| The global financial crisis broke out and spread in 2008, countries and regions has once again aroused the urgent needs of maintaining financial security. Regional financial cooperation is a high level of risk prevention measure under the new situation, with a flexible securities market is an important place for transferring financial risk, therefore, cooperation in regional securities market has become an important choice for the prevention of financial crisis and maintenance of regional financial security.This paper firstly analyzed the power, conditions and benefits of regional securities market cooperation from the theory in the Pan Beibu Gulf Region,then analyzed the necessity of regional securities market cooperation from the perspective of maintaining regional financial security, then analyzed the development situation of the Pan Beibu Gulf regional securities market by using the general statistical data, and found that the securities market scale of Pan Beibu Gulf Region was obvious expanding, direct financing proportion raised unceasingly but development remained imbalance. For this situation, the paper also analyzed the securities market cooperation of Pan Beibu Gulf Region, while tested the bond market integration by using the indicators called Average absolute cross-market differential, and tested the stock market integration by using cointegration technique. Test results showed that the securities market integration degree of Pan Beibu Gulf Region was not high, but with the basis of cooperation and prospects for cooperation. Based on the cooperation basis and cooperation prospect of regional securities market, the paper mainly carried out a series concept on the regional cooperation of bond market and stock market of Pan Beibu Gulf Region from the perspective of maintaining regional financial security, and briefly discussed the conditions of regional securities market cooperation and the strategy that china should adopt in promoting regional cooperation process. |
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