我国证券公司退出机制研究(1)

D......................................................................................................................................................................................................................................................................................................................................................................19999020021012419993472002101040+2002511891746050%20012728%11.5+123FpPsP1232002/12/12119951019963.27202001WTO1123122002891.13.2720199672002.710.182002.5-1.72002.8.97-82002.9.71999819861971-2001299101.21.2800776426483.2BNPBNP1.42199881.32/234/8853/5292/48825/30157/7827/3483/27430/2222/810/1246/19167/813/432/2040/822/72000P85Classens,DjankovKlingebiel19991.41.46474112212322100114462357151337121999AMCs200010%20%1.11.13010203040506098.12-99.62002AMCs2000ADB”AsianRecoveryReport”,ARICIndictors3theBuildingBlockApproachSECtheComprehensiveApproach19971.519991999.3199911998.41999.81998.620001231.61970SIPC551%5101-501010080015−BA()55B-A×=ija(i,j=1,2,,5)2.1()3,5,7,91,,1,0=≠=ijijjiijajiaaa(i,j=1,2,,5)BA−2.1BA−2.1BA−ija1B2B3B4B5B1B135572B1/313353B1/51/31334B1/51/31/3135B1/71/51/31/31BA−Bw=(w1,w2,,w5)∑∏∑∑=======njjnnkijnjjninjjiiwawM(n=5;i,j,k=1,2,,5)2.2CBi−DCi−2.12.22.20.700.250.200.070.360.100.030.640.210.260.080.330.100.030.50.100.190.50.100.50.120.240.50.122iDifif],[maxminminmaxminiiiiiiiiffffffff∈−−=2.3ifiDminifmaxifiD0=ifminiiff=1=ifmaxiiff=3FiWifFiifWF*=2.4F2.31F2F2.310FF≤≤21FFF≤≤2FF2.22.2123412341123421Conservator562.323456531pppCRP−=2.5pRpC0pP20pP70sP7PPPPPsECREPP+−=+=sPPE1/313.1VCIPFFFF+=3.1CF0F∑∗=0FnFV3.2∑n3.1VF)1(**RPMVRRPF+=3.33.3VFPMRP*MPPRRPMRRP**RR3.13.18RP0.5%15%0.2%10%0.3%5%0.4%RR1%0.5%82123.13.112312312110200138.17%20021036.53%36.36%4.14.12001-2002%CR3CR5CR10200118.0426.4638.712002.617.1324.4336.532002.1216.9424.4636.362319972002518101042%2000-20011231ni)(iE,i1ni)(iE))(,(iEi2nk100*)1)()((),(−−=nEknEknER4.1200196200098200120001200129.45%7.67%4.14.222001-10%1219.82%3200040.1%200010%161.87%4.1200105101520253035405101520253035404550556065707580859095iE(i)4.22001i%n=96i510204060808496)(iE33.624.4119.6513.1210.979.459.197.671)(iEi%2ER9612=19.82%4.32000i%n=98i51020406080829498)(iE94.2068.7456.6137.1132.8830.533029.4829.45ER984=0.1%ER9816=1.87%4.2200001020304050607080901005101520253035404550556065707580859095iE(i)452002/12/121ADBAsianRecoveryReport,ARICIndictors20002Classens,Stijn,SimoonDjankov,andLarryH.p.Lang:TheSepartionofOwnershipandControlinEastAsianCorporation.JournalofFinancialEconomics58(2000)3FederalReserveBankofNewYork,InternationalCompetitivenessofU.S.FinancialFirms:theDynamicsoffinancialIndustryChange.NewYork,FRBofNewYork,19924FederalReserveBankofNewYork,InternationalCompetitivenessofU.S.FinancialFirms:Products,Markets,andConventionalPerformance,Measures.NewYork,FRBofNewYork,19925GerardCaprio;Jr.WilliamC.HunterGeorgeG.KaufmanDannyM.Leipzige:19996GuldeAnneMarieandLorenaZamalloa,LiquidAssetRatiosandFinancialSectorReforms,IMFWorkingPaper97/144(Washington:InternationalMonetaryFund)19977IOSCOTechnicalCommitteeCapitalAdequacyStandardsforSecuritiesFirms19898J.FredWeston,KwangS.Chung,SusanE.Hoag19999Joseph.A.,InternationalizationandRegulationoftheWorldsSecuritiesMarkets,Grundfest,199310OECD,OECDEconomicSurvey:Korea,1997-19981998-199911OECDSecuritiesMarketinOECDCountries:OrganizationandRegulation,OECDDocuments,199512TheworldBank,EastAsia:TheroadtoRecovery19981321199914[].;[].200115[].:200116[]J..[]S.[].E.199817[].,()199918APEC2001192002.1202001211999.7222000232000241998/199919992520029261988