政策性银行资本约束的监管红线

The Regulatory Red Line for Policy Banks' Capital Constraint

我国政策性银行改革始于2006年,近10年间政策性银行的机构定位、业务范围、风险补偿机制、治理结构、财税支持、资本金补充等问题已经有了一个较为系统的顶层设计方案,但是在具体落实上面临着诸多实际困局。其中一个主要问题是如何强化资本约束和负债约束,监管当局从控制风险的角度出发已经明确了监管原则,即"资本约束是约束机制的核心,也是政策性银行改革的出发点和落脚点"。巴塞尔监管委员会没有设定政策性银行的资本监管原则和实施标准。如何将国际监管标准本土化运用值得认真研究。本文尝试探讨政策性银行资本约束的基本原则和最低监管标准,建议政策性银行享有一定的优惠权利。起步阶段重点监测两条监管红线,一是资本充足率,其风险敞口的计量应该由简入繁、由易到难,针对信用风险、市场风险和操作风险的计量,应以标准法、基本指标法为主;二是杠杆率,杠杆率比资本充足率更加简洁明确,更加适合政策性银行使用。政策性银行的杠杆率要求应该高于商业银行标准。未来政策性银行的改革方向是出台政策性银行法,政策性业务与自营性业务有序分割,通过多种渠道补充一级资本和二级资本。

Policy banks have been reformed since 2006,the problems such as the position of the system,the business scope,the risk compensation mechanism.Governance structure,fiscal support,capital compensation have been solved in some degree and established a top level design scheme in recent 10 years.However,there still exists lots of actual dilemma in the specific implementation.The key problem among them is how to strengthen the capital constraint and liability constraint.The regulatory authority has make sure of the requirement for the regulatory principle from the perspective of risk-control,namely,Capital constraint is the core of the constraint mechanism,and also the starting point and foothold of the reform of policy Banks.