“野蛮人”收购,往往将银行、证券、保险,甚至是信托和投资者的资金等捆绑,交叉持股、杠杆太高、短债长配,背后的风险极大。在当前金融分业监管的模式下,监管难度大易引发金融风险。近期,A股市场最敏感的话题就是险资举牌问题。12月初,证监会主席刘士余在中国证券投资基金业协会第二届会员代表大会致辞中痛斥目前资本市场上的一些收购情形,称之为“野蛮收购”。虽未明指是哪类资金所为,但市场已明显将此解读 “Barbarian ” acquisition, often bundling the banks, securities, insurance, and even trust and investor funds, cross-shareholding, leverage is too high, short-debt long-term allocation, the risk is enormous. Under the current regulation of financial sub-regulation, it is very difficult to supervise and control the financial risks. Recently, the most sensitive topic in the A-share market is vending issue. In early December, Chairman Liu Shih Yu denounced some acquisitions in the capital market in the speech of the second member congress of China Securities Investment Fund Industry Association and called it “barbaric acquisition.” Although not explicitly refers to what kind of funds, but the market has clearly interpreted this