浅析雷曼兄弟破产的原因.doc

浅析雷曼兄弟破产的原因 2 - / NUMPAGES14 论文写作指导、各类文案写作 QQ625880526 浅析雷曼兄弟破产的原因 摘 要 2008年9月15日，拥有158年经营历史的雷曼兄弟终于抵挡不住美国次贷危机引发的金融海啸，申请了破产保护。造成这一结局的原因是多方面的，本文试图从宏观条件和来自雷曼自身的因素两个大的方向进行分析，对它在经营模式、业务结构、以及内部控制等几个层面出现的问题进行概括和总结，探讨它破产的真正原因。 关键词：次贷危机；经营模式；业务结构；内部控制；破产  SHALLOW ANALYSIS TO THE REASONING OF LEHMAN BROTHERS’ BANKRUPTCY ABSTRACT On September 15, Lehman Brothers Holdings Inc. which has 158 years’ history applied for bankruptcy protection after suffering from the financial tsunami of American sub-prime mortgage loan crisis. The result is caused by various aspects, this article trys to inquire into the fact why Lehman Brothers goes brankrupt by analyze the factors come from two huge aspects of macroeconomic environment and itself, and to generalize and sumarize the troubles arisened from its management mode, operation structure, internal control and so on. Key words: Sub-prime mortgage loan crisis; management mode; operation structure; internal control; bankruptcy.  目录 TOC \o 1-4 \h \z \u HYPERLINK \l _Toc248418512 1. 绪论 PAGEREF _Toc248418512 \h - 4 - HYPERLINK \l _Toc248418513 2. 雷曼兄弟破产原因的分析 PAGEREF _Toc248418513 \h - 4 - HYPERLINK \l _Toc248418514 2.1宏观经济条件下次贷危机的全面爆发 PAGEREF _Toc248418514 \h - 4 - HYPERLINK \l _Toc248418515 2.2雷曼自身的原因 PAGEREF _Toc248418515 \h - 7 - HYPERLINK \l _Toc248418516 2.2.1多角色的商业模式 PAGEREF _Toc248418516 \h - 7 - HYPERLINK \l _Toc248418517 雷曼的“双高风险模式” PAGEREF _Toc248418517 \h - 9 - HYPERLINK \l _Toc248418518 2.2.2 高杠杆经营与投资策略 PAGEREF _Toc248418518 \h - 9 - HYPERLINK \l _Toc248418519 2.2.3风险管理失效 PAGEREF _Toc248418519 \h - 11 - HYPERLINK \l _Toc248418520 多角色的跨界经营模式： PAGEREF _Toc248418520 \h - 12 - HYPERLINK \l _Toc248418521 风险度量工具VAR的失效 PAGEREF _Toc248418521 \h - 12 - HYPERLINK \l _Toc248418522 内部控制失效 PAGEREF _Toc248418522 \h - 12 - HYPERLINK \l _Toc248418523 2.2.4 错失机遇 PAGEREF _Toc248418523 \h - 12 - HYPERLINK \l _Toc248418524 3. 结语 PAGEREF _Toc248418524 \h - 13 - HYPERLINK \l _Toc248418525 4. 参考文献: PAGEREF _Toc2484185