陈祉均 201651109008 2015中国股灾成因分析与启示.doc

2015中国股灾成因分析与启示陈祉均摘要：我国证券市场发展迅速，但在发展过程中不可避免地碰到挑战，在2015年股市异常波动的惨重程度罕见，引人深思。本文回顾和总结了此次股灾的情况，上半年牛气冲天，投资者热情高涨，与下半年多次千股跌停，形成强烈对比。本文分析了股灾的成因，主要从杠杆资金、流动性风险、政府救市措施和媒体引导四方面解释。同时提出了了本次股灾的启示，很多细节还需要改进和完善，希望能为有序推动我国证券市场的全面发展提供参考建议。关键词：杠杆资金；流动性危机；政府；媒体AnalysisandInspirationoftheCausesoftheStockMarketCrashin2015ByChenZhijunMarch,2019Abstract:China'ssecuritiesmarketisdevelopingrapidly,butitinevitablyencounterschallengesintheprocessofdevelopment.In2015,theseveredegreeofabnormalfluctuationsofthestockmarketisrare,whichisthought-provoking.Thispaperreviewsandsummarizesthesituationofthestockmarketcrash,thefirsthalfofthebullsky,investorsenthusiasm,andthesecondhalfofmanythousandsofstocksfellbythelimit,astrongcontrast.Thispaperanalyzesthecausesofthestockmarketcrash,mainlyfromleveragecapital,liquidityrisk,governmentmeasurestorescuethemarketandmediaguidancefouraspects.Atthesametime,itputsforwardtheenlightenmentofthestockmarketcrash,andmanydetailsstillneedtobeimprovedandperfected,inthehopeoforderlypromotingthecomprehensivedevelopmentofChina'ssecuritiesmarkettoprovidereferencesuggestions.Keywords:Leveragedfunds；Liquiditycrisis；Government；Media目录TOC\o"1-3"\h\uHYPERLINK\l_Toc115031.引言PAGEREF_Toc115031HYPERLINK\l_Toc31771.1研究背景、目的及意义PAGEREF_Toc31771HYPERLINK\l_Toc207811.2研究方法PAGEREF_Toc207811HYPERLINK\l_Toc326311.3相关文献综述PAGEREF_Toc326312HYPERLINK\l_Toc195311.3.1国外研究综述PAGEREF_Toc195312HYPERLINK\l_Toc139281.3.2国内研究综述PAGEREF_Toc139282HYPERLINK\l_Toc161792.2015中国股灾回顾PAGEREF_Toc161794HYPERLINK\l_Toc257522.12015上半年表现良好PAGEREF_Toc257524HYPERLINK\l_Toc137072.2第一轮暴跌PAGEREF_Toc137075HYPERLINK\l_Toc158722.3第二轮暴跌PAGEREF_Toc158725H