大鹏证券曾是一家颇具声望的全国性券商,破产的根源是大量挪用客户资金操纵股价,巨亏之后资不抵债。而这也几乎是高风险券商共同的“祸根”。我国证券市场是一个典型的担保市场(杨再斌、匡霞、刘杰,2005),存在着国家与投资者之间的隐性合约。由于没有市场化的“破产或兼并”退 Dapeng Securities was a prestigious national brokerage, bankruptcy is the root cause of a large number of misappropriation of client funds to manipulate the stock price, huge loss after insolvent. And this is almost a common “curse” for high-risk brokerages. China’s securities market is a typical guarantee market (Yang Zaibin, Marina Kuang, Liu Jie, 2005), there is a recessive contract between the state and investors. Because there is no market-oriented “bankruptcy or mergers” back