2015年6月中旬到7月初,A股市场单边连续下跌,上证指数三周累计跌幅达到34%。这一短期内市场趋势的迅速反转不仅让大量投资者损失惨重,更让市场各方对股票市场的投资热情大大降低。股票市场的大幅下跌引致期货、外汇以及债券市场的流动性危机更对中国金融市场的稳定提出了挑战。在宏观经济调结构、促改革的大环境下,这一事件不可避免地对居民资产的腾挪、企业融资的债转股甚至对金融改革的推进产生了负面影响。 From mid-June 2015 to early July 2015, the A-share market fell unilaterally and the Shanghai Composite Index recorded a 34% decline in three weeks. The rapid reversal of the market trend in the short term not only caused heavy losses to a large number of investors but also greatly reduced the enthusiasm for investment in the stock market by all parties in the market. The sharp drop in the stock market led to the liquidity crisis in the futures, foreign exchange and bond markets, which posed a challenge to the stability of China’s financial markets. Under macroeconomic adjustment of structure and promotion of reform, this incident inevitably has an adverse effect on the residents’ assets. Debt-to-equity swaps of corporate finance even have a negative impact on the progress of financial reform.