次级债市场发展与中国商业银行资本金结构调整

The Development of Market for Subordinated Debt and the Capital Structure Adjustment in China's Commercial Banks

对于商业银行而言,发行次级债是一种快速、高效、便捷的资本补充方式,也是一种主动、长期的负债来源。我国商业银行资本充足率的现状和发展趋势预示着次级债的发行将呈上升趋势。但是和国外商业银行相比,中国各商业银行目前的次级债发行处于起步阶段,国外商业银行的一些成熟的经验和做法值得我们借鉴。要促进我国商业银行次级债市场的健康发展,需要从完善商业银行信息披露和债券信用评级制度、培育次级债的流动市场、加强监管、培育和壮大商业银行外的机构投资者等方面加强建设。

For commercial banks, issuing subordinated debt (SND) is a fast, efficient, convenient way to complement capital, and an initiative, long-term debt financing. The current situation and trend of commercial banks' Capital Adequacy Ratio level indicate that SND issue work will increase. Compared with that in foreign commercial banks, it is still in its infant stage and should use mature foreign experience for reference. This paper makes comparison in objectives, issue methods, maturities, pricing, types and its holders on the basis of analyzing the future of SND market. We also put forward the strategies for developing SND market.