cyclic am meaning in English

环腺酸

The major conclusions are as following : the macro - economy cyclic is an important factor in systematic risk of chinese capital market , but the system root of this risk is the low - efficiency of chinese capital market in resources location because of the government administration control and intervention and the government recessive guarantee to the capital market . the capital market was used by government to help the state - owned enterprise transformed their operation system and collect money , which leaded to the low - efficiency of governance in the listed company
研究表明，宏观经济波动作为导致系统性风险的一般因素，也是我国资本市场系统性风险的重要因素，但并非主要因素；我国经济体制转轨时期，政府对资本市场的控制和行政干预，政府为市场提供隐性担保，使资本市场成为寻租的场所，导致资本市场资源配置等市场化功能弱化和低效，投机盛行，才是较高系统性风险的制度根源。