Introduction

In 2015, the Chinese stock market experienced the most serious market crisis since the establishment of the Shanghai and Shenzhen Stock Exchange. In the opening and internationalization process of China's capital market, how to effectively avoid and prevent the stock market crises, how to deal with the repeated occurrence of the stock market crises, how to minimize the destructiveness of the stock market crises in the future and how to quickly recover from the stock market crises are major research projects in front of us. Therefore, it is necessary to systematically analyze and profoundly introspect the evolution process, causes, risk characteristics and regulatory exhortation of the stock market crises.Meanwhile, a comprehensive review and summary of the formation laws and the experience of relevant countries dealing with the global stock market crisis in the past 30 years were discussed in this research report. Then, based on the above study, we proposed measures for institutional reforms and policy adjustments.

This study is composed of four parts:introduction, theses, special topics and market research. The introduction, theses and special topics are the main body of the study. The introduction focuses on the internal logic of the stock market crises and the conversion process among the four forms of the financial crises, and makes some important theoretical generalizations. The theses concentrate on the formation process, the causes of the stock market crises in the past 30 years, and the measures dealing with the crises by relevant countries. The contents include the US stock market“Black Monday”in 1987, the Japanese bubble economy and the stock market crisis in the 1990s, the Asian financial crisis in 1997, the Russian financial crisis in 1998, the Internet bubble and the NASDAQ market crisis in 2000, the global financial tsunami and the stock market crisis in 2008, and the Chinese stock market crisis in 2015. Theoretical issues related to the stock market crises are discussed in the special topics session, including the relationship between credit expansion and asset prices bubble, the symbol identification of financial system instability, the relationship between government intervention and market contracts, the relationship between market volatility and the changes of trading technology, trading system and trading structure, which were brought about by technological progress. The market research part is actually an important complement to the contents of the report, mainly from the perspective of fundamental and technical. The market research part analyzes the characteristics of the stock market in 2015 and forecasts the trends in 2016.