特许权价值、股权融资与宏观审慎管理

Franchise Value,Equity Financing and Macro Prudential Management

加强宏观审慎管理和控制金融机构杠杆率是此次全球金融危机带给我们的重要启示。本文从特许权价值、金融保释与应急可转债的角度阐述了金融机构提高股权融资比例的必要性,并提出通过完善宏观审慎管理来抑制金融机构放大杠杆率的政策建议。

To intensify macro prudential management and control excessive leverage ratio are the important lessons we got through the financial crisis. This paper describes the need of financial institutions to raise equity financing in the perspective of franchise value, bailin and contingent convertible bonds, and recommends a complete set policy proposals of macro prudential management of financial institutions to curb the issue of inflated leverage ratio.