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传统证券监管理论认为,由于证券公司实行自有资产与客户资产的隔离,采取净资本监管,并且其资产流动性(可变现能力)较强,因此证券公司破产的外部效应(externality)弱于商业银行,单个证券公司的倒闭从理论上讲不会引起客户的挤兑恐慌,从而引发
According to the traditional securities regulatory theory, the externalities of bankruptcy of securities firms are weaker than that of commercial ones because securities firms adopt the isolation of their own assets from their clients’ assets and take the supervision of net capital, and their asset liquidity (realizable ability) is strong. Banks, the failure of a single securities firm theoretically will not cause panic on the client’s run, which triggered