Research About The System Of Stock Market Stabilization Fund

The development of the stock market need stability,however,irrational volatility will appear from time to time.For now,our country has not been particularly effective ways to deal with the abnormal fluctuations of the stock market,especially stock market plunged sharply brought by the crisis,so we need to study and discuss the effective solutions.Build system of the stock market stabilization fund,in my opinion to be able to stabilize the stock market,which is worth to study.Starting from the basic problems of the stock market stabilization fund system,this paper has been clear the fund in the nature of the nonprofit and policy-oriented fund,and points out that it has strong fund scale,policy enforcement and stabilizing the market as the ultimate goal of the three main characteristics.And then the paper points out its two positive effect.One is that the fund can bring down the irrational price fluctuations,and stabilize the market.The other is that the fund can guide the capital flow,and optimize the allocation of resources.Then analyzing the necessity of establishing the stock market stabilization fund system in China,mainly from the foreign experience and practice,the development of the Chinese stock market and the government's responsibility to talk about.And then investigating the system and practice of stock market stabilization fund of four typical country or region Hong Kong,Taiwan,Japan and South Korea.The last studying the basic issues of legislation and the main content of stock market stabilization fund system to establish in our country.The stock market stabilization fund should be entered in the market in need,then improve relevant legislation which can follow the practice of Taiwan that introduced rules to regulate.And to solve the problem of legalization of stock market stabilization fund,it should coordinate conflicts with the "Securities Law" and other laws or regulations.The purpose of establishing the stock market stabilization fund in addition to bring down the irrational stock market volatility,stabilize the stock market,and in order to protect the interests of the broad masses of investors,especially small and medium-sized investors' interests.It has established to enrich the government's method of bringing down the volatility of stock market,improve the ability of the government's macroeconomic regulation and control of the stock market,improve the level of risk management of the stock market,and strengthen the market's ability to resist risk.The sources of funding should be given priority in legal,which mainly from financial allocation and paying by related main market players.Fund to some slants big,should be 5% to 10% of the total market capitalization of more appropriate.In regard to the main body of the fund's application,which can consider to set up a fund management committee who is responsible for the operation and management of stabilization fund.At the same time,defining the legal liability of related subject,and regulating their behavior.When the stock market fluctuates violently affected by factors other than economic crisis,and the wave meet certain price index,the stabilization fund should be run in the market.In the operation of the stock market stabilization fund,it is important to balance the relationship between information disclosure and confidentiality.The choice of the object should be focused on larger stocks and leading shares supported by the country.After stabilization fund complete the task of stabilizing the market,it should start the exit program at the right time.The fund should also exit gradually and orderly.And we should focus on the subsequent fluctuation of stock market and the stable situation at any time.