关于或有可转换债券的研究

A study on contingent convertible bonds

次贷金融危机后,或有可转换债券作为解决"太大而不能倒闭"的一种方案以及金融机构的自救手段而广受热议,并得到许多监管机构的推崇。文章在对或有可转换债券产品及其功能进行深入分析后,发现其仍面临着诸如监管风险、低评级风险以及技术性风险等制约因素。鉴于或有可转换债券在危机期间显示出的对企业强大的救助功效以及防范危机进一步蔓延的能力,其发展前景仍值得期待,文章最后对或有可转换债券未来的发展方向进行了展望。

Following the subprime financial crisis,contingent convertible bonds have been the topic of wide-ranging debates as both a solution to the＂too big to fail＂problem and a measure by which financial institutions can save themselves,and have been highly praised by many regulators.Based on an in-depth analysis of contingent convertible bonds and their functions,this paper finds that they still face restrictive factors such as supervision risk,low rating risk and technical risk.Considering the major role contingent convertible bonds played in bailing out enterprises during the financial crisis and their ability to prevent the crisis from spreading further,their prospects are promising.The final part of this paper discusses the developmental direction of contingent convertible bonds in the future.