雷曼破产检查报告揭示的主要问题及借鉴意义

Problems revealed by the Lehman Brothers bankruptcy investigation report and lessons learned

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。

Lehman Brothers is the only large investment bank having applied for bankruptcy during the current financial crisis. The United States Bankruptcy Court conducted an in-depth investigation on this case. It revealed that Lehman Brothers＇ bankruptcy could be attributed to internal causes such as high-risk business model, business strategy running counter to the macro trend and lax risk control mechanism. It also exposed the inadequacy of regu- latory systems, external constraints, and accounting rules. Chinese financial institutions should be aware of the long-range economic trend and the rule of economic cycles when stipulating business strategies, and so dose the regulators when making judgment on risks involved. The regulatory authority should stipulate more stringent, detailed and comprehensive rules regardin fundamental role in risk control; deficiencies. g information disclosure by publicly listed companies; have the market play its and regulatory bodies should remain alert to market loopholes and make up for the