Thematic Research On The Abnormal Fluctuation Of Chinese Stock Market In 2015

In 2015,The Chinese A-share stock market has appeared serious abnormal fluctuation,"rocketing and plumping" in the stock prices.The Shanghai composite index was going up from 2000 points since July 2014 and has reached the peak of 5178.19 points on June 12,2015,increasing near 160%.There was no doubt that the "irrational exuberance" appeared in the stock market during this period,indicating severity of the current stock bubble.Since then,due to the role of multiple factors,the upward trend in the stock market came to a standstill,and on June 15,2015,A-share market started the first round of crash: the SSE Composite Index had fallen by more than 30% in just 17 trading days,the Shenzhen component index had fallen by 40% and the CSI 500 on behalf of growth stocks by 44%.Up to July 9,2015,the stock suspension number reach up to 1441,1000 more than the number on June 15.Less than a half months after adjustment of the stock market,the stock market down dip again.The stock market fluctuation in 2015 has become one of the worst and most influential event in the A-share market history.The retail problem in the structure of stock market investors is very serious,who are easily affected by the government economical policies,so one of the reasons leading to the stock market abnormal fluctuation is human psychological factors,there are serious opportunistic practice in the A-share market where retail investors accounted for the vast majority.In the process of the rising in the the first half of 2015,with the strengthening the effect of making money,the phenomenon of shares soaring and getting rich overnight can be found everywhere.With the introduction of government stimulus policies,more and more money from the banking system and real economy is transferred to the stock market by some illegal distribution channels.Securities regulatory commission was aware of the seriousness of the speculative bubble when the leverage fund reached a peak in the stock market,then issued a notice of suspension and cleaning up the over the count match leading to the heavy selling pressure in the stock market for the exit of the leverage fund,and the stock started to fall.In the process of decline,due to the suspended of clean up of with funding over the count,many investors cannot make up the security deposit and were forced to unwind as the affected of the share price falling,forming a vicious cycle,the stock market continued to slump.Originally as the market of risk aversion,the stock index futures market became the place for profiteering due to two-way operation.In the thesis,we will fully study from four aspects regarding the stock market abnormal fluctuation as the core,including the cause of the outbreak,the consequences,the rescue measures and the enlightenment we can learn.First we analysis the problems during the fluctuation,which leaded to the slump,including the speculative bubble before the stock market slumping,the lagging of supervision,the market trading system factors and the problems of investors.Rocketing and slumping probably induce the market liquidity risk,which could lead to financial crisis,the government had to take rescue measures,then we briefly compare the previous rescue measures of the crash in different countries and regions,finally,we should set out from the A-share market itself,and conclude some helpful policy suggestions that are suitable for the long-term stable developing of capital market in China.