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【中國股市】熔斷機制急煞 學者:閾值過低所致
中國股市月初實施熔斷機制,首四天便觸發四次熔斷,其中兩次更導致停巿,引發恐慌性抛售;中國證監會早前指,機制沒達到預期效果,宣布暫停熔斷機制。珠海學院會計及銀行學系助理教授黃健明認為,機制推出前未有作出充分研究,他又指熔斷閾值過低,令機制沒法達到原有效果。
財經小知識:
熔斷機制於1987年始引入美國股票市場,目的是為了避免同年10月的「黑色星期一」大型股災再次發生。當標普500指數跌幅達7%(一級) 及13% (二級)時,股市將停止交易十五分鐘;而當指數跌幅達20%(三級),美股則全日停市。中國證監會於今年1月宣佈引入熔斷機制,以避免發生大規模跌市。惟其熔斷閾值過低,使機制實施首四日便觸發四次熔斷,其中兩次更導致停市,逼使中證監急急把機制煞停。
This project was funded by the Quality Enhancement Support Scheme (QESS)
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