The Factor And Degree Of Systemic Risk Of Chinese Stock Market Research

In Chinese securities market has unique features make it has a pivotal position in thedevelopment of national economy in our country, at the same time, the special backgroundof the emerging stock markets and economic system in our country also faces the potentialrisk of giant, carefully analyse the factors of Chinese stock market system risk and itscauses, to explore the effective system of risk prevention countermeasures suitable to ournational condition, has become before us is an urgent need to study to solve the problem.This paper illustrates the research background of this article, the research purpose,research significance and research ideas. Secondly, this paper introduces the definition ofsystematic risk and unsystematic risk, characteristics and the performance of Chinesesecurities market systemic risk is too high. Again, through to the target of the listedcompany by the Shanghai50years the average beta is studied, according to the size of thebeta and change rule of total risk and systemic risk ratio is analyzed. Then Chinese stockmarket systemic risk accounts for the size of the total risk comparing with foreign maturesecurities markets and get the conclusion. According to the conclusion of Chinese securitiesmarket systemic risk factors and reasons of our country securities market systemic risk ishigh, the excessive government intervention, the information asymmetry, the shareholdingsystem reform of listed companies is not thorough, macro economy high speed developmentbrings the uncertainty of the stock market, etc. Finally aimed at these problems puts forwardthe adjustment direction of government policy, the stock market, appropriate intervention toperfect the information disclosure system, improve the ownership structure and governancestructure of listed companies, the reasonable use of financial derivatives to reduce andhedge market systemic risks.