| In January 4,2016,the first trading day of the year,circuit breakers of capital market of our country began to implement the two file is triggered to fuse;fourth days again triggered two stalls in the middle of the night,regulators fuse,emergency brake circuit breakers.Implement only four days suspended.At this point,A shares fuse system ended in failure.In this paper,the related concepts of the fuse system of A shares on the fuse system failure cases sorted and summarized,and do the comparative analysis between countries,analysis of advantages and disadvantages of analysis and reason,found the causes of the failure of A shares is the design of internal fuse system defects and Chinese capital market from the characteristics of the fuse system interaction of structure and system itself,as well as the domestic and foreign capital market conditions and other external environmental factors external factors,and find out the main problems existing in design of our fuse system.Our fuse system consists mainly of two aspects,one is the fuse threshold and the number of files set unreasonable,two is the existence of distortion fuse fuse system object of the CSI 300 index.The conclusion based on the fuse system if used properly,in our country as well as the suitable space and possibility,and the proposed.Design proposal.Optimization design of China fuse system,is mainly carried out to resolve outstanding issues based on fusing system,precondition and launched on the fuse system and appropriate timing are discussed.Finally,the liquidity and market risk regulatory perspective,this paper gives some summary and sublimation.That fuse system in essence is a kind of price limit tool only,it is in the market for market efficiency at the expense of phase stability,but will not eliminate the intrinsic factor of causing the market based on the shock from the root,it can only resolve the factors,especially the emotional disturbance factors brought to the market,for example herd effect. |
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