商业银行资本补充机制:现状、动因与效果

Commercial Bank's Capital Complement Mechanism: Facts,Causes and Effects

资本补充是银行业降低经营风险、进行资产扩张的重要手段。利用上市银行数据,本文首次对我国商业银行资本补充的现状、动因和效果进行了系统的考察。研究发现,除IPO融资外,次级债、定向增发和配股是上市银行最重要的资本补充方式;提高资本充足率水平是商业银行进行资本补充的主要动因,高门槛使得商业银行通过配股或公开增发方式补充资本的难度较大;资本补充决策的经济效果受到发行方式、商业银行自身经营状况等多种因素影响。本文最后在此基础上提出若干有针对性的政策建议。

Capital complement mechanism is important for commercial bank＇s operation. Based on the data of listed banks, this paper investigates the facts, causes and effects of commercial bank＇s capital complement mechanism in China for the first time. The major findings include： （1） Besides IPO financing, subordinated bond, private placement and right offering are major methods for commercial banks to complement capital. （2） To improve capital adequacy ratio is the major cause for commercial banks to complement capital. The high threshold makes it difficult for commercial banks to use right offering or seasoned equity offering method. （3） The effects of capital complement announcements are affected by many factors, including the issuing methods and commercial banks current status. Finally, the paper proposes several suggestions for policy makers.