Research on the Spillover Effects of Systemic Risk in China's Financial Market on The Securities Industry

In recent years, with the increasing openness of China's financial market, continuous deepening reforms, and growing innovation, Chinese securities market has become increasingly complex, leading to a gradual increase in probability systemic risk. This study focuses on daily closing prices stocks from eight large-scale listed bond companies, including CITIC Securities GF Securities, incorporates stock, currency, bond, foreign exchange, real estate markets into CoVaR model analyze spillover effects transmission channels these five risk industry. The empirical results indicate that stock currency exchange have significant negative industry, while positive effect. also suggest among effects, exhibits strongest volatility, individual companies highest sensitivity changes risk, compared rich information content four sub-markets greater impact