| The explanation of fragility in English is easily damaged or broken, delicate, not strong and healthy, weak. According to the literatures of Minsky. Hyman P, financial fragility is a state that financial industry is easily damaged or broken because of financial industry having high indebtedness, specially, impacted by careless regulation, morality hazard, external factors, it induces financial crisis or indebtedness crisis or enterprise bankruptcy or high inflation or deflation or unemployment.After the financial crisis of the Asia, many specialists and scholars believe the dominant position of bank in financial system results in the Asian financial crisis. The current literature on financial fragility is abundant, but most of them are on the traditional credit market. The fragility of securities market has not been considered by many authors in the literature.However, financial crisis centralized by securities market is not less than by bank. With the development of market, direct financing is becoming more important in financing, and because of the infectivity of financial fragility, the fragility of securities market is able to infect to other financial sections. So stability of securities market is significant to stability of financial system, even to stability of the whole economy. The systemic analysis on fragility of securities market has both theoretical meaning and actual meaning.The major work of this article is to analyze the reason of securities market's fragility and apply change point analysis to securities market of China.In the article, the author defines fragility of securities market and appearance of the fragility of securities market. And discuss the relation between them detailedly. Fragility is the characteristics of securities market, but securities market does not appear fragility at any time. Under certain external conditions fragility of securities market can be wakened. It can result in the loss of subsystem's function, even result in the function crashing of securities market.Since fragility is a relative conception which is relative to the entitative economy, the fragility of the securities market results from some differences... |
