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这篇论文有两个值得特别称道的地方:1.“南方证券接管案”是中国处理问题金融机构的典型案例。这一案例的核心是政府在处理过程中面临一个两难选择。如果由央行来赔付证券公司和债权人,则有可能增加证券公司和债权人在未来犯同样错误的概率。如果央行不赔付,而按法定程序让债权人、尤其是公众债权人承担应有的损失,则有可能引起社
There are two areas worth particularly commendable in this paper: 1. “Southern Securities Takeover Case” is a typical case of a financial institution dealing with a problem in China. The heart of this case is that the government faces a dilemma in its handling. If the central bank to pay the securities companies and creditors, it is possible to increase the probability of securities companies and creditors make the same mistake in the future. If the central bank does not pay, but according to the legal procedures so that creditors, especially public creditors assume the due loss, it may cause clubs