中文摘要：

金融机构监管的首要任务之一是识别出系统重要性金融机构（SIFIs）。本文首先介绍了SIFIs的国内外评估动态,并比较了识别SIFIs的方法;然后结合国内外SIFIs的监管框架和我国证券业的发展特征,运用指标法识别出2015年我国系统重要性证券公司;接着,研究对比了2012-2014年间系统重要性证券公司的排名,并对其进行了动态聚类和动态关联性分析。研究表明：中信证券一直是系统极为重要的证券公司,海通证券、国泰君安分列其后;规模性、关联性是决定其系统重要性的关键因素,体现了SIFIs＂大而不倒＂、＂太关联而不倒＂的负外部性;证券公司间波动关联度逐步提升,内部风险传染性趋势增强;评估结果可作为监管机构进行风险控制、财务稳健、合规经营等事前监管的重要参考。

英文摘要：

One of the prime tasks of financial institution supervision is to identify the system important financial institutions （SIFIs）. We first introduce assessment trends and identification of SIFIs and compare research approach; then use indicator method to identify the SIFIs of Chinese securities finns in 2015, based on the actual situation of the regulatory framework for SIFIs at home and abroad and securities industry development in China; finally compare the changes of SIFIs ranking between 2012 and 2014, analyze hierarchical cluster and the dynamic conditional correlations. The results show that CITIC Securities has been ranking the NO. 1 SIFIs, following by Haitong Securities and Guotai Jun＇an Securities; size, interconnections with other financial institutions are key factors in assessment, which embodies the ＂too big to fail＂, ＂too interconnected to fail＂ negative externalities; moreover, for regulators, the research can be a constructive advice on ex ante supervising on controlling the risk, keeping financial soundness, operating legally.