1、企業財務新難題-巴塞爾協議IIIBasel IIIs Impact on Corporate Treasury來源：天和網 核心提示：巴塞爾協議III對銀行業的監管將進而影響到銀行的客戶-企業，而且其影響不可能是積極的。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.毫無疑問，今年夏天和上個月在瑞士巴塞爾所發生的事情, 通常被稱為巴塞爾協議III，將顯著地影響金融機構。這對企業財務主管有什么影響呢？為了找到答案，我與位于芝加哥的Treasury Strategies合伙人和主管托尼卡凡進行了談話。他的看法是：該協議對銀行的監管將進而影響銀行的客戶。此外，卡凡解釋說，影響不可能是積極的。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.在其他的變化中，正如這里列出的，由巴塞爾銀行監管委員會達成的協議將在2015年將銀行持有的普通股從2%推高至4.5%。對一級資本的要求會于同期從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.隨著要求銀行持有更多的資本，

7、巴塞爾委員會也正在仔細審查銀行的資本構成。卡凡說，為了減少風險，銀行在普遍的恐慌和存款擠兌的情況下遭遇現金短缺，該委員會已開發出了稱之為凈穩定融資的東西。這是一種判斷不同類型存款的穩定性的嘗試性舉動。小額零星存款通常被認為是相當穩定的，因為很少有消費者為了獲得了幾個基點的利息把他們錢存進銀行又取出- 因為涉及到手續，不值得這么做。另一方面，公司的客戶就會這么做。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，卡凡說，在計算其資產和負債時，銀行可能不得不根據其風險程度削減某些資產的價值。雖然細節還正在制定中，他說，但是計算可能看起來像：“凈穩定資金比率中所用的企業存款賬戶可能只有其實際價值的一半，由于有這樣的風險：該企業可能會為了獲得更好的利率而拉回資金。另一方面，消費者帳戶可能會變得大約只是其實際值的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.結果會如何呢？企業銀行存款對銀行的

11、價值就沒有以前那么高了。因此，銀行可能會降低給企業客戶的利率，或者要求較高的最低存款額以獲得任何一種利率，卡凡說。對資本的要求將導致價格上漲。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，卡凡預測更復雜的監管框架 正如向新巴塞爾協議轉移一樣- 不可避免地提高了合規成本。這很可能會引發銀行業的進一步合并。這樣一來，企業可能會發現自己的議價能力降低了，當他們決定尋找新的銀行合作伙伴時的選擇更少了。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.如果這些改變有可能防止未來的金融危機，很多人可能會說，除了對銀行和銀行客戶的影響之外，做這些改變是值得的。然而，卡凡和其他行業專家質疑這些改變是否會實現這一點。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.卡凡說，預防最后一次危機可能有很長的路要走。然而，最近由巴塞爾銀行監管委員會頒布的規則過于死板了，他說：“你想要堅固的機構，但金融機構也需要一定的靈活性，以應對市場情況. 卡凡提出的解決方案是：監管者不是要發布規定高盛銀行如何評估不同的資產，而是簡單地允許那些銀行的所有者 - 無論是債權人還是股東 敢于承擔

16、賠錢的風險。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.但是從相反的角度來看，該協議還有其它問題。沃頓商學院的金融教授理查德赫林在最近一期的沃頓知識在線中說， 巴塞爾協議的苛刻規定并沒有給我沒有留下深刻的印象。它仍然不需要那么多的股權資本，這個數量都可以趕上所有大型銀行在破產前申報期內所要求的干預總數。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.時間會告訴