例,分析了A股闪崩的原因及机构投资者在面对大盘闪崩时遵循的决策流程。同时指出,高杠杆的私募基金在市场波动时被强行平仓,是近期市场闪崩的幅度加大、速度加快、频率增加的一个重要原因。闪崩(flash crash)是指证券价格在非常短的时间(数分钟或数秒)内突然快速、大幅下跌。个股价格闪崩非常常见,大盘闪崩也不新鲜。要完整地讨论闪崩,应该论及导致闪崩的原因、传导机制、投资者的反应、后果、市场微观结构和监管制度的缺陷、监管部门的反应等,方为全面。
This article takes May 28, 2015 as an example to analyze the reasons for the flashback of A-shares and the decision-making process that institutional investors follow in the event of a market crash. At the same time, pointed out that highly leveraged private equity funds were forced to liquidate positions in the market volatility, the recent flashback in the market to increase, speed up, an important reason for an increase in frequency. A flash crash is a sudden, sharp drop in the price of a security within a very short period of time (minutes or seconds). A flash crash is very common stock prices, the broader market flash collapse is not new. For a complete discussion of flashbacks, the reasons for the flashbacks, the mechanisms of transmission, investor reactions, consequences, deficiencies in the market’s microstructure and regulatory system, and regulatory response should be addressed.