摘 要

 

2020年上半年，随着国际新冠疫情形式日趋严峻，美国股市逐渐走向低迷，甚至出现了连续三次熔断的情况，但是三次熔断对美股都起到了比较积极的影响。我国A股在2016年引入熔断机制后，四天内四次熔断触碰阀值，因此证监会决定暂停熔断机制。本文在简要介绍了美国资本市场熔断机制的基础上，深入分析了美国熔断机制对股市及美国经济的影响，通过对比熔断机制在美国成功的原因和在我国失败的经验，试图提出完善A股熔断机制的建议。笔者认为熔断机制通过风险缓冲起到稳定市场的积极作用，该机制在A股是可行的，但是需要放开股市以及完善的配套制度。

 

关键词：熔断机制；资本市场；磁石效应

 

Research on the Circuit Breaker Mechanism of US Stock Market and Its Enlightenment to China

 

Abstract

 

In the first half of 2020, with the increasingly severe international COVID-19 form,the US stock market gradually went into a downturn,and even three consecutive fuses appeared, but the three fuses had a more positive impact on the US stock market. After the introduction of the circuit breaker mechanism in 2016,China Securities Regulatory Commission decided to suspend the circuit breaker mechanism because the circuit breaker touched the threshold four times in four days. Based on a brief introduction of the U.S.capital market circuit breaker mechanism,this paper makes an in-depth analysis of the impact of the U.S.circuit breaker mechanism on the stock market and the U.S.economy.By comparing the reasons for the success of the circuit breaker mechanism in the U.S.and the experience of its failure in China,this paper attempts to put forward suggestions for improving the circuit breaker mechanism in China. The author thinks that the circuit breaker mechanism plays apositive role in stabilizing the market through risk buffering. The mechanism is feasible in China,but it needs to open up the stock market and improve the supporting system.

 

Keywords: circuit breaker mechanism; capital market; implementation path