我国商业银行发行次级债券的风险分析

Risk analysis of commercial banks issuing the subordinated bonds of our country

文章认为,次级债券的发行有利于商业银行快速补充资本、提高资本充足率,但是大量次级债券的发行也可能存在一定的风险,如对发行者而言,可能加大银行的长期财务成本、造成银行业整体资本量虚增、影响商业银行的长期稳健发展;对投资者而言,可能因购买者对次级债券认识不够或商业银行互持次级债券而形成风险;次级债券的发行还可能对货币政策的执行产生不利影响。

Issuing subordinated bonds helps commercial banks quickly replenish capital and increase capital adequacy. However, risks exist in issuing such bonds in a large scale. For issuers, it may increase the banks long-term financial cost, result in the whole banking sector increase of inflated capital and affect the long- term stable development of commercial banks. For investors, the risks are that they may not have enough knowledge of subordinated bonds, or commercial banks hold each other subordinated bonds. Issuing subordinated bonds may also create negative impact on the implementation of monetary policy.