美国投资银行业危机的深层原因剖析与借鉴

发布时间：2019-02-23 14:37

【摘要】：美国投资银行业曾经的辉煌与此次的衰落,正引起世界各国证券界尤其是监管机构的深思。如何正确深入地认识美国投资银行业兴衰的决定因素和内在规律,并在此基础上进一步改进资本市场的相关制度,完善投资银行业乃至整个资本市场的监管体系架构,成为目前包括我国在内的世界各国证券界尤其是证券监管机构最为关心的重大课题。我们认为,美国投资银行业遭遇此次灭顶之灾的深层次内在原因是投资银行的组织形式由合伙制改制为有限责任股份制,致使投资银行的内在自我约束的意识和机制大为弱化,投资银行高管人员的责任与利益严重脱节,由此鼓励了其过度冒险行为。本文在分析论证了这一观点之后,对世界各国资本市场监管体系架构的变化趋势进行分析,并对我国资本市场基础制度与监管体系的完善和发展方向进行了探讨。
[Abstract]:The American investment banking has once been brilliant and the decline is causing the world's securities industry, especially the regulators to think deeply. How to correctly and deeply understand the determinants and internal laws of the rise and fall of American investment banking, and on this basis further improve the related system of capital market, perfect the regulatory system structure of investment banking and even the whole capital market, It has become the most important issue of the securities industry, especially the securities regulators, in the world, including our country. In our opinion, the deep internal reason for the American investment banking to suffer this disaster is that the investment bank's organizational form is changed from partnership system to limited liability joint-stock system, which greatly weakens the internal self-restraint consciousness and mechanism of investment bank. Investment bank executives are encouraged to take too much risk by being heavily disconnected from their interests. After analyzing and demonstrating this viewpoint, this paper analyzes the changing trend of the capital market supervision system structure in the world, and probes into the perfection and development direction of the capital market basic system and the supervision system in our country.
【作者单位】：中央财经大学财经研究院;
【分类号】：F837.12

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