熔断机制的中国本土化及其法律适用——以2016年我国A股开市首日触发熔断为视角

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熔断机制作为一种价格限制的风险防控措施,为海外各国所引入并加以调整,成为适合本国的有效机制。2016年我国A股开市首日便触发熔断,这一异常现象说明我国现行熔断机制的制度设计存在不足之处,该问题的关键正是缺乏对我国熔断机制实施的具体合理性、障碍性因素的把握,未能真正实现熔断机制的中国本土化,因而,熔断机制的完善刻不容缓。在熔断机制的制度完善和法律适用上,既需要主动借鉴国外经验,更要对熔断机制法律规范的阈值设定、暂停时间、双向性等方面加以适当修正,处理好与涨跌停板制度的合理衔接,同时积极完善相应的配套措施。 As a price control risk prevention and control measures, fuse mechanism is introduced and adjusted for all countries overseas, and becomes an effective mechanism suitable for the country. In 2016, the first day of the opening of A-share market in our country triggered the fusing. This anomaly shows that there are some deficiencies in the system design of the existing fusing mechanism in our country. The crux of the problem is the lack of specific rationality and impeding factors for the implementation of the fusing mechanism in our country. Grasp, can not really realize the Chinese localization of the fuse mechanism, therefore, the fuse mechanism perfect without delay. In improving the system of fusing mechanism and the application of law, we not only need to take the initiative to learn from foreign experience, but also make appropriate amendments to the threshold setting, pause time and two-wayness of the legal norms of fusing mechanism, , And actively improve the corresponding supporting measures.
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