我国商业银行发行次级债券国际比较及对策

The International Comparison and Countermeasures on Chinese Commercial Banks' Issuing Subprime Bonds

根据《新巴塞尔协议》规定,银行资本金由一级资本和二级资本构成。一级资本即核心资本,由普通股和公开储备构成。二级资本也称附属资本,由非公开储备、资产重估储备、普通准备金、混合资本工具和次级长期债构成。由于次级长期债兼有债务和股权的特征,可用来补充资本金。作为银行资本有机组成部分,发行次级债还可降低资本金平均成本,提高股东回报率等。因此,面对外资银行的冲击,国内商业银行都相继选择发行次级债券来改变其资本充足率,特别是作为股改上市后补充资本金的一条重要渠道,发行次级债券一直为各家商业银行所采用。本文就商业银行发行次级债券进行了国际比较,并提出了对策。

According to the Basel II,bank capital is composed of tier-I capital and tier-II capital.Tier-I capital which is also called core capital consists of common stock and disclosed reserve.Tier-II capital has the other name of supplementary capital that comprises closed reserve,asset revaluation reserve,general reserve,hybrid capital instrument and sub-prime long-term debt.Combining the feature of debts and stock rights,sub-prime long-term debt can be used for replenishing capital funds.As an indispensable factor,issuing sub-prime debt can reduce the average capital cost and improve shareholder returns,etc.Therefore,to face the impact of foreign banks,domestic commercial banks chose to issue sub-prime bonds to change its capital adequacy ratio,especially used it as an important channel for replenishing capital funds after split-share reformation,the way of issuing sub-prime bonds has been adopting by commercial banks.This paper makes an international comparison on commercial banks＇ issuing subordinated bonds,and puts forward the countermeasures.