The 14th Academic Luncheon of the Digital Technology and Finance

Abstract：

In 2015, the A-share market broke out A rare stock market crash, showing the characteristics of rapid decline, large range and wide spread, and the phenomenon of "limit of one thousand shares" occurred frequently, which brought severe challenges to the long-term stable operation of the capital market. In order to stabilize the market, the "national team" represented by CSF and Huijin directly bought a large number of stocks, and the effect of its policy has attracted wide attention from the academic and industrial circles. This lecture will introduce the institutional background of the "national team" bailout, and analyze the policy effect of the "national team" shareholding from the market effect and the entity effect. The research involved in this lecture expands the research on government intervention in the market during the crisis, and provides enlightenment for the formulation of countermeasures to maintain long-term stability of the financial market and prevent and resolve systemic financial risks.

Speaker Introduction：

Ling Jin, PhD, Associate Professor, School of Finance, Zhongnan University of Economics and Law. His research interests include financial development, financial crisis management and financial innovation. He has published several papers in Economic Research Journal, China Economic Quarterly, Journal of Management Science in China, Journal of Financial Research, Pacific-Basin Finance Journal and other journals. The relevant research has won the Excellent Paper Award of the First China Financial Academic and Policy Forum, the Excellent Paper Award of the 17th Annual Meeting of Financial Engineering, and the Excellent Paper of Financial Research in 2021, etc.