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巴塞尔协议Ⅲ对监管资本进行严格的定义,加强了商业银行的资本监管,在此背景下,我国商业银行业面临着补充资本的压力。以优先股和减记债为代表的新型资本工具的推出为我国商业银行补充资本,促进银行稳健发展起到了积极作用。与次级债相比,新型资本工具最大的特点就是包含减记或转股条款。在补充资本、加强商业银行外部约束和公司治理、吸收损失进行危机救助方面,新型资本工具比次级债更具优势。随着我国商业银行进行资本工具创新力度的加大,新型资本工具的发展也面临一系列的挑战,包括加强投资者分层管理和保护、完善信息披露制度和预防道德风险三个方面。
Under the background of Basel III strict definition of regulatory capital and strengthening capital supervision of commercial banks, China’s commercial banks are under pressure to replenish capital. The introduction of new capital instruments represented by preference shares and debt write-down has played a positive role in replenishing capital of commercial banks in our country and promoting the steady development of banks. Compared with subordinated debt, the most prominent feature of the new capital instruments is the inclusion of write-downs or share transfer terms. New capital instruments have more advantages than subordinated ones in replenishing capital, strengthening the external constraints of commercial banks and corporate governance, and absorbing losses for crisis relief. As the commercial banks in our country make innovations in capital instruments, the development of new capital instruments also faces a series of challenges, including strengthening investors’ hierarchical management and protection, improving information disclosure system and preventing moral hazard.