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在对次贷金融危机反思的过程中,或有可转换债券作为一种解决“大而不倒”问题的方案,以及金融机构的自救手段而被提出。在应对危机的过程中,为避免政府救助的弊端和争议,增强银行的损失消化能力和抗风险能力,监管机构鼓励银行建立应急资本机制。或有可转换债券正是作为应急资本机制的核心及或有资本的重要表现形式而逐渐兴起。
In the process of rethinking the financial crisis of subprime mortgage loans, convertible bonds have been proposed as a solution to the “big failure to fail” issue and as a means of self-help for financial institutions. In the process of responding to the crisis, regulatory agencies encouraged banks to establish an emergency capital mechanism in order to avoid the drawbacks and controversies of government aid and to enhance the bank’s capacity for loss, digestion and risk-taking. Or convertible bonds is emerging as the core of the contingency capital mechanism and as an important manifestation of contingent capital.