Analysis On The Characteristics Of Securities Market And Brief Exploration Of Non-equilibrium Financial Theory

Since securities market is very important in economic system and the society as a whole, many researches have studied it. According to modern finance, the returns ratio of securities market obeys the normal distribution. Based on this fact, the equilibrium market financial theory has been put forward. However, many researches indicate that the returns ratio of securities market does not obey the normal distribution rule. Instead, it presents the non- equilibrium state.This paper studies the characteristics of securities market by applying systematic science and has proposed five representative characteristics, namely, open system attribute, non-equilibrium state, the fluctuation, the catastrophe, the non-linear function, and non-invertibility and asymmetrical of time. By studying the characteristic of securities market, it is found that the securities market is a complex nonlinear system. And this paper chooses self-organization and fractal, the most representative factors of securities market system, to make empirical analysis.Based on the conclusion that securities market is a complex nonlinear system characteristic, this paper has discussed the description of non- equilibrium state securities market, and the application of fractal Brownian motion in explaining the market dynamics process. Furthermore, non-linear physics method is applied to explain why securities market system has different conditions. This paper also touches upon the analysis of the primary factors as well as the constituent factors of securities market change.Finally, the paper proposes a financial managing model under non-equilibrium financial theory based on the above researches and the facts in China's securities market.