资本监管条件下商业银行的资本结构优化

Regulatory Requirements and the Optimization of Capital Structure for Commercial Bank

按照银行资本结构理论,在监管资本的约束下商业银行可以通过市场力量寻找最优资本结构,以实现银行价值的最大化。由于国家信誉对存款的担保,我国商业银行的资本充足率偏低和资本结构不合理的状况仅仅依靠补充资本和剥离不良资产的技术方法并不能从根本上解决问题。针对我国转轨时期的制度环境和银行业开放的要求,商业银行的资本结构优化应该选择制度创新与技术创新同步的路径,以外资银行的参股、合资为重点,发展次级债券,并建立以经济资本为基础的资本结构管理体系。

In the presence of capital regulation, an optimal capital ratio to maximum bank value exists through market power driving. The optimization of capital structure for commercial bank in China＇s transition economy should choose a path combining the institutions innovation with the technique innovation. The main measures include share and joint venture with foreign bank, issuing subordinated debts, and establishing a capital structure management system based on economic capital.