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本文在《巴塞尔协议III》及中国资本市场创新的背景下,利用事件分析法实证检验可减记型资本工具创新的市场效应。研究发现,中国银监会关于商业银行资本管理的相关政策的发布没有从总体上带来市场投资者对上市商业银行的追捧,却带来市场投资者对国有上市商业银行的追捧;而对于已经公布将发行可减记型资本工具的商业银行,市场投资者则表现出一定的兴趣,会认可资本市场工具创新对商业银行所带来的益处。在创新过程中,商业银行要准确把握监管规定,研发合格合规的资本工具;监管机构也要尽快出台相关配套规范,让创新有明确尺度和范围。
Under the background of “Basel III” and the innovation of capital market in China, this article empirically tests the market effect of the reducible capital instruments innovation through event analysis. The study found that the CBRC’s release of relevant policies on the capital management of commercial banks did not generally bring market investors sought after listed commercial banks but brought market investors their pursuit of state-owned listed commercial banks. However, Commercial banks that issue write-down capital instruments have shown some interest among market investors in recognizing the benefits that capital market instrument innovation can bring to commercial banks. In the process of innovation, commercial banks should accurately grasp regulatory requirements and develop qualified and compliant capital instruments. Regulators also need to issue relevant supporting norms as soon as possible so that there is a clear scale and scope for innovation.