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近些年,随着国内外监管体系的日趋完善及新巴塞尔协议的出台,商业银行的资本需求不断扩大。除了通过传统的股权融资获取资本金外,上市银行越来越多的选择了债务资本工具。本文在新资本协议框架下,基于CAPM模型对上市银行融资的资本成本率进行更全面和合理的估计,初步探讨了资本结构优化的管理策略,通过合理搭配权益资本和债务资本工具,降低融资成本并提升资本使用效率,最终实现企业经济价值创造能力的不断提升。
In recent years, with the constant improvement of the regulatory system at home and abroad and the introduction of the New Basel Accord, the capital needs of commercial banks are constantly expanding. In addition to obtaining capital through traditional equity financing, listed banks are increasingly choosing debt capital instruments. Based on the CAPM model, this paper makes a more comprehensive and reasonable estimate of the capital cost of listed bank financing under the framework of the New Capital Accord. It explores the management strategy of optimizing the capital structure and reduces the cost of financing by reasonably matching with equity capital and debt capital instruments And enhance the efficiency of capital utilization, and ultimately achieve the continuous improvement of the enterprise’s economic value creation ability.