The Evolution Of China's Securities Market And Governance

This postgraduate degree dissertation is made up of five parts (i.e. one preface and four chapters). In the preface, I have expounded that the main clue of the thesis is apply complexity science to the research of the evolutionary process of China stock market, the background of thesis is the development history of China stock market, and the significance is that we can offer a set of rational suggestion based on the above conclusions. In the first chapter, after having introduced the concept of entropy theory and its development in order, I have emphasized to discuss the deduction from analysis. Based on the above conclusions, I have put forward a model of entropy of stock market in order to measure the level of chaos of stock market. In the second chapter, I have recommended the cause and development of dissipation structure theory, then expounded its main content. Consequently, I have pointed out that as a complex system, stock market have the same condition to form dissipation structure, thus we can apply the theory to the research. So we can develop a model of dissipation structure of stock market to measure the order of the market. These two chapters composed a framework of analysis. In the third chapter, by the research of fluctuation of market, I have elucidated the fluctuation of division of labor is the fundamental mechanism of the evolution of stock market, then I attempted to discuss the relevant principle of macro-decision. The forth chapter have summarized the general principle of evolution of stock market on the basis of above analysis. In short, on the basis of actual facts and phenomenon, the thesis persisted to seek for the interrelation and motives of them.The thesis brings forth many new ideas. First, it has first introduced the complexity science to the research of stock market, and then try to give it theoretical explain of evolutionary mechanism. Second, the thesis takes advantage of dissipation structure theory guided by economic thinking. Third, the thesis offers a set of rational suggestions on structure designing of the market. Fourth, the thesis put forward the concept of under-financial structure which evolve an objective coordinate system onthe research of stock market.