中文摘要：

净资本比率反映了证券公司风险业务比重，其会随着经济周期、资产价格波动而变化，并会进一步影响资产价格、放大宏观经济波动，表现出顺周期性特征。根据2006—2010年我国45家证券公司数据建立的面板模型所进行的实证研究表明，我国证券公司净资本比率顺周期性特征明显。我国有必要构建证券公司净资本比率逆周期监管机制，缓解其顺周期性，增强金融体系的稳健性。

英文摘要：

Net capital ratio is a reflection of risk business ratio of securities companies. It changes with the fluc- tuation of economic cycle, asset prices and further affects the assets prices and amplifies the macroeconomic vol- atility, so it has the characteristics of pro-cyclicality. Using the panel data model which includes 45 securities companies in 2006 -2010, we clearly find the pro-cyclical characteristicsof the securities companies＇ net cap- ital ratio in China. It is necessary for China to construct the securities companies＇ net capital ratio counter cycle supervision mechanism in order to alleviate the pro-cyclicality and enhance the financial system＇s stability.