强制性次级债与商业银行的公司治理

对于商业银行而言,次级债除了具有补充资本、融通资金的功能外,还具有特殊的公司治理功效。基于这一视角,本文对次级债在商业银行公司治理中功效的比较优势进行了论述,介绍了强制性次级债市场约束效用的两步骤分析框架,并就强制性次级债政策提供了相应评论。本文得出以下研究结论:恰当的强制性次级债政策有助于商业银行公司治理的完善以及国内金融生态的改善;为了确保MSDP(MandatorySubordinatedDebtPolicy)的投资者确实具备对银行风险变化进行监督和有所反应的动机,应该对由“内部人”持有的债券数量进行限制并完善信息披露制度;加快推进国有商业银行的股份制改革,培育市场化的发债主体和机构投资者是实施MSDP的必要基础条件。

Mandatory Subordinated Debt and Corporate Governance by Commercial Banks

As far as commercial banks are concerned, subordinated debt can not only replenish capital and raise fund, but also help their corporate governance. Following this view, comparative advantage of subordinated debt in improving efficiency of corporate governance by commercial banks is discussed, a two-step analytical framework for the market constraint imposed by mandatory subordinated debt is introduced and relevant comments are made. Conclusion is drawn that: an appropriate mandatory subordinated debt policy benefits corporate governance by commercial banks and improves domestic financial ecology; to ensure that investors of MSDP (Mandatory Subordinated Debt Policy) are capable of supervising over and responding readily to the change in banking risks, a ceiling must be imposed on the amount of securities held by "insiders" and information disclosure improved and to enforce MSDP, shareholding reform in state-owned commercial banks must be expedited and market-oriented bond issuers and institutional investors be fostered.