特许权价值、股权融资与宏观审慎管理

Franchise Value,Equity Financing and Macro-prudential Management

2008年9月以雷曼兄弟公司申请破产保护为标志,全球金融危机随之爆发。忽略宏观审慎管理造成金融机构杠杆率过大是此次金融危机带给我们的重要教训。本文从特许权价值、Bail-in与Cocos角度阐述金融机构提高股权融资比例的必要性,并提出完善宏观审慎管理以抑制金融机构放大杠杆率的政策建议。

Since Lehman Brothers filed for bankruptcy protection in September,2008,global financial crisis broke out.The important lesson was that neglect of macro-prudential management could result in excessive money corporation leverage of financial institutions.This paper,from the perspectives of franchise value,Bail-in and Cocos,explains the necessity of financial institutions raising the proportion of equity financing,and proposes policy suggestions of improving macro-prudential management to restrain the magnification of the leverage of financial institutions