次级债券的利弊分析及我国的因应对策

Analyzing the Advantages and Disadvantages of Subordinated Bond and the Countermeasures of Our Country

次级债券在国外受到许多学者及银行监管机构的青睐,而国内对此问题鲜有关注。发行次级债券不仅能充实资本,满足银行监管资本要求,更重要的是它能激励投资者主动参与银行监管,减少监管宽容和"道德风险",使市场约束成为政府监管的有效和必要补充。目前,次级债券的发行也面临一些困境,如债券发行对基础设施的要求,监管当局拯救所带来的消极激励,公司治理结构的有待完善,价格信号的"噪音"干扰等。

Recently, many authors and regulators pay more attention to subordinated bond that is used as a mechanism for market discipline. But subordinated bond was seldom dealt with in domestic literature. The issuance of subordinated bond not only enriches capital, meets regulatory requirement, but also encourages investors to monitor banks and it is viewed as a necessary supplement for official regulation. Of course,there are a number of deficiencies about subordinated bond. In view of regulatory practices in our banking, several constructive proposals are put forward.