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证券机构通常使用较大杠杆,虽然国外经历了2008年去杠杆化大风大浪的一年,一些投资银行的杠杆率保持在十倍以上。但是我国的证券行业却以低杠杆著称,并且杠杆率不断递减,问题在于目前的资金保有量远远不能支持我国金融市场的发展和资金使用状况。这一切问题造成我国证券行业的金融功能边缘化,证券市场的资金远远不能满足实际需要,所以鼓励创新加大杠杆才是促进我国金融市场发展的可持续道路。
Securities agencies usually use more leverage, although foreign countries experienced a year of deleveraging in 2008, with some investment banks maintaining their leverage at more than 10 times. However, the securities industry in our country is famous for its low leverage, and the leverage ratio keeps decreasing. The problem is that the current capital holdings can not support the development of financial markets and the use of funds in our country. All these problems have caused the financial function of China’s securities industry to be marginalized and the funds in the securities market can not meet the actual needs far. Therefore, encouraging innovation and increasing leverage is a sustainable way to promote the development of China’s financial markets.