商业银行发行永续债融资效果与市场反应研究——以四家上市商业银行为例

Research on the Financing Effects and Market Reaction of Commercial Banks'Issuance of Perpetual Bonds:A Case Study of Four Listed Commercial Banks

本文对商业银行发行永续债问题开展专题研究。首先,本文使用案例研究方法,以四家不同性质的上市商业银行作为研究对象,将银行永续债的融资成本与假定同等条件下发行的债权融资成本、股权融资成本进行对比,发现银行永续债融资成本整体低于股权融资成本,但高于债券融资成本。其次,本文对银行永续债发行后的融资效果进行分析,对比发行前后财务报表变化,结果表明,永续债是银行补充资本充足性的有力工具,对商业银行资本质量、盈利能力、流动性指标都有改善作用。最后,本文采用事件研究法,将银行永续债定价日作为事件日开展研究。研究发现,投资者对不同类型银行发行永续债的反应趋势与反应强度不一致,表现为对农村商业银行发行永续债反应更为积极,而对股份制银行及国有商业银行反应较为平淡。

This study focuses on the cost-effectiveness of perpetual bonds for capital enhancement in commercial banks.Using a case study approach involving four diverse publicly traded banks,this paper compare the financing costs of perpetual bonds with those of debt and equity under similar conditions.The research reveals that perpetual bonds have lower financing costs compared to equity but higher costs compared to debt financing.Furthermore,this paper analyzes the financial impact of perpetual bond issuance by comparing pre and post-issuance financial performance.My findings indicate that perpetual bonds serve as a favorable instrument for improving capital adequacy,subsequently enhancing capital quality,profitability,and liquidity in commercial banks.Lastly,employing an event study methodology with the pricing date of perpetual bonds as the event day,this paper assesses market reactions.Investors responses vary,with a more positive market reaction observed for rural commercial banks,while joint-stock and state-owned commercial banks elicit less pronounced responses.