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2014年7月以来,中国股市出现了一轮凌厉的上涨,到2015年6月14日上证综指突破5000点,累计上涨152%。但2015年6月15日至2016年1月28日,经历了三波较大的下跌之后,上证综指累计下跌48.6%。中国股市出现暴涨暴跌的异常波动,流动性过剩、杠杆失控、舆论误导、过度投机、监管失误等诸多因素导致2014年7月之后股市上涨严重脱离经济面是根本原因。本文从经济因素、市场因素、监管因素三个方面分析了我国股市本轮异动的原因,并辩证剖析了本次救市措施的得失,评估了本轮股市异动对金融体系的影响,提出了本次异动给政府和监管层带来的启示,反思了我国股市发展存在的主要问题,并提出了对策与建议。
Since July 2014, there has been a sharp increase in the Chinese stock market. By June 14, 2015, the Shanghai Composite Index broke through 5000 points, increasing by 152% in total. However, after three waves of big decline from June 15, 2015 to January 28, 2016, the Shanghai Composite Index has dropped 48.6%. The abnormal fluctuations in the stock market in China, excess liquidity, uncontrollable leverage, misleading public opinion, excessive speculation and regulatory errors led to the fundamental reason why the stock market rose severely from the economy after July 2014. This article analyzes the reason of the current round of stock market transaction in three aspects of economic factors, market factors and regulatory factors, and dialectically analyzes the gains and losses of the rescue measures, assesses the impact of the round of stock market movements on the financial system, The revelations to the government and the regulators brought about by the changes reflect the main problems existing in the development of China’s stock market and put forward countermeasures and suggestions.