Risk Analysis And Management On Chinese Security Marckets

The Chinese Security Markets is founded for the development of the Chinese Socialist Market Economy to serve the state-owned enterprises.Ten years has passed since its foundation.It's high-risk because of the essence of the security markets and also the character of the Chinese security markets. Unlike the mature security markets of the developed countries ,the newborn Chinese security markets is now undeveloped and has a high systemic risk.As a member of the capital markets,it's absolutely necessary for the development of Chinese market economy and holds the important task of serving the constrution of it.It's of realistic significance to eliminate the risk in it's developing process.The dissertation first conclud that the China's securities market has high systemic risk with demonstration.Then through the structure analysis,it systematically studies and disserates the various sorts of systemic risk of Chinese security markets and put forward corresponding management methods.The Chinese security markets is formed with the main body,agencies,self-discipline organizations and regulatory .As main body of the security markets,the listed companies have high risk mainly because they have unfit structure of stock shares and poor management that lead to largely deficient and a series of illegal actions.It's also relevant to the undeveloped status of Chinese market economy and the poor management of state-owned assets.The Chinese security markets has a structural risk of it's own.It lacks multi levels and forms of security markets,the middle and small scale enterprises are hard to go to the market,especially for the high-tech enterprises.The market finiancial struture is unfit as the propotions between direct and indirect financials is badly imbalance.The organizational investors are small in amount and scale,and they are inmatur.All that lead to the dense speculative atmosphere of the markets.The legal system for the markets is not perfect as the lawmaking is far behind and lacks protection for the middle and small investors.The execution of the law is also unsatisfied.It's because Chinese security markets is not mature as that of the totally market enconomy,the legal system needs to develop in practice.The regulatory of the markets also can't satisfy the high risk status.It has deficiency in theory that needs to be changed.The regulatory should be enforced with market self-dicipline and the improve of trust .The regulatory efficiency should be improved by the mature market mechanism.The risk of the markets are relevant to each other and should be eliminated systematically.The goal is to set up the self-adjust mechanism of the markets.The government will play an important role in the process as it should improve the lawmaking and law execution and the regulatory system.But first the function of the government should be improved to adapt to the development of the market.The Chinese security markets is only part of the Chinese captal markets and their risk factors are also close relevant,so this article also studies some questions about the Chinese captal markets.