China's Securities Market Research On The Interest Groups

Security market, as the basis of modern finance, is drawing more and more human attention in the adjustment of industrial structure, the optimization of resource distribution and economic development. Security market is of great contribution in the process of market construction. China's security market is made of some interests such as listed companies, securities intermediaries, investment funds, regulatory departments etc. These interests, which developed on the basis of traditional planned economy, have been formed some interest groups because of the conflict and consistency of their interest. On the background of current market, the credit loss of the interest groups which is not to be ignored has come down to the process of companies listed and the management, the management of funds, information disclosure etc. Also the problem destroys the market environment, do harm to the investors and has negative impact on the security market. It has important practical significance to discuss, analyze and solve these problems such as how to solve the credit loss of the market, how to eliminate the bad influence of the interest groups and how to escape the status of"dishonest favorable".This paper makes a systematic analysis of the credit loss of the interest groups existing in China's security market by using game theory as the chief economic analysis and by absorbing and perfecting the research results on the credit of security market home and abroad. This paper fully aware of the important position of the interest groups on security market and analyze the credit problems and the negative impact of external from the point of view of interest groups. It applies game system in the research of interest groups about the relationship of competition and cooperation, describes the state of some typical interest groups, analyzes their relations, studies the objective and subjective factors about the joint actions and interest of interests on security market and puts forward the corresponding policy recommendations. The chief contents include:The first part is introduction. It introduces the general situation of China's security market and the chief problem existing in the interests, analyzes and reviews both domestic and abroad interrelated researches. Then it gives the research ideas and methods. This part is the base of the paper.The second part mainly analyzes the reasons and the status about forming the interest groups. It describes the meaning and identity of interest groups, shows their important position on security market, analyzes the credit problems in fact by the cases.The third part analyzes the relationship of competition and cooperation between the interest groups. This part inspects the relation of interest groups on security market about credit, game theory and the credit behavior, constitutes the game models of the typical interest groups. At last it explains the function which the other interest groups have on the market according to the way of taking part in the market. This part is the core of the paper.The fourth part dissect the negative externality which is the highlights of the interest groups, explains the credit problems have severity influence on the security market and brings forward the measures and effects of eliminating the characters.The last one makes a conclusion of the paper, shows out the innovations, inspirations which from the result of the study and the questions which need to be researched more.