一文不值的银行业

慕尼黑——继1982年债务危机、20世纪80年代后期美国储蓄&贷款危机、以及1997年亚洲金融危机发生以后,次贷危机是二战结束后发生的第四次主要银行危机,毫无疑问也是规模最大的一次。按照国际货币基金组织的统计数据,以资产负债表帐面价值缩水形式出现的损失总额在全球范围内达到将近1万亿美元,而其中的绝大部分很可能要由美国的金融机构来承担。考虑到美国所有金融机构的股本权益总额大致为1万2千亿美元,这的确是一个令人心惊肉跳的损失数字。

银行危机究竟为什么会发生?银行管理者是不是都愚昧无知?他们为什么会为把自己的银行推向破产边缘的风险提供担保?答案一方面是糟糕的会计制度,另一方面则是各种各样的道德风险,而现有的管理制度未能对上述因素形成有效的控制。

糟糕的会计制度是国际财务报告准则制度,这项制度目前已经被世界各地的大型企业所广泛采用。国际财务报告准则制度的缺陷就在于它无法减轻资产价格波动所带来的系统性传播风险。随着资产价格的波动,拥有这些资产的企业不得不以季度为单位在资产负债表上对价值进行重估。对尚未实现的资产收益和损失的及时报告就致使资产持有企业的股价上下波动,并由此对整个金融系统造成冲击。

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