The suspension system is an important part of my country's stock market trading system，Shoulder to reduce market volatility、Mission to improve information transmission efficiency and enhance transaction fairness。In recent years，The China Securities Regulatory Commission and the Shanghai -Shenzhen Exchange made unremitting efforts in improving the suspension of the stock。With the improvement of the policy and the strengthening of supervision，The suspension of the listed company's suspension of cards is further standardized，At the same time, the internationalization process of Chinese A shares joined the MSCI emerging market index。

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It is generally considered，Stock suspension system originated in the US "stock disaster" in 1987。October 19th of that year，The New York stock market suddenly plummeted without signing，Investors quickly sold in the process of panic，And further exacerbated the plunge and panic。Close to the same day，The Dow Jones Index fell to 22.6%，Even the stock market plummeted records during the crisis of 1929。For this，In the survey report of the next year in the next year，It proposed to consider establishing a system including stock suspension、Suggestions for the restrictions of ups and downs and market fusion mechanisms, including the market fusion mechanism。These systems are collectively referred to as market circuit breakers，is the temporary interruption of the transaction，View to relieve the emergencies market panic，Then promote Bet365 app download information transmission，and finally achieve the purpose of stabilizing the market。

my country's stock market in the late 1990s，Start the introduction of the suspension system。In the early operation practice，Domestic basically refers to "Temporary Interruption，to relieve panic，The idea of ​​promoting information transmission "，The specific type of suspension of the settings set includes the routine suspension of the shareholders 'meeting and the suspension of the stock price of the shareholders' meeting。Where，The main purpose of the previous suspension，It is an important information for investors to give full time by digesting the shareholders' meeting; the latter suspension will focus on the large fluctuations of market transactions in unbalanced market transactions。One of these two types of suspension of trading is，Both of them are suspended trading automatically triggered by the trading rules determined in advance，No artificial subjective judgment is required，and the suspension time does not exceed one trading day。

After that，With the development of technologies such as the Internet，Long -term suspension of transactions caused by frequent suspension of the shareholders' meeting for frequent trading，The suspension system gradually lost its original value，Scholars have also found that the suspension of abnormal fluctuations has not achieved the expected effect。Therefore，Since 2004，The Shanghai and Shenzhen Exchange gradually canceled the above two categories of automatic trading。At the same time，Especially after entering 2010，Suspension of major issues began to gradually become the main suspension type of the market。This type of suspension generally bet365 live casino games occurs when listed companies plan for various major matters，Insider transactions caused by worrying about information leaks，Actively applying for a suspension of transactions to the exchange，Its suspension time often exceeds one trading day。During the suspension of trading，Listed companies need to issue a non -stop trading announcement every 5 trading days，To disclose the progress of major matters。When the company believes that the planned matters are basically no major uncertainty，You can apply to the exchange to resume a trading of stocks。

　　Enhanced the effectiveness of the suspension system

Effectiveness of the suspension system，refers to the goal that the system can improve the efficiency of the stock market。But，Since the establishment of the stock suspension system，Disputes of whether this system is effective will never be interrupted。

First，The theoretical viewpoint of the effectiveness of the suspension system is controversial。On the one hand，The theory that supports the suspension system is mainly based on market cooling hypothesis，It is believed that when there is a strenuous turbulence or major news in the market is about to be released，It should be suspended to give investors for a certain time for a certain time，A tension emotions，Receive new information，The influence of digestive market events。On the other hand，Theory that opposes the suspension system pays more attention to the continuous transaction of marketization，The transaction interruption caused by the suspension of trading will lead to the lack of stock price and transaction volume signal，and exacerbate the information asymmetry of the market，Then it hinders the automatic bet365 live casino games adjustment of the market mechanism。

Next，Empirical results of the effectiveness of the suspension system are controversial。Existing empirical evidence mainly comes from developed capital markets in Europe and the United States，Because it is difficult to observe directly due to the emotions of investors，Scholars focus on the suspension of trading for market information transmission、The impact of stock price fluctuations and normal transactions。Empirical results of large sample data analysis based on multiple markets，The suspension system does have positive value in promoting market information transmission。But at the same time，The suspension system will also generate the overflow of stock price fluctuations，Increase stock price risk after resumption，and will hinder the normal liquidity transaction of investors，Instead, market transaction efficiency is reduced。

So，How to promote the suspension system to play a positive effect，and reducing the negative effects will become particularly important。Generally speaking，The validity of the suspension system is suspended frequency、Stop trading time、The common role of many factors such as suspension of trading。In terms of suspension frequency，Excessive suspension of trading will exacerbate the discontinuousness of the transaction process，It is difficult to promote the effective formation of transaction price signals。In terms of the length of the suspension time，Excessive suspension will not only cause the long -term difficulty of investors' normal transaction needs，It may even stimulate the anxiety of investors due to being unable to resume cards。In terms of suspension of trading，When the suspension is Bet365 lotto review the reason for the good information，The management of listed companies does not have the behavior of intentionally delaying the time to cover up information，It is easier to promote investors to make favorable investment decisions; instead，When the suspension is a non -empty information，The information disclosure of the suspension process is easy to occur.，Effective transmission of market information。

　　Effectively protect investors

The effectiveness of the suspension system is affected by various factors，To further improve my country's stock suspension system，Improve market transaction efficiency，The relevant regulatory authorities have introduced a series of policy reform documents for a series of stock suspension system since 2014。until December 28, 2018，In order to implement the "Guiding Opinions on Improving the Stop Course System of Listed Companies' Stocks"，CSI transactions have introduced the "Guidelines for the Stop Course Business of Planning to the Shanghai Stock Exchange's listed company" and "Shenzhen Stock Exchange Listed Company Information Disclosure Guidelines No. 2 -Stop Counterfeit Business" (here will cooperate with the two Known as "Stop Counter -Story")。The "Stop Course Guidelines" of the two exchanges once again improves the original suspension system document，further clarifying the specific requirements of major event and specific requirements for information disclosure，Reduced the frequency of the suspension of listed companies，shortened the suspension time。At the same time，The regulatory authorities also pay more attention to the efficiency and fairness of information disclosure in the background of the suspension system，To protect investors。

First，Improvement of Bet365 lotto review the suspension standard，It means enhancement of the standardization of trading。Principles of the suspension of trading in accordance with prudential suspension，"Stop Counter -Civil Guidelines" canceled non -public offering stocks、External investment、Sign a major contract、Stop trading for the reasons for equity incentives，Newly added trading for issuing targeted convertible bond purchase assets。This will greatly reduce the number of suspension，Gradually in line with developed capital market trading system。

Next，Enhancement of information disclosure，Promoting the effective transmission of information between investors。Compared with the more general and summary information disclosure of the past，New regulations clarify the information disclosure responsibilities of listed companies。Especially in the reorganization of major assets，Requires to inform the transaction target in detail、Trading method、Transaction opponents and other information。

Last，Significant compression of the period of suspension and reduction of frequency，Make the problem of uncertaintling the time to resolve it effectively。Follow the principle of disclosure of staged information，The efficiency of information transmission is improved，Investors can conduct more continuous transactions。Especially in the reorganization of major assets，Stop trading on the grounds of issuing shares to purchase assets，Its suspension period has been reduced from 6 months in the past to the current 10 trading days。The major breakthrough of this policy injected liquidity into the market。

　(Author Unit: School of Economics Management of Northwest University; School of Finance, Shanghai University of Finance and Economics)