The Composition Of Investors In China's Securities Market And Systemic Financial Risks

A brief review of the development history of China's securities market is not difficult to find,In the practice of more than 20 years,there have been several obvious crises in China's securities market,such as the network bubble burst crisis,anti-leverage crisis,fuse mechanism crisis,etc.However,we are simultaneously It can also be seen that the crisis in China's securities market has not had a significant impact on macro financial operations and financial system structure,which is in stark contrast to the mature US.If the US stock market crisis is equal to the financial crisis,then China's stock market crisis must not be equal to the financial crisis.How to explain the inconsistency between China's stock market crisis and financial crisis,and effectively prevent the occurrence of financial crisis in practice is not only a major theoretical issue,but also a major practical issue.This paper takes China's financial system structure as the research object,regards systemic financial risk as financial system risk,and uses CCA model,combined with the investigation of systemically important banks,to construct China's systemic financial risk measurement model;It is composed of GARCH(1,1)model technology.It analyzes the different types of risk characteristics of securities market investors and their transmission effects to systemic financial risks,and reveals the composition of investors in China's securities market and systemic financial risks.The mutual relationship,and theoretically explain the inconsistency between China's securities market risk and systemic financial risk,from the practice to find the focus of prevention of China's systemic financial risk.The research results show that:(1)The market structure of retail investors is one of the most important reasons for the high risk of China's securities market.At the same time,it is also an important decision force to block the transfer of China's securities market risk to systemic financial risk;(2)Compared with the institutional investor market structure,the retail investor's market structure has greater risk tolerance,in line with Markowitz's risk diversification principle;(3)under the existing investor market structure,regardless of China's securities market The risk of this will not lead to systemic financial risks;(4)As the investor structure of China's securities market changes to an institutional market,the relationship between securities market risk and systemic financial risk will become more and more serious.Closely,the suppression of securities market risk is to some extent equal to the prevention of systemic financial risks.