The Research Of Stock Crash Bailout Funds Exiting Legal Mechanism

"615" crash makes investors,stock market downturn,and has not return to 4000 points yet.The government take active measures to rescue stock market with 2.3 trillion,the stock market is recovering steadily,and rarely out of bail-out funds,but rescue funds can not long stay in the stock market,exit is the inevitable requirement.Therefore,studies our country present crash bail-out funds to exit the legal mechanism,for the large "crash,615" rescue funds out of convenience.At present our country is a crash bail-out funds to exit the legal mechanism of academic research.But,from the perspective of the nature and characteristics of bail-out funds,step by step,to explore the rescue fund exit and rescue funds out of the connotation and characteristics of legal mechanism.Crash bail-out funds belongs to the governmental funds,its exit subject widely,choice of exit for more direct selling securities,and crash bail-out funds out of legal mechanism has a long-term,diversity,openness,the rights and obligations consistent characteristics.Crash the bail-out money is the government intervention of the nature of capital,long-term don't exit will have a negative impact,the securities market negative externality theory and the theory of state intervention decision to withdraw from the inevitability of the bailout funds.Don't quit,at the same time,the bailout funds can led to the loss of self regulating function of the stock market,embodied in damage equal transactions,fair competition,kill the market vigor,also easy to cause by object idlers consciousness,moral risk.Although at present our country has not yet established a comprehensive crash bail-out funds to exit the legal mechanism,but it has save the city money out of the related content,such as a small amount of regulatory documents,the existing bailout funds out of way.Crash bail-out funds out of legal mechanism has not yet to rise to the legal level,only the securities and futures commission related announcements,such as the golden company to undertake "a crash,615" rescue the main body,the China banking regulatory commission to provide liquidity support,the gold will be part of the shares transferred to huijin company,etc.The Shanghai stock exchange,shenzhen stock exchange and cooperate with the SFC announcement issued relevant self-discipline rules,such as reducing transaction cost,etc.In 2015,"615" crash out as an example,the research of our country's existing crash bail-out funds out of legal mechanism,lack of legal norms,the inadequate disclosure of information can be found,such as exit for a single problem.Information disclosure system is the core content of the securities market,listed companies not only need to follow,subject of bail-out funds also need to abide by in securities trading,and because of the government in information disclosure content is not comprehensive,lead to market false news around,influenced the stability of the stock market.The crash bail-out funds out of the construction of a legal mechanism,refer to the successful outside of bail-out funds out of experience,and combining with the actual situation of our country "615" crash.The United States,Japan,South Korea,China Taiwan and Hong Kong stock market crash rescue experience,there are many bail-out funds out of experience,such as Hong Kong trahk,America's TARP exit,are outside the successful delisting model.The crash bail-out funds out of legal mechanism can be way out from the legal system,information disclosure,and legal liability four aspects to build.In the securities law of the change,to join a crash bail-out funds to exit the terms of the principle,the securities and futures commission related to part a detailed rescue fund exit plan,the golden company,huijin,the gold pipe and huijin investment and so on need to perfect the information disclosure,ensure the transparency of information.On the choice of exit in addition to the call auction trading and commodity trading two secondary market trading,can also broaden the other exit manner,such as the over-the-counter market,trading,retained the gold ETF index funds injury securities business vouchers pool,to the social security fund,to specialized investment institutions operate,etc.,the five ways out in parallel.As legal responsibility shall be investigated in separate legislation higher cost,draw lessons from existing securities fraud related legal norms,to undertake the main body of bail-out funds,the golden company,huijin company rescue main body need and undertaking institutions signed the agreement of the stock management,ensure that half a year not cash out,in order to maintain the stability of the securities market.