Analysis Of Market Structure, Conduct And Performance Of China's Securities Industry

Sincel998,China"Securities Law" represented the beginning of standardizing China's securities industry.During 11 years, China's securities industry have a great change and has already became an important part of the capital market. But compared with developed countries, the market scale and performance have a long way to complete,Which shows that China's securities market is very immature industry. There are four purpose of this paper.The first, Analyzing the structure and conduct of China's securities market.Secondly, Verify the traditional SCP hypothesis whether or not worked in China's securities market.Thirdly, Searching the factors that affect the performance of China's securities industry.The last but not the least,Exploring the methods and measures that can improve the performance of the securities market continuously and stably.Firstly, Using the traditional SCP hypothesis to analyze market structure, conduct and performance of China's securities industry. Secondly,This paper using the data of China's securites industry from 2003 to 2008 (all 2009 financial data has not yet disclosed) to calculate the concentration and the performance of China's securities industry. And then set operating income concentration and the size of securities industry as independent variables in order to establish the regression analysis model of the performance on the securities industry. At the same time,adding changes in external market variables to regress comprehensivly after taking into account the factor which can reflect the condition of the secondary market. The final analysis will be drawn between the two empirical analysis conclusions. Finally, the paper proposed optimal market structure, policy guidance for market concentration increased, to encourage brokers to implement differentiated positioning, breaking the shackles of traditional business, to improve the level of business innovation,get rid of the passive situation which depend on external environment of the securities market in China based on empirical analysis, so that China's securities industry could have a healthy and stable development.