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2015年年中,我国股市出现了罕见的剧烈异常波动。为应对股市暴跌,中国人民银行以多种形式给予中国证券金融股份有限公司流动性的支持,形成了“证券金融公司+央行流动性”的中国版平准基金,成为稳定市场的重要手段。然而,如何平稳地运作和退出救市资金成为目前亟待解决的问题。本报告通过梳理研究美国、日本、韩国、中国台湾和中国香港等境外市场救市基金运作、效果和退出机制,希冀为中国版平准基金的运营带来一些经验借鉴。
In mid-2015, there was a rare and drastic anomaly in China’s stock market. In response to the slump in the stock market, the PBC has given liquidity support to China Securities Finance Corporation Limited in various ways and formed a Chinese version of the “China Securities Standardization Liquidity of Securities Finance Corporation + Central Bank”, which has become an important means of stabilizing the market . However, how to smoothly operate and exit the bailout funds has become an urgent issue to be solved. This report examines the operation, effectiveness and exit mechanism of bailout funds in overseas markets such as the United States, Japan, South Korea, Taiwan and Hong Kong, and hopes to provide some lessons for the operation of the Chinese version of the Punch Fund.