报告题目：Why Do Chinese Banks Issue Write-down Bonds？

报告人： 郭艳红 博士（南方科技大学）

时间：2023年10月28日 14:30—15:30

地点：大玩家彩票 第一会议室（A北307）

报告内容摘要：

This lecture investigates the factors influencing the issuance decision and quantity of write-down bonds (WD bonds) for banks using Chinese WD bonds data. Empirical results indicates that both the Tier 2 capital adequacy ratio and banks’ non-performing loan ratios influence the issuance decision of Chinese WD bonds. A lower capital adequacy ratio and non-performing loan ratio prompt banks to issue WD bonds to replenish their capital. Regarding the issuance quantity of WD bonds, the non-performing loan ratio, Tier 2 capital adequacy ratio, and macroeconomic situation are influential. A lower non-performing loan ratio and Tier 2 capital adequacy ratio both increase the issuance quantity of WD bonds. Additionally, macro variables negatively impact the issuance quantity. We further examine the influence of other additional Tier 1 capital replenishment instruments on the issuance of WD bonds and find that the issuance of preferred stocks provides an alternative means for bank managers to replenish the Tier 2 capital adequacy ratio. Our research contributes to the regulation of WD bonds and risk management within Chinese banks.

【郭艳红个人简介】

郭艳红，北京航空航天大学博士，南方科技大学商学院博士后，主要研究方向：系统性风险、或有可转换债券、地方政府债务等。主持国家自然科学基金青年项目，参与国家自然科学基金面上项目、国家自然科学基金重点项目等多项课题研究，在SCI、SSCI、CSSCI等国内外核心期刊上发表过多篇学术论文，多次在国内外学术会议上报告研究成果，并多次获得优秀论文奖。

欢迎有兴趣的教师，全体博士生、硕士生参加。

大玩家彩票人才办公室

2023-10-26