关键词: 证券市场风险, 系统性风险, 风险结构

Abstract: The empirical analysis shows that the system risks in the China security market overall emerge a reducing trend;there is a negative correlation between the system risks and market indexes,meaning that the system risks reduce significantly in bull market and rise continuously in bear market;the cross-sector coefficient of variation raises and the variance of risk-weighted changes significantly with the change of time;the policy factors have a significant effect on the system risks,indicating that the China equity market still a policy-oriented market to a large degree.

Key words: risks of security market, system risks, structure of risks