Research On Formation Mechanism And Countermeasures Of Stock Disasters

After July 2014,China's stock market was able to get rid of the decline since2007 and reached the peak of 5178.19 points on June 12,2015.After experiencing a bullish market for nearly a year,it fell to the bottom of 2850.37 points in less than two months and again on August 26 of the same year,causing huge losses to investors.Due to the development of smart terminals,investors have become more diversified and more convenient in entering the stock market.As a result,more and more Chinese people regard stock investment as an important part of their asset allocation.The 2017 Central Economic Work Conference puts more emphasis on preventing and controlling financial risks.It stresses the importance of preventing and controlling asset bubbles,improving and improving supervision capabilities,and ensuring that the stock market is healthy or not under the background of systemic financial risks.It is even more important.Therefore,the main research object selected by the dissertation is the stock market disaster that occurred in China's A-share market in June 2015.We will study the formation mechanism and response policy of this stock crisis.The bull market before the current stock crisis is a series of economic reform plans issued by the state on the future of China's economic development plan without the support of macroeconomic fundamentals since July 2014.Meanwhile,the People's Bank adopted a loose monetary policy.Other relevant reforms were favorable,and thus prompted the "reform cattle." With the increase in the stock price,many investors have increased their leverage by entering into the stock market for speculative trading through off-exchange capital allocation and other means when their own funds are limited.As a result,“reform cattle” began to gradually “leverage cattle”.change.With the increase of leveraged funds and the increasingly serious bubble in the stock market,in order to avoid systemic risks,the regulators have tried to cut down on various forms of off-site capital allocation in a one-size-fits-all manner.The stock index began to drop sharply,and high-leverage off-field distribution The first occurrence of investment users has taken place.This triggered a series of chain reaction,leading to the stock index fell one after another,and eventually formed a serious stock market disaster.By analyzing the corresponding changes in the stock price before and after the stock disaster,the specific causes of the stock crash were analyzed,and the formation mechanism of the stock disaster was analyzed and studied.Finally,correspondingcountermeasures were given.The paper has a very important theoretical and practical significance by analyzing the formation mechanism and coping strategies of this stock disaster.In analyzing the formation mechanism of the stock-based disaster,the thesis mainly applies the theory of behavioral finance,introduces Soros and Robert Shiller's reflexivity theory and feedback loop theory,and then combines the two theories to put forward four factors that are suitable for analyzing the formation mechanism of the stock disaster in China.A ring model to study the domino effect during the formation of a stock disaster.According to the characteristics of the formation of the stock market,a chain closing model based on the falling of the stock index was constructed.This model restored the entire process of the stock index decline,laying a solid foundation for the analysis of the stock.The last part of the thesis puts forward the corresponding effective strategies for the research results of this paper on the basis of the analysis and evaluation of the coping strategies adopted by China during the period of the stock crisis.