Research On Risk Monitoring For Securities Companies Under The Classified Regulation Regime In China

Securities companies are facing risks from both external environment,such as capital market,and self-behavior ability.All risks are highly related to subject behaviors.It is necessary to analyze both the risks from the uncertainties caused by the changes of external environment and objective conditions,and the risks from the complexity and polytropy of subject behaviors. Current theories focus on the risks from external uncertainties and their management techniques. The aim of this paper is to analyze the behavior risks for Chinese securities companies and ways to upgrade risk monitoring level in real work environment,based on new financial theories,such as game theory and behavioral finance.Main topics are as follows:â… .to promote an in-depth analysis of risk types and causes,to clearly define behavior risk and its characteristics,to analyze risk factors,such as uncertainties in the capital market,caused by irrational behaviors and the behaviors contributing to securities companies' risks;â…¡.to discuss the forms and causes of securities companies' behavior risk,and game equilibrium strategy selection in risk monitoring under the classified regulation regime,based on dynamic game theories,such as separation equilibrium,signaling and investment behavior deviation,and concepts and models in behavior finance;â…¢.to conduct a comprehensive empirical study on the correlations of risk monitoring level of securities companies and key influential factors and behavior variables,integrating case study, computer simulation and econometrics,and present practical propositions for effective risk monitoring and prevention from the perspective of upgrading behavior ability.The conclusion is:Chinese securities companies should uplift the awareness of internal risk monitoring,emphasize compliance management,and improve all-dimensionally self-behavior ability construction,combined with rationally selected risk monitoring techniques.This is a necessary,effective and feasible method to upgrade risk monitoring level,satisfying the classified regulation requirement and long-term development vision.