巴塞尔协议Ⅲ对我国债券市场影响

Impact of Basel Ⅲ on China's Bond Market

2012年6月7日,中国银监会正式公布了《商业银行资本管理办法(试行)》,标志着《巴塞尔协议Ⅲ》在我国正式进入了实施过程。新的监管办法对商业银行的资本有了更高的要求,并且要求采用风险敏感度较高的模型,信用风险、操作风险对资本金的要求更高,这将使国内商业银行面临更大资本不足的困境。商业银行会采取多种渠道增加资本,而债券市场无疑是一个重要的途径。受新监管贷款拨备率不低于2.5%的要求,银行有降低贷款比例、增加债券持有的动力。但受到风险管理水平的制约,不同风险管理水平的银行债券投资策略会不一致。

June 7, 2012, the Capital Management （tentative） ＂, China Banking Regulatory Commission officially announced the ＂Commercial Bank marked that the ＂Basel Ⅲ＂ in China formally entried into the implementation process. The new regulatory approach has higher requirements on commercial banks＇ capital, and requires the use of risksensitive model. Domestic commercial banks will face greater capital insufficient predicament. The commercial banks will take a variety of channels to increase capital, so the bond market is undoubtedly an important way. Because the loan provision rate is not less than 2.5%, banks have to reduce the proportion of loans to increase the holdings power of bonds. But subject to the constraints of the level of risk management, the investment strategy of bank bonds, which have different levels of risk management, will be inconsistent.