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2004年的中国金融市场，银行业的改革是一个吸引了所有人眼球的话题。当国内外的学者和专家出于不同目的和动机纷纷对中国银行业目前的改革措施进行评价和献计献策时，中国金融业的另一架马车--证券业陷入了空前的困境，证券业的主角--券商的风险开始出水面，似乎有演化为系统性风险之势。曾经风光无限的券商们正在经历着前所未有的漫长冬季，而真正的痛苦还在于现在仍听不到春天到来的脚步声。分析当前券商困局的成因，我们至少可以得出三点结论:券商自食其果、监管部门监管乏力和中国金融体系天机制缺陷。将这三个结论展开，就形成了本期刊登的一组文章。也许现在说从根本上解决券商的问题还不很现实，但是我们从密切关注证券市场的学者和监管者身上都看到了一个共同的观点，那就是到了该彻底整治券商的时候了。我们希望这一次的整治不是搁靴搔痒，不是“按下了葫芦，浮起了瓢”，更不希望最终的结果是无功而返。
China’s financial market in 2004, banking reform is a topic that has drawn the eye of all. When scholars and experts both at home and abroad have different opinions on the current reform measures of China’s banking sector for different purposes and motives, the other carriage of China’s financial industry, the securities industry, has been in an unprecedented dilemma. The securities industry The protagonist - the risk of brokerage began to appear out of the water, seems to have evolved into a systemic risk. The once-famed brokers are experiencing an unprecedented long winter, and the real pain lies in the fact that the footsteps of spring are still not heard. Analysis of the causes of the current dilemma of the broker, we can at least come to three conclusions: the broker their own way, the regulatory weak supervision and the system of China’s financial system defects. When these three conclusions are expanded, a series of articles published in this issue are formed. Perhaps it is not yet realistic to say that the fundamental solution to the issue of brokers is yet to be realized, but we all see a common view from academics and regulators who pay close attention to the securities market that it is time for the agents to be thoroughly rehabilitated. We hope this remediation is not a problem, not a “press the gourd, floating the scoop,” but do not want the final result is without success.