银行资本工具创新的国际经验及其启示

The International Experience in the Innovation of Capital Instrument and the Enlightenment

本文基于巴塞尔Ⅲ对资本工具的新要求,总结国际经验,分析中国商业银行资本工具创新的方向。巴塞尔Ⅲ推出后,国际大型银行资本工具创新主要集中于其他一级资本和二级资本,"减记"和"转股"条款设计是创新的主要方向,永续性和派息非累积是其他一级资本工具创新的重点。中国商业银行可创新发行优先股、可减记永续资本债、可转换一级资本工具、可减记次级债券、可减记二级混合资本债券、新可转换债券、二级可转换或有资本债券等新型资本工具,优先选择二级资本工具创新发行,积极探索其他一级资本工具创新发行。

Based on the new requirements of the Basel Ⅲ on capital instrument, this paper summarizes international experience and analyses the trends in the capital instrument innovation of Chinese commercial banks. After the implementation of Basel Ⅲ, the innovation of big international banks in capital instrument mainly focuses on additional tier-1 capital and tier-2capital, and the design of'write-down'and'convertible'clauses is the main direction of innovation, the suitability and noncumulative dividend are the key innovation of additional tier-1 capital instrument. Chinese commercial banks may explore new capital instruments such as preferred stock, write-down type perpetual bond, convertible tier-1 capital instrument, write-down type subordinate bond, write-down type tier-2 hybrid bond, new convertible bond and tier-2 contingent convertibles, etc., and choose the innovative issue of tier-2 capital instrument first, then actively explore the innovative issue of other innovative capital instruments.