时间：2022-09-09 09:44:58
Abstract. In view of the exogenous capital constraints has certain limitations for the commercial banks to raise the capital adequacy， the spontaneous and active risk capital management is an inevitable choice for the commercial banks. According to the present situation of the risk capital management of the commercial banks in our country， in this paper the author puts forward the cultivation and construction of the internal risk capital management system of the commercial banks from several aspects of the transformation of the management philosophy， the change of the management system and the transfer of the management technology.
Key words： Commercial banks； capital adequacy ratio； venture capital； capital covering risks
1. Foundation and influence of the generation of the exogenous capital constraints
1-1. The real foundation of the exogenous capital constraints
Before and after the 80s of the last century， there were three serious crises of the banking world. The common reason for these three crises is that the scale and speed of the business development are far beyond the capital constraints， which led to the current demands that we should have the necessary control on the excessive expansion of the commercial banks under the condition of the insufficient capitals. This current demand is the real basis of the generation of the exogenous capital constraints.
The cruel reality urges the regulatory authorities and the banks begin to have the rational thinking about the commercial bank's asset scale expansion， and they have more rational understanding of the relationship between the capital and the business development. Finally， in 1988， initiated by the Federal Reserve and the Bank of England， after many rounds of negotiations， the central banks in ten western countries reached an agreement in Basel， which made the stipulation to the bank's capital adequacy ratio and the core capital adequacy ratio. After the introduction of the agreement， its influence is far beyond the scope of the ten western countries， and has become the supervision standard which has the universal constraints on the international banking. The regulatory agencies of all the nations design and implement the domestic regulatory rules in accordance with the basic framework of the agreement and the minimum requirements. Our country has also referred to the Basel protocol， and developed the new "management approaches to the capital adequacy of commercial banks"， which referred to the international regulatory philosophy， supervision methods and technologies to improve and perfect the external capital constraint mechanism in our country.
1-2. The theoretical basis of the exogenous capital constraints
According to the theories of the risk management of the modern banks， the losses of the banks due to the risks can be subdivided into the expected losses， the unexpected losses and the extreme losses （also called the abnormal losses）. According to the characteristics of the different losses and the probability of the occurrence， the banks can adopt different management methods.
For the expected losses， the commercial banks may be disbursed from the cost and expenses through the transfer pricing， that is， transfer the risks as the costs to the product prices， which are borne by the customers through the interests on the loans， and the loss intervals that the purchased financial products have given. In the provisions of the banks， the reserves against the bad debts belong to the transfer pricing. For the non expected losses， because they have the volatility compared with the expected losses， is a dynamic quantity， and cannot be classified as the current cost， which must be covered based on the enough capitals. The degree of the capital covering risks depends on the risk preference level of the banks. For the extreme losses， because the probability of its occurrence is very low， but once occurred， the quantity is very huge， even cannot be covered with all the capitals， so the approach to treat the extreme losses is the pressure test. The so-called stress test is that the banks assume that the business environment is simulated as the extreme and adverse conditions， to test the worst results that their assets， liabilities， capitals and other indicators will appear in this case. Undeniably， the effect of the pressure test is very limited for the extreme losses.
In the above three cases， the expected losses are reckoned in the current costs through the transfer pricing， which are spread and split up. Even if it occurs， it has little influence on the commercial banks and the society. Characteristics of the extreme losses make it become a forever risk gap of the commercial banks， and the regulatory authorities and commercial banks are unable to bridge this gap. The unexpected losses need the capitals to cover. Considering the high cost and the scarcity of the capitals， and the nature of the firms that the commercial banks are in the pursuit of the profit maximization， the profit impulse will cause them to reduce the capital levels of coverage. In view of the great influence of the non expected losses， especially since the publicity of the banks further enlarged the range of the influence， the prevention and the treatment of the non expected losses become the supervision focus of the financial supervisory institutions， the concrete manifestation of which is the external constraints of the capital adequacy ratio.
The constraints of the minimum capital adequacy ratio through the effects of the Basel protocol are implemented in different countries， but the specific ratios and forms are different. For example， the minimum capital adequacy ratio in the provisions of the Hongkong monetary authorities is 16%， and it is considered as the "inviolable" criterion. According to the amount of the capital， Germany limits the business expansion of the banks， and the loans and the investments shall not exceed 18 times of the reserves of the equity capital.
1-3. Effects of the exogenous capital constraints
The exogenous capital restraint mechanism has the very important positive influence of the banks to raise the capital adequacy level， especially in the countries as China whose capitalist consciousness is generally indifferent. However， we should be soberly aware that the commercial banks strive to improve the capital adequacy level because of the external pressure， which has the obvious "short-term" feature， which will determine the limits of the exogenous capital constraints， mainly reflecting in two aspects. First， in the commercial banks， through the share and capital increase or issuing the convertible bonds and other methods， the capital adequacy ratio reaches the regulatory requirements， which is likely to return to the old ways of the expansion of the scale， and then relax the capital management. For example， the capital adequacy ratio of the China Merchants Bank at the end of 2001 before listing was 10.26%， but the capital adequacy rate after the listing at the end of July， 2002 soared to 16.38%， but by the end of 2002， the capital adequacy rate dropped to 12.57%， and by the end of 2003， it fell to 9.49%. Under this circumstance of successfully issuing 6.5 billion subordinated debts in 2004， the capital adequacy ratio was maintained at the level of 9.24%. Second， if the external supervision loosens， so the regulatory pressure faced by the commercial banks will become small， and the capital management under this pressure will be loose.
The strong "scale expansion" inertia that the commercial banks show and the trend that the capital adequacy ratio approaches the supervision prescribed minimum prompted the authorities to continue to strengthen the exogenous capital constraint mechanism. However， the logical consequences of the continuously reinforced exogenous capital constraints have the contradictions with our country， manifested as the following two kinds of paradoxes. The first paradox is that the capital adequacy management pressure forces the commercial banks to slow down the speed of the development， which contradicts with the requirements of the whole macro economy. The capital market of our country starts late， and the ability of the direct financing of the market is limited， and the sources of the funds of the enterprises are mainly the indirect financing from the commercial banks. The consequence is that the economic development showed a high degree of dependence on the commercial bank loans. In this case， the target of the 8% of the GDP growth requires that the commercial banks should keep a reasonable development rate. However， the capital adequacy management makes the size of the commercial banks constrained by the capital， and the development has slowed， thus can not adapt to the objective requirements of the economic development. The second paradox is that based on the capital adequacy ratio regulations， China's commercial banks have the contradiction between a huge capital gap and the limitation of the capital supplement channels. According to the analysis of "Chinese financial development report in 2005"， after 2007， the commercial banks must maintain the capital adequacy rate more than 8%， so that we need to add about 200 billion Yuan of capital every year.
According to the current development trend， the four biggest state-owned commercial banks are expected to solve the capital gap problem through the capital injection of the state finance and the foreign reserves， and the capital supplement of other commercial banks could not be solved by the country， but generally can only be resolved through the following channels. First， the profit retention should rely on the accumulation of itself. But because of the restrictions on the profit levels， the ability of the domestic banking industry to rely on their own to accumulate the capital is limited. However， the return on assets of China's listed banks on the average is only 0.35%， equivalent to one third of that of America， so they cannot replenish the capital base through the accumulation of their own. Second， replenish the capital base through the capital market by issuing shares or bonds. However， the capacity of China's capital market is extremely limited， difficult to withstand the continuous capital financing of the banks. Third， increase stocks by the private investment. Through the introduction of strategic investors or the original shareholders to increase the investment， achieve the purpose of increasing the capital. In the practice， on the one hand， the requirements of the shareholder on the return of the capital is becoming higher， and at any time can express the requirements through "vote". On the other hand， the share and capital increase mean that the equity will be diluted， and since their own strength is limited， the old shareholders are often unwilling to increase their shares and capital of the banks. Therefore， the requirement of the shareholders on the profit has produced certain constraints of the share and a capital increase of the commercial banks. In short， the channels of the capital supplement of the present stage of our country are very limited， which forms the most prominent contradiction with the objective requirements of the commercial banks to supplement the capital.
2. The realistic foundation and the nature of the endogenous capital management
2-1. The real foundation of the endogenous capital management
The nature of the high cost and scarcity of the capital and the limitation of the capital supplementary channels of the commercial banks let us see the necessity of the risk capital management from the perspective of the business management of the commercial banks. The developmental trajectory of the foreign commercial banks from relying on the external capital constraint mechanism at the very beginning to the cultivation and establishment of the internal risk capital management system， as well as the beneficial exploration and the accumulation of the experience in the course of establishing the venture capital management system provide a realistic basis for reference to the internal capital management system of the commercial banks of our country.
2-2. The meaning and essence of the endogenous capital management
In the bank capital， there are three of the most basic understandings， namely the book capital， the regulatory capital and the risk capital. Among them， the book value of capital refers to the capital in various forms of the project to the capital nature according to the accounting methods and rules， reflected on the balance sheet of the banks. The regulatory capital is the mandatory capital standards that the financial supervisory institutions stipulate according to the local conditions and the banks must implement， and its purpose is to implement the minimum requirements on bank capital adequacy management. The venture capital， also known as the economic capital， is the capital category directly corresponding to the risks that the banks actually bear. The number changes with the size of the risks that the banks actually bear. Unlike the book capital and the regulatory capital， the venture capital has the nature of the "endogenous"， which is caused and determined by the bank's own risk burden. At the same time， the venture capital also has certain "Virtuality"， that is to say， it is the relatively independent operation tool that cannot be seen actually and directly from the bank account， but can be constructed because of the management needs.
The traditional bank capital management is only the book management， to meet the regulatory requirements. The modern commercial banks not only include the book value of the capital management， but also increase the nominal capital measurement and the capital allocation according to the bank risk， i.e. the management of the venture capital. The specific contents of the venture capital management include determining the rational capital quantity and structure， maintaining and optimizing the reasonable amount of capital quantity and capital structure， the reasonable allocation of the limited resources to the various businesses. The essence of the internal risk capital management of the commercial banks is to configure the capital across various business lines and various aspects with the returns after the risks are adjusted as the standard by using the dynamic and professional management， with the eventual realization of the target of the capital gains.
3. Policy recommendations for cultivating the internal
capital management system
3-1. The change of the management ideas
The management ideas are crucial to the development of the banks， because the concepts determine the direction of the banks. "Steady management and sustainable development" is the common business philosophy extracted from the many successful banks. "Steady management" is to maintain the moderate pace of development and moderate returns in moderate risks. In particular， we should overcome the "speed complex" and the "scale impulse" in the early stage of development. The "sustainable development" is to manage the potential risks in the current quantization， and we should not only pay attention to the current profit growth， but should also pay attention to the future added value.
3-2. The change of the management system
Many foreign banks made many useful explorations in the management systems of the venture capital. Although they are different in the forms， there is something in common. First is the system， namely the risk capital management system itself is a system. There is mutual support as well as mutual restriction between the capital management and the business development， the foreground operations and the background support， which ensures the smooth operation of the system. The second is the specialty， that is， the management of the risks and the management of the capital is no longer the management in a general sense， but is subdivided， and has the specialization management by the experts in their fields， which will improve the management levels and efficiency. The third is the process， namely the risk capital management is not only reflected as a result， but it itself is also a complete process， which is accompanied by the beginning and end of the business activities. In other words， every part of the business activities has a corresponding risk management.
3-3. The change of the management technology
The management of the venture capital is under the premise of the quantification of the risks. If there is no effective quantification of the risks， there will not be effective control of the management and risk， and it is more difficult to optimize the allocation of the capital， to improve the efficiency of the capital allocation. Through constant exploration and practice， many methods and tools of the modern risk management have appeared， such as the Monte Carlo simulation based on the random variables for the modeling， Hull and Lee and a number of numerical simulation technology， as well as the VaR value， caR value， RAROC technology and so on about the risk measurement and management. These quantitative risk management techniques will form the effective support of the venture capital management.
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