| With the rapid development of China's economy and the acceleration of the internationalization process, firm risk, sector risk and even regional risk are increasingly prominent. Under the current economic downward pressure, the low efficiency of state-owned enterprises, the closure of private enterprises, the cyclical industry overcapacity and regional development imbalances has caused our concerns. China's product and financial market still exists many imperfections, such as the monopoly of the government, the financing constraints and imperfect credit system and exchange rate fluctuation and so on, which has negative effects on development of firm, the sector and macroeconomic stability. Therefore, this paper firstly analyzed the formation mechanism of firm risk and different sector and regional risk in the perspective of product and financial market imperfections. Then, the paper made panel and cross section analysis to compare firm risk and related sector and regional risk between developed and undeveloped areas based on data of the listed company data in 2005-2014. The paper found that the risk level is higher in the less-developed areas of China. Cyclical industries are more volatile than manufacturing and service industries. Government monopoly enterprises, real estate enterprises and excess production capacity enterprise have a higher risk level. Instead the risks of high-tech enterprises and private enterprises are lower. Finally, the paper proposed some suggestions so as to improve market product and financial market and prevent the firm, sector and regional risk. The government should think highly of regional unbalanced development, promote the reform from the supply side gradually, introduce market competition mechanism and strengthen the credit system. What's more, the government should deepen the financial system reform to increase the efficiency of the real economy and promote the sustainable development of economy in our country. |
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