目前,证券市场的低迷、证券公司的亏损成为市场 共同关注的问题。在这种市 场状况下,合乎经济理性的市 场行为应当是退出,这包括转 让股权、收购兼并以及关闭 等。但现实的情况则是,证券 公司的数量稳定地增长,社会 资本稳定地高速进入证券行 业。 At present, the downturn in the securities market and the loss of securities companies have become the common concerns of the market. Under such market conditions, the economic rationality of the market behavior should be to withdraw, including the transfer of equity, mergers and acquisitions and the closure. However, the reality is that the number of securities companies has been steadily increasing, and social capital has entered the securities industry at a steady speed.