“接管南方证券”事件中出现了“行政接管”,这颇令人回味。所谓行政接管,依我的理解,是政府干预的一种方式。一般来说,只有在市场失灵的时候,才需要用到政府干预。但是,前提条件是要有一个规范的、完全自由流动的市场。中国现在的市场虽然不太完备,但也初步建立了一定的基础,南方证券作为一个非银行金融机构,也是一个市场主体,所以政府干预是一个可行的方案,但应该特别谨慎。 This was a memorable reminder of the “administrative takeover” in the takeover of Nanfang Securities. The so-called administrative takeover, as I understand it, is a way for the government to intervene. In general, government intervention is required only in the event of market failure. However, the precondition is to have a regulated, completely free-flowing market. Although the current market in China is not complete, it has also initially established a certain foundation. As a non-bank financial institution and a market entity, Nanfang Securities is a feasible solution. However, it should be especially cautious.