商业银行可转债补充资本存在的问题及政策建议

The Problems And Policy Suggestions of Commercial Bank’s Convertible Bonds To Supplement Capital

2019年2月11日,国务院常务会议决定支持商业银行多渠道补充资本金,提高商业银行发行永续债的审批效率,降低可转债和优先股等金融产品的准入门槛,允许符合条件的银行同时发行多种资本补充工具。本文梳理分析了我国商业银行发行可转债补充一级核心资本的现状及存在的问题,总结了国际上运用可转债补充核心一级资本的经验做法,并对我国下一步完善可转债发行制度提出政策建议。

On February 11,2019,the State Council decided to support commercial banks in multi-channel capital replenishment,improve the approval efficiency of commercial banks’issuance of perpetual bonds,reduce the access threshold of convertible bonds,preferred shares,etc.,and agreed that banks meeting relevant conditions should issue multiple capital replenishment tools at the same time.This paper analyzes the current situation and existing problems of China’s commercial banks issuing convertible bonds to supplement tier one core capital.The experience and practice of US banks using convertible bonds to supplement tier one core capital is of reference significance to China.