破产银行处置成本分担论

Costs Sharing for Resolving Insolvent Banks

破产银行处置成本包括直接处置成本与间接处置成本。遏制“道德风险”和有效处置破产银行,应当事先建立法定、可预见性的成本分担机制。成本分担机制应当能够有效维护金融稳定并符合公平原则,并根据市场参与方与风险产生的关联性,确立银行股东、高管、普通雇员、机构投资者、普通债权人、存款人依次承担处置成本的次序。银行股东优先承担损失、细化职工债权规则、完善存款优先原则、合理定位公共债权位阶,是完善我国银行处置成本分担制度的重要路径。

Bank resolution costs include direct costs and indirect costs.To prevent moral hazard problems and effectively resolve insolvent banks,a statutory and predictable cost-sharing mechanism should be established in advance.The cost-sharing mechanism should be able to effectively maintain financial stability and have a fair cost-sharing system.An effective cost-sharing mechanism should have a fixed order of priorities in which market participants share costs according to their roles in generating bank risks.Bank shareholders,managers,ordinary employees,institutional investors,ordinary creditors and depositors should absorb the costs of resolution in turn.Main approaches to improving the cost-sharing mechanism for resolution of Chinese banks include having bank shareholders absorb losses first,making detailed rules on the creditor’s rights of employees,enhancing the depositor-first principle,and setting reasonable rates for public creditor’s rights.