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一、关于深圳“股市调节基金”的运用问题 （一）调节基金的由来。 从1991年6月起,深圳市在全国率先放开了股价的涨跌幅限制,这对于股市按市场规律运作无疑迈出了一大步。在放开股价的同时,深圳股市正处于一个漫长的熊市,在市场失灵的情况下,市政府采纳了有关部门“救市”的建议,用部分印花税收入并动员部分机构入市,终于使股市冬暖回春。 在放开股价后,股价波幅相对较大,迫切需要一些经济手段来调节市场,加上前次救市的成功,市政府于1992年2月11日发布了《深圳市证券市场调节基金管理暂行办法》,明确规定调节基金的性质是在股市剧烈波动时期,平抑股价,防止大起大落,促进市场健康发展,其来源为印花税收入和上市公司溢价发行收入的5％,井规定由市财政局、体改委、监察局三家派代表组成调节基金管理小组,负责监督基金的筹集和运用。 （二）现状。 调节基金建立不久,有关领导及学者提出了异议,并以韩国的例子来说明政府救市既违背证券投资风险自担原则,又不可能真正把市救起来。因此,只有部分企业缴了溢价收入,深圳股市调节基金也一直没有进入市场。据悉,市长办公会去年11月曾原则决定不筹集新的资金,原有基金中企业缴纳部分归还企业。 据有关方面透露,调节基金总共有1.2亿,其中印花税收入2000?
First, on the Shenzhen “stock market adjustment fund” the use of the problem (A) regulate the origin of the fund. From June 1991 onwards, Shenzhen took the lead in opening up the limit of the price rise and fall in the whole country, which undoubtedly took a big step toward the operation of the stock market according to market rules. In the meantime, the stock market in Shenzhen is in a long bear market. In the case of market failure, the municipal government adopted the suggestion of the relevant departments to “save the market”, used part of the stamp duty income and mobilized some institutions to enter the market, finally making the stock market warm in winter Rejuvenation. After the release of the share price, the stock price volatility is relatively large, an urgent need for some economic instruments to adjust the market, coupled with the success of the previous rescue, the municipal government on February 11, 1992 issued the “Interim Measures for the administration of the Shenzhen securities market regulation fund ”Clearly defined the nature of regulatory funds in the stock market volatility period, stabilize the stock price to prevent the ups and downs and promote the healthy development of the market, the source of stamp duty income and listed companies premium distribution of 5% of revenue, well provided by the Municipal Finance Bureau, Commission, Supervision Bureau sent three representatives to regulate the fund management team, is responsible for overseeing fund raising and use. (B) the status quo. Shortly after the establishment of the regulatory fund, the leaders and scholars raised objections and used the example of South Korea to show that the government rescue not only rested on the principle of risk-free investment in securities but could not really save the city. Therefore, only part of the enterprises paid a premium income, Shenzhen stock market adjustment fund has not entered the market. It is reported that the mayor office in November last year, the principle has decided not to raise new funds, the original part of the fund enterprises to pay part of the return of enterprises. According to the authorities concerned, a total of 120 million regulatory funds, including stamp duty 2000?