次級債券市場約束機(jī)制研究.pdf

1、礦772“8X2援旦大學(xué)碩士學(xué)位論文次級債券市場約束機(jī)制研究院系：經(jīng)濟(jì)學(xué)院國際金融系專業(yè)：姓名：指導(dǎo)教師：完成日期：駕跤幫愚勿壘冀公裂“孓金融學(xué)李卓琳熊繼洲教授2005年5月31曰學(xué)校代碼：學(xué)號：10246022015164abstractAbstrace：Therehaverecentlybeenanumberofproposalsaboutissuingsubordinateddebt(subdebt)tosarisfytheban

2、kcapitalrequirementsThispaperdiSCUSSthemarketdisciplinemechanismofsubordinateddebtwhichbeingignoredbymanypeopleWethinktheissueofsubordinateddebtwillenhancemarketdisciplineEffectivemarketdisciplinewillenhancethequalityofm

3、arketsignalswhichCanbeusedbybanksupervisorsforonsiteaswellasoffsitemonitoringprocessestoidentifyprobleminstitutionsThisshouldhelpregulatorsmoreefficientlyallocmesupervisoryresourcesSoweproposalsrequiringbanksorBHCstoissu

4、esubordinateddebtinordertoenhancemarketdisciplineThisstudyconsistsofthreepartswefirstintroducesthedefinitionofsubordinateddebtandmarketdiscipline，thenanalyzestheiressence，actionconditionandhistoricalevolution，summarizesa

5、ndreviewstheeconomicliteratureonthepotentialforSNDtoexertmarketdisciplineonbanks；lastanalyzestherelationbetweenmarketdisciplineandtheothertwopartsofbankingsupervisionsystem(bankinternalmanagement，governmentsupervision)Ia

6、lsopresentawiderangeofnewevidenceacquiredfrommicroeconomiepointsAndprovideevidencethatbothbankandBHCbondsarepricedbythemarketinrelationtotheirunderlyingcreditriskThissuggeststhatproposalsrequiringbanksorBHCstoissuesubord

7、inateddebtmayenhancemarketdisciplineAttheendofthisdissertation，thisarticlediscussedthepresentsituationaswellastheexistencequestioninchinaaccordingtotherequestthatthemarketdiscipline，andattemptedtoestablishtheframeofitAtt

8、hesametime，proposetoimplementanMandatorysubordinateddebtpolicySatisfythesepreconditionsamongthemthemonitorabilityofbankassets，thepresenceofnonblankfinancialinvestors，andliquidand“clean’’capitalmarkets—矗feevaluatedinorder

9、tosuccessfullyimplementmandatorysubordinateddebtpolicyweshouldfirstfocusonsatisfyingthesepreconditionsandimprovingtheoverallincentiveenvironmentandmarketinfrastructureKeyword：subordinateddebt，marketdiscipline，ReferenceIn