| 摘要: |
| 本文在重点探讨2004年美国经纪交易商净资本规则的演变及其存在缺陷、2013年美国
净资本规则最新变革的内容之后，认为应当重新评估中国净资本规则，提高数量和质
量标准，应当完善经纪交易商的退出机制和建立证券业的最后贷款人制度，明确规定
系统性重要的经纪交易商的杠杆率限制，充分利用但不过度利用杠杆，完善净资本的
计量方法以反映净资本与风险的相关性 |
| 关键词: 经纪交易商 净资本规则 制度安排 |
| DOI： |
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| 基金项目:教育部人文社会科学研究规划基金项目“美国金融危机、流动性紧缩与结构性金融工具研究”（项目编号：
0 9 Y J A 7 9 0 0 6 0 ） 。 |
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| Implications of US Developments in the Net Capital Rule for Broker-dealersto China |
| LI Guo-min |
|
| Abstract: |
| The paper explores the changes of the American net capital rule and its defects for broker dealers in
2004, and the recent developments of the American net capital rule in 2013. With regard to China’s net capital
rule, it is proposed that the quantity standard and the quality standard be enhanced, the mechanism of broker
dealers opting out be improved, lender of last resort in securities industry be established, the limits in leverage
ratios be clearly defined for systemically important broker dealers with the leverage ratio not too high and not too
conservative, and the quantitative methods for net capital be perfected to reflect the relevance of net capital to risk |
| Key words: broker dealer net capital rule institutional arrangement |
