Risk integration measurement and application in Chinese securities companies.

We propose a new risk integration method from the perspective of the financial data, i.e., the risk integration method based on financial statement. This paper applies this method in Chinese listed securities companies to measure the market risk, credit risk, operational risk, liquidity risk and the overall risk, and analyses the relationships among them. The research finds that, there are significant diversification benefits among these risks, which will help to reduce the demand for capital provision. Furthermore, market risk and operational risk are main risks in securities companies, which need paying more attention. [ABSTRACT FROM AUTHOR]