德克夏银行案例分析及其启示

A case study on the Dexia Bank financing difficulties and restructuring experience

本文在简介德克夏银行资产、股权、业务结构的基础上，分析了德克夏银行在欧洲债务危机中面临的困境，包括再融资困难、资产减值、经营亏损、资本充足率下降等，并深入分析了德克夏银行被分拆的深层次原因，如业务结构、风险敞口结构等过度集中，以及借鉴德克夏银行经验教训，可以考虑的政策调整和监管改进，包括业务转型、政府救助的系统化安排和坚实的监管体系。

This article gives a brief account of the assets, equity and business structure of Dexia Bank to analyze the difficulties faced by the Bank in the European debt crisis, including re-financing difficulties, assets devaluation, operating losses, capital adequacy ratio decline and others. It makes a thorough analysis of the underlying reasons for the split-off of Dexia Bank, such as over-concentration in business structure and risk exposure structure. To learn from the experience of Dexia Bank, some policy adjustments and supervision improvements should be considered in terms of business transformation, systematic arrangements for government bailout and sound supervision system.