摘要
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 have long been disputes about the set-up and role of the stock stabilization fund not only among the financial practitioners but also in academia.However,the changes in macroeconomic environment and the flaw of capital market itself enhance the uncertainty and frangibility of China＇s financial system,which will pose potential threat on the financial security.Based on the view of financial security,this paper analyzes the reasonableness of the stock stabilization fund in China,and introduces some proposals for the administration of the fund in order to reduce its potential operational risks.
出处
《特区经济》
北大核心
2009年第11期98-100,共3页
Special Zone Economy
关键词
金融安全
证券市场
平准基金
Financial security
Financial Frangibility
Stock Stabilization Fund
