A Study On The Legal Regulation Of China's Stock Stabilization Fund

Chinese stock market starts relatively late with insufficient mating system so that the stock market is easily impacted by various of non-economic factors.In order to make up for the lack of stability mechanism of the stock market,there has been a long tradition of government intervention in the stock market.For example,with a variety of measures to intervene in the stock market,the management tried to stabilize the decline in the stock market decline because of the Shanghai and Shenzhen Stock Exchang continued to fall in 2015,which including China Securities Finance Corporation Limited's series of operations of entering the stock market which is called the stabilization fund of Chinese version.The first chapter of this paper introduces the concept of the stabilization fund,and then discusses its characteristics on the basis of its connotation and operation mechanism.This paper tries to demonstrate that the stabilization fund should be defined as a special legal person with the nature of public corporation and private corporation in section two of the first chapter.The second chapter discusses the necessity of the introduction of the stabilization fund systematically.The first section discusses the different viewpoints of the domestic scholars on the stabilization fund from the aspects of support and opposition,and puts forward the feasibility of the introduction of the stabilization fund system in Chinese at this stage.The second part discusses the necessity of using the stabilization fund to intervene in the stock market from the aspects of economic theory,jurisprudence theory and sociological theory respectively.The third section discusses that the stabilization fund is urgently needed in the current situation of Chinese stock market from the reality of Chinese stock market as a rule of a “stabilizer”.The third chapter is divided into four sections.In the first section,the author discusses the financing source of the stabilization fund which finds that the basic funds of the stabilization fund can be obtained from the cannel of the national finance and the relevant parties involved in the market.Section two discusses the problem of the size of the stabilization fund,which drawing a conclusion that on the one hand,a small scale of the stabilization is not enough to obtain a relative better bailout effect;on the other hand,to avoid waste of resources,the stabilization fund should be controlled in the appropriate scale;In the third section,the author puts forward that the establishment of the stabilization fund in Chinese stock market should set up the double management system at present out of the consideration of balancing and restricting.In the fourth section,the idea of the withdrawal system of the stabilization fund is put forward.The fourth Chapter deals with the legal regulation of the stabilization fund system.Section one of this chapter deals with the specific operation of the stabilization fund and the coordination of legislation with existing laws.First of all,it explains that all aspects of its operation and operation should be in harmony with the three principles of the securities law.And then the author provides legislative suggestions from several aspects involving the legalization of the behavior that the stabilization fund manipulates the stock market,the exemption of the duty of disclose stock-holding early warning and the duty of mandatory tender offer and the information disclosure institute of the stabilization fund itself.Section two of this chapter provides the author's suggestions from the aspects of the stabilization fund's legal responsibilities including the stock dealing of using the undisclosed information beyond the inside information and tunneling with the stabilization fund.