1997年11月24日,有百年历史的日本第四大证券公司山一证券宣告破产,成为战后日本金融机构最大的破产案,也是战后全球最大的企业破产案。我国的证券业虽然经过几年的培育已初具规模,但仍处于发展的关键时期。那么,在这关键时期,我国证券业可从山一证券破产中得到什么启示呢? On November 24, 1997, Yamaichi Securities, Japan’s fourth-largest securities firm with a history of hundred years, declared bankruptcy and became the largest bankruptcy case of post-war Japanese financial institutions and the largest bankruptcy case in the world after the war. Although China’s securities industry has taken shape after several years of cultivation, it is still in a crucial period of development. So, at this critical period, what lessons can the securities industry in our country get from the bankruptcy of Yamaichi?