Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations

Study on China Securities Firms Risk Behavior under System Vicissitude

Author XieLeBin
Tutor PanYingLi
School East China Normal University
Course World economy
Keywords Securities Firms System Vicissitude Corporate Governance Risk Behavior
CLC F832.39
Type PhD thesis
Year 2010
Downloads 534
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The finance is the core of modern economy, but Securities Firms is the core of finance market. Securities Firms is an important intermediary in capital market, because of undertaking many operations, such as go public recommendation, public offering, Stock Exchange agency, self-support business. Since 1980s, the international capital market has been more and more unstable, the instability has initiated financial crisis many times, in the world financial crisis, many famous investment banks can not escape from the serious influence. Recently China domestic stock market is murkily, many Securities Firms outstanding achievement continue to glide down as well as the financial condition. The China Securities Regulatory Commission website data display, in 2004 china has 131 Securities Firms; but in 2009 the number reduces to 107, in the period many Securities Firms was bankrupted, or reorganized, or closed, or cancelled.Why China Securities Firms produce so huge risk? Most viewpoints consider that it is the result of chaotic management; Securities Regulatory Commission is also consider that when take over the south Securities Firms. Management has relation with governance, but has difference; governance is the foundation of management. The chaotic management or the flaw of governs possibly can cause risk, but the risk is so common and so serious, initiates us to ponder of the institution. This article has it own logic and frame:First to discuss the theory of risk behavior; Next to inspect the history and the system vicissitude; Then to propose hypothesis and do empirical research; finally to analyzes the system factors and to puts forward policy proposal.The First chapter is the introduction remarks. This chapter first has carried on the description of Securities Firms risk, discovered that Securities Firms risk behavior has created the entire risk, and by this to explain significance. Next, through summarizes to the existed literature, discovers the foundation and main point of this research, proposed this the main questions. Finally, introduce the object of study, research scope, research technique, structure arrangement, main innovation and so on.The Second chapter is studying the theory of Securities Firms risk behavior. What is the risk behavior? What content the Securities Firms risk behavior has included? How to measure the Securities Firms risk? Which factors related to Securities Firms risk behavior? In the foundation of this question, the paper discussed Securities Firms governance and the appraisal system, the Securities Firms internal control and the risk management, The relationship of governance, the internal control and the risk management; Has also analyzed Securities Firms risk behavior system environment, studied the system vicissitude and the survey method for system environmental, finally has carried on the summary, so indicated the direction, also provided the foundation.The Third chapter mainly carries the inspection on China Securities Firms system vicissitude and the risk behavior. First introduce the historical background of Securities Firms development, then discussed the main growth course; Next analyzed the present situation of Securities Firms, summarized the main question in contrast with the Western countries; Then discussed the constraint condition of Economic Transition and system vicissitude, analyzed system environmental trend and the main stage, carried on the theory explanation; Finally summarized the main risk behavior category, analyzed Securities Firms risk behavior and the influence factor in system vicissitude.The Fourth chapter mainly does empirical research on system vicissitude and Securities Firms risk behavior. In the foundation of theoretical analysis and research design made, do research on the action which system environment and governance on risk behavior. But because the governance data unable to obtained, so this article discussion system environment mainly from lateral section marketability relative degree difference and longitudinal supervise environmental variation, according the change of whole supervise environment in the sample period, and then inspect the correlation of system environment and Securities Firms risk behavior. In this chapter we Uses "Eviews" software do analysis, because the data incomplete so only uses the property ratio of debt to represent Securities Firms risk level, the system variable includes the marketability index and policy dummy variable and so on.The Fifth chapter mainly analyzes the system factor of China Securities Firms risk behavior. First analyzed the system arrangement of property right, discussed the influence of property right system flaw on governance structure; Next inspected the system arrangement of Securities Firms financing, analyzed the influence of financing system flaw on the structure and ability of financing; Then analyzed the related system arrangement of China Securities Firms transaction, discussed the influence of transaction system flaw on financing behavior which get out of line; Finally do research on the supervision system arrangement, analyzed the influence of supervision system flaw on Securities Firms risk management.The Sixth chapter is the conclusion and policy suggestion. Through analyzing discovered that, in China’s economical switcher, the nation-owned holding the most property right of Securities Firms, the recessive guarantees and intervenes of government get influence to Securities Firms behavior seriously, The Securities Firms behavior of risk and get out of line is ubiquitous because that stock market legal regime is imperfect. To reduce the risk behavior of Securities Firms, must impel the reform of property right system positively, make the governance structure and control mechanism perfect, enhance stock market legal regime construction. Because this questions are complex, many materials cannot obtained, the paper finally summarized own flaw, pointed out the future research direction.

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