Study On The Mechanism Of Fund Of Commercial Banks Participating In The Securities Market

When the securities market grows up at a certain scale, it is an objective requirement that channels be set up to connect the fund of commercial banks and the securities market. However in fact, the securities market of our country exists and develops in a relative monopolistic, close and opaque environment all along. It lacks the rational, standardized communicative channels between the fund of the commercial banks and the securities market in the relative close environment, so that leads to the contradiction that the fund of commercial banks relatively surpluses but the fund of securities market supplies insufficiently and makes the social funds fall into a awkward situation that insufficient liquidity. Though the supervise authorities have put out some actions constantly, these measures are that the threshold is too high, or the time limit is relatively short. The limited conditions are strict, and the affection of communicating the fund of the commercial banks with the securities market is very restricted.In view of this, the thesis studies fund as a means of the thread. It begins with observing the system changes and the channels relied on which the fund of commercial banks participate in the securities market, and then put forwards the fund of commercial banks participating in the securities market mainly depends on three kinds of financial tools: a short-term loan, bonds (including bonds repurchase and bonds issue) and loan (including credit loan and hypothecated loan). Secondly it uses trend analysis and econometrics methods to test the correlation of the mechanism that the fund of commercial banks indirectly participates in the securities market in our country. And it reaches a conclusion that the short-term loan method is the main route that the fund of commercial banks indirectly partcipates in the primary secrities market, the loan method is the important route that the fund of commercial banks indirectly partcipates in the secondary secrities market, but the nature of the loan method is out of line. Thirdly it further compares the situation that the fund ofcommercial banks participates in the securities markets in foreign countries, finds that most foreign countries let the fund of commercial banks indirectly participate in the securities market. Finally on the basis of combining the reality of our country and analyzing the limitation of the current system, it proposes that we should go out of the theory mistakens and change the idea, expand the principal parts, innovative institutional framework, unify the bonds market,and set up the managing and supervising system.