Research On The Legal Regulation Of Stocks Stabilization Fund

In countries with highly developed securities,securities market is an economic barometer. The stability of the stock market is directly related to the healthy development of the national economy.Whether the fluctuation of stock market price is normal or not is a sign of the stock market health.If securities prices change in a certain range,it is a normal situation.The changes of price do not affect or have little effect on the market's function.If the volatility is out the limit, and then it will impede the normal trading of securities.Therefore,the measure,regardless of what regulation form one country may adopt,always seeks to assure the relative stability of securities market especially of stock market.The history reveals that economic phenomena always lead to regulation of law.Historically, the stock market is through the autonomy of private law orientated phase to the national regulation orientated phase.We can see it from the cradle of stock market,the United Kingdom, or from China's stock market history.This is not a mere coincidence.It can be concluded from economic development history that the policies and ideology in the West often went through a turn of freedom and control alternatively.Stock stabilization fund is the development outcome of the securities market based on the history and reality,it is the emerging markets where it mostly needed.No doubt when Stock stabilization fund once adopted,it can intensify market's stability,protect the interests of investors and the entire economic system,fulfill the function of stock market's financing,pricing, capital allocation Just after establishment of China's stock market,the initiation of stock stabilization fund is recommended,but the government did not adopt it due to various reasons. But in reality,it is used on occasion.Social Security Fund and the Fund of foreign exchange reserves have also played a prospective role of stabilization fund.From the economic law, securities law perspective,based on China's stock market,this thesis explores many aspects, which includes the ground of the stabilization fund and the need for legislation,sources of funding,the regulatory body,standard of market access,withdrawal mechanism,legal attributes, legal liability,as well as regulation of running.It also studies the relationship between stock stabilization fund and other stability mechanisms,also focuses on correlations between stock stabilization fund legislation and "Securities Law","Investment Fund Law","Budget Law".