| In 2015,China’s stock market experienced huge fluctuation.Especially,in June2015,on the stock market appeared a huge drop in which outside capital allocation business played an important role for the market fluctuation and thus attracts the extensive attention from all walks of life.This article provides an in-depth study on the outside capital allocation business.Firstly,this paper extensively introduces two main ways of outside capital allocation business,namely structured trust products and the nongovernment capital allocation business based on Internet technology.At the same time the paper also analysed the roles played by various financial departments of the outside capital allocation business.From the analysis,it can be seen that the financial institutions constituted mainly of banking,trust and securities companies all played important roles in the capital allocation business.The above contents together clearly describe the forming process and operation mode of the outside capital allocation business.Secondly,the discussion of the problems existing in the process of supervision for outside capital allocation business was followed.It is clear that these problems led to the impact of market fluctuation.Then through data correlation analysis on the leverage business and stock index,the close positive correlation between the leverage business scale and the stock index was proven.Especially,the large amount of outside capital allocation flowed on the market is the main cause of rising stock index in the first half of the year 2015.Meanwhile,through the correlation analysis of stock index and macroeconomic data,the paper also explains the reason as the stock index was pushing upwards by the outside capital,it seriously deviated from the macro economy status of our country.This directly led to the stock market crash in 2015.At the end of this paper,it introduces the adjustment of the policy on the outside capital allocation by the supervision departments and provides some suggestions for further improvement of the policy and some practical implementation schemes for transfer of the outside capital business into the inside business.These schemes are as follows,ie,matching the large amount capital allocation business with the prime broker business of the securities companies,developing inside small amount stock pledge financing business to meet the small amount capital allocation demand and the current inside financing and securities lending business.All these realized the differentiated business categories to match the different financing demand of different scales from the market. |
