从2015年6月12日至7月8日不到1个月的时间,我国股票市场出现罕见的下跌行情,上证综指从5166点跌至3500点左右,跌幅超过30%,市值蒸发超20万亿元,约为2014年GDP三成。虽然,期间中央银行宣布降息降准,证监会出台诸多缓解下跌压力的政策,但是,在杠杆效应影响下,A股市场持续面临去杠杆的压力,非理性下跌引发市场更大的惶恐,甚至出现了股票市场危机的典型特征。中国的股票市场在20多年的发展中,第一次领略了杠杆的力量。 From June 12 to July 8, 2015, in less than a month, the stock market in our country experienced a rare decline. The Shanghai Composite Index dropped from 5166 points to about 3500 points, down by more than 30% One trillion yuan, about 30% of GDP in 2014. Although the central bank announced a cut in interest rates during the period, the SFC issued a number of policies to ease the downward pressure. However, under the leverage effect, the A-share market continued to face the pressure of de-leveraging. Irrational decline triggered more fear in the market and even emerged The typical characteristics of the stock market crisis. For the first time in more than 20 years of development, China’s stock market has seen the power of leverage.