欧盟在世界上较早通过资本充足率来规范投资公司和银行的业务活动 ,防范因资本规模的失衡而产生的金融风险。本文通过探讨《资本充足率指令》诞生的背景、分析该指令对投资公司资本充足率的具体要求 ,来阐述设计交易账薄概念实行功能监管的众多缺陷 ,指出欧盟资本充足率监管体制不仅增加了监管难度、降低了监管效率 ,而且存在可能将证券市场的风险引入银行体系的重大不足。 The EU has capitalized its capital adequacy ratio earlier in the world to regulate the business activities of investment companies and banks and prevent financial risks arising from the imbalance of capital scale. By discussing the background of the birth of “Capital Adequacy Rate Directive”, this paper analyzes the specific requirements of the Directive on the capital adequacy ratio of investment companies to explain the many defects of functional supervision on the implementation of the book-keeping concept, and points out that the EU capital adequacy regulation system not only increases Regulatory difficulties, reduced regulatory efficiency, and there is a significant shortage of securities market risk may be introduced into the banking system.