The authors believe that the financial operation based on the issuance of paper money in excess of economic capacity resulting from dependence on the state investment is the central manifestation of factors of China's financial insecurity.
In short, information contained in returns, volatility, and volume from financial markets in the US and Hong Kong has very weak predictive power for Chinese financial market variables.
This study's results indicate that financial analysts are still a fledgling profession in current China, and the capabilities of Chinese financial analysts need to be improved through additional training and continued education.