【摘要】：巴塞爾《新資本協(xié)議》確立了市場(chǎng)約束重要的監(jiān)管要素地位,與此同時(shí),次級(jí)債在國(guó)際上廣泛被認(rèn)定為一種具有很強(qiáng)市場(chǎng)約束力的金融工具。2003年以來(lái),中國(guó)銀監(jiān)會(huì)和中國(guó)人民銀行先后發(fā)布了兩部關(guān)于次級(jí)債的法律文件,標(biāo)志著我國(guó)金融監(jiān)管當(dāng)局一方面在增加商業(yè)銀行充實(shí)資本金渠道的同時(shí),將通過(guò)次級(jí)債這種特殊的金融工具逐步對(duì)我國(guó)業(yè)銀行進(jìn)行市場(chǎng)化監(jiān)管,即市場(chǎng)約束。 基于我國(guó)對(duì)于次級(jí)債市場(chǎng)約束研究相關(guān)文獻(xiàn)的匱乏,本文在梳理國(guó)內(nèi)外學(xué)者關(guān)于市場(chǎng)約束作用機(jī)理機(jī)制的研究基礎(chǔ)上,搜集整理我國(guó)上市銀行自2003年獲許發(fā)行次級(jí)債以來(lái)至2011年12月31日的商業(yè)銀行次級(jí)債發(fā)行情況,共統(tǒng)計(jì)案例86例。同時(shí),在總結(jié)我國(guó)次級(jí)債市場(chǎng)發(fā)展現(xiàn)狀的基礎(chǔ)上,借鑒美國(guó)、歐洲學(xué)者對(duì)其次級(jí)債市場(chǎng)約束力實(shí)證分析所采用的利差模型,運(yùn)用因子分析及逐步回歸法對(duì)次級(jí)債市場(chǎng)約束效應(yīng)進(jìn)行初步的實(shí)證分析。實(shí)證結(jié)果顯示,對(duì)于樣本整體而言,無(wú)法驗(yàn)證次級(jí)債市場(chǎng)約束的存在性。在實(shí)證結(jié)果的基礎(chǔ)上通過(guò)進(jìn)一步的規(guī)范性分析得出,我國(guó)政府對(duì)銀行業(yè)的隱性擔(dān)保制度、信息披露機(jī)制的不完備性、市場(chǎng)參與者的不規(guī)范及二級(jí)市場(chǎng)流動(dòng)性的缺乏都是導(dǎo)致我國(guó)次級(jí)債市場(chǎng)約束功能缺失的重要因素,以此為基礎(chǔ)對(duì)我國(guó)銀行發(fā)行次級(jí)債券和政府監(jiān)管提出一些有益的建議,以彌補(bǔ)國(guó)內(nèi)研究的不足。
[Abstract]:Basel "new capital agreement" has established the important regulatory element status of market constraints. At the same time, the secondary debt is widely recognized as a strong market binding financial tool in the world for.2003 years. China Banking Regulatory Commission and the people's Bank of China have issued two legal documents on subordinated debt, marking the finance of our country. On the one hand, the regulatory authorities, on the one hand, will increase the capital channels of the commercial banks while the special financial instruments such as subordinated debt will be gradually regulated by the market, that is, market constraints.
Based on the lack of relevant literature in the study of market constraint on secondary debt in China, this paper collects and collects the issuance of Commercial Bank Subordinated Debt Issued by Chinese listed banks from 2003 to December 31, 2011 on the basis of the study of the mechanism mechanism of market constraints in China and abroad, and a total of 86 cases are collected. At the same time, on the basis of summarizing the current situation of the development of the secondary debt market in China, we draw lessons from the difference model adopted by the American and European scholars on the empirical analysis of its subordinated debt market, and use factor analysis and stepwise regression to make a preliminary empirical analysis on the restraining effect of the secondary debt market. The empirical results show that it is impossible for the sample as a whole. On the basis of further normative analysis, the implicit guarantee system of the banking industry, the incompleteness of the information disclosure mechanism, the non standard of the market participants and the lack of liquidity of the two level market are all leading to the lack of the constraint function of the secondary debt market in China. On the basis of this, we put forward some useful suggestions for issuing subordinated bonds and government supervision in order to make up for the deficiency of domestic research.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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本文編號(hào)：2133121