资本充足率监管与商业银行经营目标的路径选择

满足资本充足率监管要求和实现盈利是商业银行需要完成的两个基本经营目标。本文建立了单期模型,从理论角度分析了商业银行是如何通过调整资本金水平、存贷款总量以及风险偏好等不同的路径选择来实现上述双重经营目标。文章对我国商业银行近年来的经营行为进行实证分析表明,依靠股东注资、上市融资和发行次级债的方式已成为有效补充商业银行资本金以达到资本充足率监管要求的中长期主要路径,而调整存贷款总量和贷款组合的风险偏好是调节商业银行资本充足率水平的短期工具。在此基础上,指出国有商业银行完成上述双重基本指标是一项涉及政府、监管机构和商业银行三位一体的系统工程。

Supervision over Capital Adequacy Ratio and Choice of Paths to Operation Objectives by Commercial Banks

To meet the regulatory requirement of capital adequacy ratio and to make profit are the two basic operation objectives of commercial banks. By establishing a single-stage model, this paper analyzes in theoretical terms how commercial banks achieve the above-mentioned two objectives through different paths such as adjusting capital level, total volume of deposit-loan and risk preference. Empirical study of the operational behavior of commercial banks in recent years shows that, in order to effectively replenish capital to meet the regulatory requirement on capital adequacy ratio, commercial banks rely on capital injection from shareholders, fund-raising through IPO and issuance of junior bond. This has become a major path for their medium-and-long term operations. They resort to adjusting the total volume of deposit-loan and risk preference for loan mix as a short-term vehicle of capital adequacy regulation. In conclusion, it is pointed out that this double-objective mission is a systematic project involving the government, the regulatory watchdogs and commercial banks.