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In recent years, the presence of China's banking capital is inadequate, narrow channels of financing problems. Promulgated the \Many commercial banks to enter the expansion phase and the listing of the preparation period, the demand for capital is particularly urgent. Commercial bank subordinated debt as a means of financing a new, intensive major banks to issue subordinated debt in 2009 can be seen, the increasingly favored by commercial banks. Not only because of its financing more convenient, but also because of the subordinated debt attached itself constrained to play in the development of the commercial banks and the supervisory role. In this paper, the research background and significance in the first chapter. How to meet the requirements of the three pillars of Basel in the context of the upcoming implementation of the Basel Capital Accord, to become the primary concern of the commercial banks in China. Banking in part A absorption liabilities to operating liabilities of the industry, and thus seek new ways to replenish capital has become a priority. Subordinated debt of the long-term, fixed characteristics, so that the issue of subordinated debt to become one of the many commercial banks financing. Can not only replenish capital, improve the capital adequacy ratio, unsecured and subordinated bonds, with the role of market discipline and information disclosure to help enhance the the bank market competitiveness, and reduce the risk of commercial banks, strengthen the banks ability to resist risks, and constantly improve their own The internal mechanism. In this situation, summed up China's commercial banks to issue subordinated debt characteristics, problems encountered, the timeliness and recommendations, choosing this topic with a positive and practical significance. Our theoretical research on the subordinated debt in the initial unified theory of subordinated debt and capital structure of commercial banks, subordinated debt in the ascendant in the development of our country, and thus have a certain theoretical value. Correlation analysis of subordinated debt and bank capital for commercial banks, commercial banks in the course of business, the continuous dynamic adjust the capital structure, making the banks' capital structure with stability, predictability, attention to controlling the business development enhance the anti-risk awareness, stable development of the industry. This paper reviews and summarizes the literature of subordinated debt and capital structure. This paper seeks by means of theoretical analysis combined with econometric key financial data, refining a commercial bank subordinated debt associated large important financial indicators in the capital structure of commercial banks, and then draw the relevant data in order to should be noted that as China's commercial banks to issue subordinated debt issues, and illustrate the role played by commercial banks in subordinated debt in the capital structure improvement. The MM theorem set forth in Chapter II of this article, the MM theorems, as amended, the trade-off theory, banking business theory and other theories of capital structure, from the concept of subordinated debt of its functions are described. A brief introduction to the relevant requirements of the Basel and domestic policy issue of subordinated debt. Accordance with the provisions of the Basel capital adequacy ratio of commercial banks shall not be less than 8%, core capital adequacy ratio shall not be less than 4%, supplementary capital shall not exceed 100% of core capital. The laws and regulations on the subordinated debt in China is still in perfect period, are not perfect. Subordinated debt and other financial bonds, the biggest difference is that the repayment of the order. The third chapter is divided into two parts, the first from the issue of scale, currency distribution, the issue of the way, the issue of interest rates, the issue of object analyzes the development status of foreign commercial bank subordinated debt, diversified development of foreign subordinated debt in general trend, the main issue is not limited to the commercial banks, insurance companies also joined; issued to more than supplementary capital, and gradually evolved into a financing channels; wide range of issue. Followed by analysis of the development situation of domestic commercial banks in subordinated debt, according to the different periods of China's commercial banks issuance of subordinated debt is divided into three stages. Subordinated debt issuance, interest rates, circulation, pricing, credit rating, market constraints and legal regulatory perspective on an analysis of the subprime market, pointed out that the subprime market development process of China's commercial banks should pay attention to the problem . Formula based on the duration, the longer the duration of the bonds, the longer its duration, and thus the greater the risk. In subordinated debt during the existence of the bank's business situation is a destabilizing factor, it is bound to increase the risk of the subordinated debt holders, thus subordinated debt deadline design related to the subordinated debt issue of interest rates. Thus subordinated bonds in the issue of interest rates and duration should refer to the capital structure. This chapter went on to study Chinese commercial bank subordinated debt risk, our theoretical circles subordinated debt exaggerated the role in the understanding of the existence of errors. Banks over cross subordinated debt is apt to cause systemic risk, the risk of moral hazard, runs the risk weakening oversight, affect the bank's long-term development. Commercial banks generally have administrative color at the same time, and thus the distance commercial banks fully market-oriented development there is a need to reform. Subordinated debt associated with the bank's capital structure, the introduction of subordinated debt capital structure, to come to China's commercial banks subprime conclusion has much room for development, and should not be subordinated debt only as supplementary capital, And should its continued development as one of China's commercial banks continued dynamic financing channels. Chapter empirical correlation analysis of subordinated debt with commercial banks in the capital structure, the logarithm of the number of spreads and subordinated debt issuance of subordinated debt and bond yields over the same period as the dependent variable, select the size of the bank, return on total assets rate, the loan-to-deposit ratio, debt-to-equity ratio, liquidity ratio, non-performing loan ratio as the independent variable, due to the government's implicit guarantee of China's commercial banks have, in a sense, so credit rating to A-level or more, do not have the research value and meaning, which is not included in the credit rating of the subordinated debt empirical research. Small data samples, and thus assume that the capital structure of China's commercial banks have similar capital structure in a similar time, can keep the number of samples. Take multiple linear regression the progressive analysis methods, testing a relatively large impact on the spread and issue size argument as analysis, come to the size of the bank, the debt-to-equity ratio, loan-to-deposit ratio and total assets yield spreads have The impact of bank size, return on total assets, non-performing loan ratio and liquidity ratio has a large impact on the number of issuance of the subordinated debt. T test, DW test, F test of the regression results. Variable basis starting assumptions, the empirical results of the regression results. China Construction Bank selected case studies, and combined regression results focus on analysis of subordinated debt capital structure of China Construction Bank. Construction Bank first introduced the basic situation of the subordinated debt issued, where the analysis of the advantages of its issued subordinated debt with the construction of the bank's core capital and supplementary capital, return on total assets, liquidity ratio and other factors correlation analysis, analysis times grade debt in the commercial banks to replenish capital and financing, to give commercial banks to continuously improve their profitability and improve the operation and management of power. In the fourth chapter based on the subordinated debt combined with the hot issues in the development process of China's commercial banks. In China, many city banks and joint-stock banks have accelerated the pace of capital expansion and structural adjustment seeks listing of state-owned commercial banks are also increasingly improve the corporate governance mechanisms, joint-stock reform, the establishment of a modern financial enterprise system. China's commercial banks in the process of the joint-stock reform, the problem of insufficient capital, and on the other hand, is faced with the financing single narrow drainage dilemma. Only rely on government capital injection does not work, but it will also allow banks to bear on the color of the government, from the original purpose of the development of market-oriented. The introduction of other strategic investors, active use of the capital market is particularly important. Subordinated debt as an emerging financial instruments, has many advantages, one can become an important channel for China's commercial banks to replenish capital. In recent years, China's commercial banks there is the issue of liquidity process, idle capital, subordinated debt not only as an investment in financial instruments, can also improve the capital structure of commercial banks, subordinated debt may well be very useful one in the process of the development of the commercial banks proactive tool. Subordinated bonds to replenish capital at the same time, also has the role of market constraints, constraints to issuer banks through the issuance and circulation markets, requiring commercial banks to disclose the information, enhanced profitability, allowing commercial banks to focus on their own operating conditions and risk control, so that the capital structure of commercial banks with the stability, predictability and operational, commercial banks so as to achieve the sound operation, the purpose of the anti-risk ability. Also note the subordinated debt amortization, is generally subordinated debt is a ten-year, thus credited to the capital in the ninth year the number was only 20% of the number of subordinated debt issued in the last year of complete loss of capital treatment, but still pay interest in accordance with the issue of interest rates. Commercial banks, while the use of subordinated debt to raise the capital adequacy ratio, improve the capital structure, the need to tackle liquidity problems, in order to cope with the subordinated debt interest costs before and after the expiration time limit.
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