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当前我国证券期货经营机构因为缺乏运行有效的市场退出机制,直接影响到整个资本市场效率的提高。一方面大部分证券公司基本上都是资不抵债之后被动退出,这使得市场退出的成本高昂,对资本市场的冲击也相对较大。另一方面,证券公司家数持续增长,这种增长势头基本上很少受到证券行业景气波动的影响,证券公司缺乏合乎经济理性的市场退出行为,在经营困境下只进不退这一悖论的深层次原因,值得探寻。
At present, China’s securities and futures institutions lack the effective market exit mechanism and directly affect the efficiency of the entire capital market. On the one hand, most securities companies are basically withdrawing their funds after they can not afford to pay off their debts. This makes the market exit expensive and has a relatively large impact on the capital market. On the other hand, the number of securities companies continued to grow, and the growth momentum was seldom affected by the volatility of the securities industry. Securities companies lacked an economic rational exit from the market and only stepped back against this paradox when operating under difficult operating conditions The deep-seated reason, worth exploring.