我国银行次级债市场的衍生功能与改革方向  

The Derivative Functions and Direction of Reform of China's Subordinated Debts Market

作　　者：许友传[1] 

机构地区：[1]复旦大学金融研究院,上海200433

出　　处：《上海金融》2011年第7期68-72,共5页Shanghai Finance

基　　金：教育部人文社会科学研究基金(09YJC790045);复旦大学"金苗"项目(09JM030)的资助

摘　　要：本文研究了银行次级债的债项特征设计对其市场约束功能和附属资本功能的影响,在此工作的基础上,再结合我国银行次级债市场的实际情况和具体特征,对其衍生功能进行了中外对比式的逻辑推理,并从次级债的债项特征、市场建设、法定监管等视角讨论了在满足附属资本功能的同时,如何尽可能地激发其市场约束功能,为我国银行次级债市场的改革提供了有意义的启示。The paper studies the impact of facility characteristic design of subordinated debts on its market discipline function and affiliated capital function. Combing with the real conditions and idiographic characteristics of China＇s subordinated debts market, we comparatively make logic reasoning for the derivative functions of subordinated debts market. We discuss how to stimulate the market discipline function of subordinated debts as much as possible under the premise of satisfying the affiliated capital function from the perspectives of facility characteristic, market construction and statutory regulation. It points out the direction of reform for China＇s bank subordinated debts market.

关 键 词：次级债 市场约束 法定监管 

分 类 号：F832[经济管理—金融学]