A Study On The Risk And Regulation In Security Market Of China

Based on the in —depth study on the risk and its regulation in the securities market of China, the origin , hazard , measure and control of risk in securities market (RSM) are fully discussed from the standpoint of the regulator . Three break -throughs were made in cognition to RSM: 1)The RSM should be regarded on the whole but not as a subsystem of economic risk or financial risk ; 2)The hazard of RSM should be recognized from its damage to the economy and society but not just to some kinds of investors, listed companies and securities companies ; 3~)the risk should be described both quantitatively and in nature.By exploring the prerequisite of RSM 's forma -tion and analyzing the RSM 's application and classification, a comprehensive theory, the Prin-cipal and Loss of RSM was proposed, the basic ．；；'j中国证券币场风险及监督研究 论文提要(买文)一factors ofRSM obtainedfrom the viewpointoflflstltllt1Ofl．ECOfloffijCS sfld ffi＆lflCbf＆CtCf1StiCS OfRSM summarized．In this thesis,the particularmechanism of the RSM's formation in China,es－pedally in this transforming period from theplannedeconomyto market—orientedeconomy,was fully analyzed and significance of recogOit－ion,prevention and solution of RSM was em－phasized．Given the existing RSM in China andnecessity to understandRSM quantitativelyandto prevent and solve RSM effectively,a series orindicators ofRSM was developed by analyzingthe traditional ones．On the basis ofcomparison of＊thearison regulationsystems and mechanisms in the main securities inme WOrl口an口me COffi口lflat1Ofl OI tnC CufrCnt Weregulation practice,some useful experience wasabstracted,four principles of the regulation toRSM and five frameworks for the developmentof securities market were proposed．In the mean－time,a simple but practical model was given．...