| The paper, focusing on the current situation, analyzes financial market structure, types of financial commodities structure and participates structure of financial market in China in detail, based on the definition and content of financial market. From the analysis, the paper points out that although the great improvement has been achieved, compared with foreign well-developed market, financial market in China still remains inferior with many problems, and it states how to standardize China's financial market structure by using the methods of comparison and deduction, and the key problems which should be emphasized in the process of improvement. Chapter One is the base of securities market structure theory. The paper extends the definition of market structure to that of securities market structure, and on this basis, content of securities market structure would be analyzed from several aspects of market levels, the types of financial commodities and participates. In later part of this chapter, the paper presents the key roles of securities market: 1). It can improve listed enterprises quality, form effective resource arrangement through price mechanism to reach Pareto optimality. 2). It can give full play to the functions of pricing, hedging and covering risk. 3). It can reduce the unsymmetrical information to protect the rights and interests of investors with complete information. 4).It can form tight and effective supervision system to decrease securities market fluctuation and to reduce system risks.Chapter Two, using empirical evidences, analyzes in detail the current situation of securities market structure, types of financial commodities structure and participates in market. In this chapter, the article points out the problems existing in China's fledging securities market.1). Categories of securities market are limited, and Second Board has not been established yet, the shares of the legal person are still traded on a test basis, which is no good to establish market withdraw mechanism of securities market, and no good to development of high new technology enterprises,furthermore, main-board market is divided into A and B share market. Market system structure is not perfect, mechanism is not complete, and outside market transaction is not active.2). The transaction commodities are simple and there is lack of financial derivatives functioning as leverage. Moreover, the structure of financial commodities is not reasonable. Shares are more than loans, especially corporate loans is less, and the majority of funds is close-end fund, and the open-end fund is just at the beginning. 3). The existing problems of market participates structure would be reflected from following aspects: the majority of participates are small and medium-sized investors,who are invulnerable to the market,which waves the fluctuation of market in short term. The main part of institution investors is private-placed fund, without legal position, in addition that open-end fund remains the beginning, the violations of close-end fund against securities regulations is common in market. The phenomenon of the investment fund's black trading influence negatively the development of securities market. The issuers are concentrated on traditional industries, marginal return is small, main part of listed companies is stated-owned enterprises, there are obstacles in the way of becoming listed for the private enterprises. There is fault in corporate governance of the list companies: overweight of state-owned share and legal person share makes the structure of share ownership not reasonable, which influences the sound development of enterprises and market. Meanwhile, there are also serious problems existing in the structure of financial intermediaries. There are too many small accounting firms and law firms with less competency, so the auditing market becomes demanding market. The illegal behaviorsare serious, the accounting firms and listed companies together make default in balance sheet, which is casual t... |
