证券市场的风险可以分为两类：非系统性风险和系统性风险。
The risk of the securities market can be divided into two kinds:nonsystematicness risk and systematicness risk.
横向风险分担机制在规避非系统性风险方面占有优势，而跨期风险分担在规避系统性风险方面占有优势。
The lateral risk sharing mechanism has advantage in avoiding non_systematic risk, and the later has advantage in avoiding systematic risk.
结果显示我国IPO初始报酬率没有表现出明显的变化趋势，但对IPO公司非系统性风险具有揭示作用，或者说市场反馈假说在我国是成立的。
As the result shows that there is no distinct tendency in IPO initial return movement in China, the hypothesis of market feedback gets supported.
这意味着正待解决的系统性风险，比起那些为投资者更为关注的非系统性的、固定投入的风险，对它的解决需要更长的时间。
This means that addressing systemic risk requires a longer timeframe than that associated with the non-systemic, stationary risks to which investors devote most attention.
因此，股市因非浮动引起的系统性风险，可能难以避免。
As a result, the stock market due to the non-systemic risks arising from fluctuations may be difficult to avoid.
因此，股市因非浮动引起的系统性风险，可能难以避免。
As a result, the stock market due to the non-systemic risks arising from fluctuations may be difficult to avoid.
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