Buffer fund
The word "leveling" means "losing and leveling", which is a policy of goods transportation and marketing adopted by the ancient government of China to adjust market prices and obtain fiscal revenue. In the second year of Emperor Yuan Ding of the Han Dynasty (115 BC), Sang Hongyang lost in the pilot project, and set up a losing officer and a quasi-officer under Dasinong. "The government (commodity warehouse) was set up in the capital to cage goods, which were bought at a low price and sold at a high price, so the county officials were not inaccurate and the merchants had no trade interests, so it was called quasi-registration." Because this method is really feasible, future generations often follow it, such as Wang Mang's "five averages and six wans"; Tang Liumian managed the southeast wealth tax, and used the tax to purchase goods for Guanzhong; In Song Dynasty, Wang Anshi used the equal loss method and the market exchange method; Wait. In the famous wealth of nations in the west, there is also the theory of "leveling".
the so-called stabilization fund, also known as intervention fund, refers to the fund established by the government in a legal way through specific institutions. This kind of fund can reverse the operation of the securities market, such as buying when the stock market is irrational and the value of stock investment is prominent; The way of selling when the stock market bubble is rampant and the speculative atmosphere in the market is fanatical can smooth out the irrational fluctuation of the stock market and achieve the purpose of stabilizing the securities market. The stabilization fund is a fund established by the government in a legal way through specific institutions (CSRC, Ministry of Finance, Exchange, etc.). Through the reverse operation of the securities market, the violent fluctuation of the market is ironed out, so as to achieve the purpose of stabilizing the securities market. Under normal circumstances, there are legal channels for the source of the stabilization fund or its basic composition is mandatory, such as state financial allocation, collection from relevant units participating in the securities market, etc., and it is not excluded to place shares with investors who voluntarily purchase. Broadly speaking, the stabilization fund usually refers to the fund established by the government in a legal way through a specific institution, which reduces the irrational market volatility through the reverse operation of a specific market, so as to achieve the purpose of stabilizing the market.
According to the above definition, the stabilization fund has the following characteristics:
The stabilization fund is a policy fund, and its fundamental duty is to stabilize the securities market and prevent the sharp rise and fall. Therefore, the whole process of its establishment, operation, evaluation and management is influenced by policies or directly accepted by the government, serving the securities regulatory authorities and becoming one of the effective means of direct supervision of the securities market. The stabilization fund is a non-profit fund, which distinguishes it from other securities investment funds, because the purpose of other securities investment funds is to maximize the fund value for investors. The stabilization fund should have a large enough plate. If the number of funds is not large enough, it will have little effect on the stability of the securities market and cannot play the role of "anchoring the sea". There are legal channels for the source of the stabilization fund or its basic composition is mandatory, such as national financial allocation, collection from relevant units participating in the securities market, etc., and it does not rule out the placement of investors who voluntarily purchase it. There are special regulations and procedures for the operation and management of the stabilization fund to ensure the principle of "three publics" and not harm the interests of most investors.
at present, there are mainly foreign exchange stabilization fund, national debt stabilization fund, grain stabilization fund and stock market stabilization fund. As the name implies, the stock market stabilization fund is a fund established by the government in a legal way through specific institutions (CSRC, Ministry of Finance, Exchange, etc.). Through the reverse operation of the stock market, the irrational stock market volatility is ironed out to achieve the purpose of stabilizing the stock market.
The sources of the stabilization fund can be varied, mainly legal channels, and its basic components are mostly mandatory, such as state financial allocation, collection from relevant units participating in the securities market, etc., and it is not excluded to place shares with investors who voluntarily purchase them.
The stock market stabilization fund is different from other securities investment funds. As a policy fund, its main purpose is to serve the goal of the stability of the securities market, so it has its own characteristics.
At present, there are not many countries and regions that have set up stock market stabilization funds in the international market, mainly including China, Hongkong, Japanese and Taiwan Province, China. Judging from the operation, there are both successes and failures.
The most successful example is a successful sniper war against international financial speculators by the Hong Kong government in 1998. In August 1998, Soros and other international speculators launched a "three-dimensional" attack on the linked exchange rate of Hong Kong and the Hong Kong stock market. On the one hand, Soros, together with other wealthy "predators", directed his funds to sell Hong Kong dollars, which impacted the linked exchange rate for many years in Hong Kong for three times, and the exchange rate of Hong Kong dollars against the US dollar dropped rapidly from a high level. At the same time, by August 14, 1998, the Hang Seng Index had fallen to nearly 6,5 points, which was the lowest point in the past five years. The Hong Kong Government decided to intervene in the stock market and the futures market, and used the exchange fund of HK$ 118 billion to buy Hong Kong stocks. Speculators kept shorting the stocks, but the Hong Kong Government tried to sell them. After a "firefight" on the 14th, the Hong Kong Government finally succeeded in repelling the speculators: on August 28th, the Hang Seng Index closed at 7,829 points, with a turnover of HK$ 79 billion, a record high in a single day. Subsequently, the Financial Secretary of Hong Kong immediately registered and established Exchange Fund Investment Limited, which was responsible for managing the stocks purchased during the "market entry" operation. In the 32 months up to 21, all the Exchange Fund used by the Hong Kong Government at that time has been returned. At the same time, it also earned more than 11 billion. In 22, through TraHK, the Exchange Fund smoothly transferred the Hong Kong stocks in its hands to the people of Hong Kong, and successfully completed the historical mission of "rescuing the market".
The operation of Japan's stabilization fund is not ideal. In order to counter the influence of international investment funds, the Japanese government used the Postal Savings Fund to enter the market to buy stocks when the stock market fell in recent ten years, so as to reverse the decline of the stock market. But the effect is not obvious.
The key for the stabilization fund to exert the expected effect lies in whether the stock market faced by the stabilization fund is a perfect market, whether the macro-economic aspect of the market is good, and whether it supports an upward trend of the stock market. If these conditions cannot be met, when and how the stabilization fund will intervene will be a difficult problem. If it is not grasped well, it will aggravate the market's irregularity and delay the market's self-repair and development time. The result may be that the goal of stabilizing the market can not be achieved, and the stabilization fund itself will suffer heavy losses.
in p>1998, China launched a pilot securities investment fund, trying to achieve two goals: one is to pursue the fund's own value-added through the portfolio to bring the greatest benefits to investors, and the other is to assume the function of market stability. At present, the scale of the new investment fund has reached 55 billion yuan, but its function of stabilizing the market has not been shown during its operation. In fact, the two goals set for investment funds are self-contradictory. Because these investment funds mainly come from private fund beneficiaries, the goal they pursue is of course to maximize the return, which is reflected in the fund managers. Their primary task is to maximize their own profits, and they have no obligation to stabilize the market. Due to the limited scale of China's stock market and insufficient market competition, it is possible for fund managers to manipulate the stock price by using their capital advantages. In addition, the current evaluation standard of fund value is mainly the net value of funds, and the fund reports published regularly force fund managers to pursue the maximization of net book value. Therefore, no matter how big the scale of investment funds is, they can't take on the heavy responsibility of "leveling funds". To stabilize the securities market, special funds must be redesigned.