论文部分内容阅读
由于多种原因作用,造成了我国券商融资结构的不合理。目前,券商发行债券已经有章可循,为券商开辟了一条新的中长期融资渠道,有助于券商提高经营管理水平和增强抗风险能力。但债务的增加也意味着经营风险和偿付风险的增加,在当前券商盈利能力普遍不佳的情况下,过度的债务融资很容易导致信用危机。
As a result of a variety of reasons, resulting in China’s brokerage financing structure is unreasonable. At present, the issue of bonds by brokerages has been followed in order to open up a new medium and long-term financing channel for brokers, which will help brokers improve their management level and enhance their anti-risk ability. However, the increase of debt also means the increase of business risk and repayment risk. In the current situation that broker profitability is generally poor, excessive debt financing can easily lead to credit crisis.