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：管理学院 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。
管理学院人才办公室
2023-10-26
