国际银行资本充足性管制有效性探析——兼评《巴塞尔协议》的资本充足率标准

The new analysis of capital adequacy regulation's validity--and comment on capital adequacy standard of Basel Agreement

按照存在破产成本和税收情况下的MM理论分析,只有管理当局确定的资本比率和银行最佳资本结构一致时,资本充足性管制才是完全有效的。实证检验表明,各国银行的最佳资本结构并不完全相同,资本比率与资本收益率之间也不存在协整关系,不存在一个适于所有银行的最佳资本比率。《巴塞尔协议》制定一个统一的国际银行资本比率的方式是不合适的。

According to MM theory with bankruptcy cost and tax, capital adequacy regulations are fully effective only if the capital ratio stipulated by management and optimal capital structure is consistent. Empirical testing indicates that optimum capital structure of every countrys banks is not the same; capital ratio and capital return have no cointegrated relations, and there isnt an optimal capital ratio for all banks. The way that Basel Agreement stipulates a uniform capital ratio of international banks is not fitting. 