企业财务新难题--巴塞尔协议III.doc

1、企业财务新难题-巴塞尔协议IIIBasel IIIs Impact on Corporate Treasury来源：天和网 核心提示：巴塞尔协议III对银行业的监管将进而影响到银行的客户-企业，而且其影响不可能是积极的。Theres little question, the goings-on taking place in Basel, Switzerland, over the summer and last month, culminating in whats often referred to as the Basel III Accord, will significantly i

2、mpact financial institutions. What about corporate treasurers? To find out, I talked with Tony Carfang, partner and director with Chicago-based Treasury Strategies. His take: The regulations that come down on banks will flow through to the banks customers. Moreover, the impact likely wont be positiv

3、e, Carfang notes.毫无疑问，今年夏天和上个月在瑞士巴塞尔所发生的事情, 通常被称为巴塞尔协议III，将显著地影响金融机构。这对企业财务主管有什么影响呢？为了找到答案，我与位于芝加哥的Treasury Strategies合伙人和主管托尼卡凡进行了谈话。他的看法是：该协议对银行的监管将进而影响银行的客户。此外，卡凡解释说，影响不可能是积极的。Among other changes, the agreement reached by the Basel Committee on Banking Supervision, as outlined here, would boost t

4、he minimum requirement for common equity held by banks from 2 to 4.5 percent by 2015. The Tier 1 capital requirement would jump from 4 to 6 percent over the same period.在其他的变化中，正如这里列出的，由巴塞尔银行监管委员会达成的协议将在2015年将银行持有的普通股从2%推高至4.5%。对一级资本的要求会于同期从4暴增至6。Along with requiring banks to hold more capital, the

5、Basel Committee also is taking a closer look at the makeup of their capital. To reduce the risk that banks might run short of cash in the event of widespread panic and a run on deposits, the Committee has developed what its calling a net stable funding,Carfang says. This is an attempt to judge the s

6、tability of different types of deposits. Retail deposits typically are considered fairly stable, since few consumers move their money in and out of banks to gain a few basis points of interest its just not worth it, given the work involved. Corporate customers, on the other hand, will.随着要求银行持有更多的资本，

7、巴塞尔委员会也正在仔细审查银行的资本构成。卡凡说，为了减少风险，银行在普遍的恐慌和存款挤兑的情况下遭遇现金短缺，该委员会已开发出了称之为净稳定融资的东西。这是一种判断不同类型存款的稳定性的尝试性举动。小额零星存款通常被认为是相当稳定的，因为很少有消费者为了获得了几个基点的利息把他们钱存进银行又取出- 因为涉及到手续，不值得这么做。另一方面，公司的客户就会这么做。So, when calculating its assets and liabilities, a bank may have to slash the value of certain assets, based on their

8、riskiness, Carfang says. While the details still are being worked out, the calculation could look something like, he says: A corporate deposit account used in the net stable funding ratio may count for only half its actual value, due to the risk that the company behind it may yank the money in order

9、 to get a better rate. A consumers account, on the other hand, may get counted at about 85 percent of its actual value.因此，卡凡说，在计算其资产和负债时，银行可能不得不根据其风险程度削减某些资产的价值。虽然细节还正在制定中，他说，但是计算可能看起来像：“净稳定资金比率中所用的企业存款账户可能只有其实际价值的一半，由于有这样的风险：该企业可能会为了获得更好的利率而拉回资金。另一方面，消费者帐户可能会变得大约只是其实际值的85。The upshot? Corporate bank

10、 deposits likely will be less valuable to banks than they have been. As a result, banks may lower the interest rates they offer corporate customers, or require a higher minimum balance in order to get any rate at all, Carfang says. The capital requirements will cause prices to rise.结果会如何呢？企业银行存款对银行的

11、价值就没有以前那么高了。因此，银行可能会降低给企业客户的利率，或者要求较高的最低存款额以获得任何一种利率，卡凡说。对资本的要求将导致价格上涨。In addition, a more complex regulatory framework as is the case in moving to the new Basel agreement inevitably raises the cost of compliance. Thats likely to spur further consolidation in the banking industry, Carfang predicts.

12、As it does, companies may find themselves with less bargaining power, and fewer options if they decide to look for new banking partners.此外，卡凡预测更复杂的监管框架 正如向新巴塞尔协议转移一样- 不可避免地提高了合规成本。这很可能会引发银行业的进一步合并。这样一来，企业可能会发现自己的议价能力降低了，当他们决定寻找新的银行合作伙伴时的选择更少了。If these changes were likely to prevent the next financia

13、l crisis, many might say theyre worth, regardless of the impact to banks and their customers. However, Carfang and other industry experts question whether theyll accomplish this.如果这些改变有可能防止未来的金融危机，很多人可能会说，除了对银行和银行客户的影响之外，做这些改变是值得的。然而，卡凡和其他行业专家质疑这些改变是否会实现这一点。This might go a long way to preventing the

14、 last crisis, Carfang says. However, the rules recently promulgated by the Basel Committee are overly prescriptive, he says: You want strong institutions, but financial institutions also need flexibility to react to market conditions.Carfangs solution: Instead of issuing rules telling banks how to v

15、alue different assets, regulators should simply allow the owners both creditors and shareholders of banks that take excessive risks to lose money.卡凡说，预防最后一次危机可能有很长的路要走。然而，最近由巴塞尔银行监管委员会颁布的规则过于死板了，他说：“你想要坚固的机构，但金融机构也需要一定的灵活性，以应对市场情况. 卡凡提出的解决方案是：监管者不是要发布规定高盛银行如何评估不同的资产，而是简单地允许那些银行的所有者 - 无论是债权人还是股东 敢于承担

16、赔钱的风险。Others also fault the agreements, but from the opposite perspective. Im not impressed with its the Basel agreements rigor, says Richard Herring, finance professor at Wharton, speaking in a recent edition of Knowledge Wharton. It still doesnt require as much equity capital as all of the major b

17、anks that required intervention had in the reporting period before they failed.但是从相反的角度来看，该协议还有其它问题。沃顿商学院的金融教授理查德赫林在最近一期的沃顿知识在线中说， 巴塞尔协议的苛刻规定并没有给我没有留下深刻的印象。它仍然不需要那么多的股权资本，这个数量都可以赶上所有大型银行在破产前申报期内所要求的干预总数。Time will tell just how well the higher capital levels and other requirements of the latest Basel

18、 agreements stave off future financial crises. In the meantime, treasurers have a few steps to take, Carfang says. They need to secure their access to capital so that theyre less dependent on any one financial institution, and strengthen cash management practices in order to maximize their use of existing funds.时间会告诉我们最新的巴塞尔协议要求的更高资本水平和如何很好地避免未来的金融危机的