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Thread: 什么是次级债券

  1. #1
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    Default 什么是次级债券

    随着周四(26日)、周五(27日)美国次级债危机导致的全球股市大跌,次级债这一前期并不为普通投资者所熟悉的金融产品开始进入了大家的视线。虽然次级债在发达资本主义国家金融市场是一种极为普通的金融产品,但由于我国作为发展中国家,不例外地长期存在发展中国家普遍存在的金融抑制(Financial Repression)现象,金融产品相对匮乏,次级债应用范围相对狭窄,导致其并不为非专业人士所熟悉。在本文中,潘大将为大家简要介绍这一金融产品。

      次级债券(Subordinated Debentures),是指偿还次序优于公司股本权益、但低于公司一般债务的一种债务形式。各种证券的求偿权优先顺序为:一般债务 > 次级债务 > 优先股 > 普通股,求偿权优先级越高的证券,风险越低,期望收益也越低,反之亦然。机构往往基于自身情况,根据CAPM模型按一定比例配置资产,以均衡自身承担的风险和获取的收益。潘大要特别说明的是,次级债里的次级,与银行贷款五级分类法(正常、关注、次级、可疑、损失)里的次级贷款中的次级是完全不同的概念。次级债券里的次级仅指其求偿权次级,并不代表其信用等级一定次级;而五级分类法里的次级则是与可疑、损失一并划归为不良贷款的范围。

      次级债券在我国内地的应用
      次级债券的发行主体在国内主要是各大商业银行,发行资金用于补充资本充足率。由于包括增发和定向增发在内的股权融资方案,在制度上有相对较为严格的要求,商业银行往往不能在急需资本的特定时间恰好完全满足增发的条件;而资本充足率一旦不能满足巴塞尔协议(Basel Accord)的要求(即资本充足率大于8%,核心资本充足率大于4%),商业银行的业务扩张将受到制度的极大限制,例如不能成立新的分行等。我国商业银行近年来业务发展速度很快,仅采用定向增发方式已不能满足银行对补充资本金的要求,而发行次级债,作为一种较为简便的补充资本金的手段(承销成本也更低),开始越来越频繁地为银行所采用。A股上市公司包括中国银行(601988)、南京银行(601009)、民生银行(600016)、兴业银行(601166)等均发行过次级债券;非A股上市公司建设银行(0939.HK)、政策性银行国开行也发行过次级债以补充资本充足率。

  2. #2
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    原来是重债券形式,这次怎么闹这么凶

  3. #3
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    Default

    次级债券的发行主体在国内主要是各大商业银行

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    是这样的次级债券(Subordinated Debentures),是指偿还次序优于公司股本权益、但低于公司一般债务的一种债务形式。

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