| In recent years,China’s financial industry has entered a new stage of opening to the outside world.The mode of financial supervision,the existing system and even the financial supervision system are changing with the times.In the face of the randomness of the financial act,especially the large fluctuation of the market,the regulatory agency is actively engaged with the market,and various measures have been put into effect.For example,due to its direct influence on the function of the market mechanism,the fluctuation limit system,the T+1 rotation system and the fuse mechanism have been controversial.According to Chinese settlement statistics,the number of investors at the end of 2018 was 146.544 million,with 14615.11 natural persons,accounting for 99.76 percent and showing no decline.The market behavior has typical retail psychology and behavior deviation,therefore the irrational behavior of investment has aggravated the market boom and plummet phenomenon.In terms of system supervision,there exists the dilemma of "death on one management,chaos on release",and the emerging capital market with transition needs more empirical research on behavioral finance objectively.This paper first summarizes the implementation process of the Fuse mechanism of the A-share market in 2016 and the basic situation of the fusing mechanism in China and the major countries in the world.Secondly,it conducts attribution analysis on the unsatisfactory effect of Fusing in the Chinese market,and uses time.Sequence analysis methods(VAR,Granger Causal Analysis,Impulse-Response,Variance Decomposition,etc.)give empirical support;finally,through the comparison of the melting mechanism of overseas markets,combined with the results of research and the objective market environment,based on market liquidity And the market volatility,propose a "flexible melting mechanism" that is more in line with the characteristics of the Chinese market,thus promoting the sound development of China’s financial supervision. |
PDF Full Text Request