此次国际金融危机中,雷曼兄弟是唯一一家申请破产的大型投行。美国破产法院对其进行了深入检查,揭示出其破产既有自身原因,如采取高风险的商业模式,实施逆势而动的经营策略,以及风险管理松懈等,同时也暴露出监管制度、外部约束、会计准则等方面仍存在很大不足。我国金融机构在制定经营策略、监管部门在进行风险判断时,应有更长远的对经济周期规律的认识;监管部门应就上市公司信息披露制定更严格、更详尽、更全面的规则;在风险控制方面要坚持发挥市场的基础性作用,监管应积极查找市场漏洞、弥补市场不足。 In this international financial crisis, Lehman Brothers is the only large bank that filed for bankruptcy. The U.S. bankruptcy court conducted an in-depth examination of the bankruptcy and revealed that bankruptcy has its own reasons, such as adopting a high-risk business model, implementing a contrarian business strategy, and loosening of risk management. At the same time, the regulatory regime is exposed. Constraints, accounting standards, there are still a lot of shortcomings. China’s financial institutions in the development of business strategies, regulatory authorities in the risk judgments, there should be a more long-term understanding of the law of the economic cycle; regulators should disclose information on listed companies to develop more stringent, more detailed and more comprehensive rules; at risk Control should adhere to the market to play a fundamental role, supervision should actively find market loopholes to make up for lack of market.