雷曼兄弟为什么破产？

雷曼兄弟是一家全球知名的投资银行，然而在2008年的金融危机中，它宣布申请破产保护，引发了全球金融市场的动荡。下面我们将探讨雷曼兄弟破产的原因。

1. 房地产市场崩溃：在金融危机爆发之前，美国房地产市场出现了大规模的泡沫。雷曼兄弟在房地产市场上的投资过于庞大，随着房地产市场的崩溃，雷曼兄弟的资产大幅缩水，最终导致破产。英文翻译为：Real estate market collapse: Before the financial crisis broke out, there was a large-scale bubble in the US real estate market. Lehman Brothers had invested too much in the real estate market, and with the collapse of the real estate market, Lehman Brothers' assets shrank significantly, ultimately leading to bankruptcy.
2. 高杠杆率：雷曼兄弟的杠杆率非常高，这意味着它使用了大量的债务来为其投资提供资金。当资产价值下降时，高杠杆率使得雷曼兄弟的损失被成倍放大，最终导致破产。英文翻译为：High leverage: Lehman Brothers had a very high leverage ratio, which means it used a lot of debt to fund its investments. When asset values decline, high leverage multiplies the losses of Lehman Brothers, ultimately leading to bankruptcy.
3. 信用违约掉期（CDS）：雷曼兄弟在信用违约掉期（CDS）上持有大量的头寸，这是一种针对违约风险的金融衍生品。随着金融危机加剧，许多债务违约发生，雷曼兄弟在CDS上的损失不断加剧，导致破产。英文翻译为：Credit default swaps (CDS): Lehman Brothers held a large position in credit default swaps (CDS), a financial derivative that hedges against default risk. As the financial crisis worsened, many debt defaults occurred, and Lehman Brothers' losses on CDS increased, leading to bankruptcy.

总之，雷曼兄弟破产的原因主要包括房地产市场的崩溃、高杠杆率以及信用违约掉期（CDS）的损失。这些因素共同作用导致了这家具有传奇色彩的投资银行的破产。