优先股在金融危机中的应用及其启示

对2008年美国金融危机中优先股发挥的重要救助作用尤其是对其在对金融机构的救助中发挥的作用进行深入分析,研究优先股在危机时刻对金融机构的应用价值。通过梳理总结美国政府在危机后采取的一系列重大举措,分析研究优先股在其中应用比例、途径等,发现优先股是危机时刻使用频率最高和范围最广的金融工具。提出优先股在危机时刻能快速实现注资等救助目的,稳定金融市场,因此,中国有必要建立救助时期优先股制度,且应根据危机时刻和非危机时刻同时构建金融机构的优先股制度。

Application and Enlightenment of Preferred Stock in Financial Crisis

The paper analyzes the important role preferred stock played in the 2008 US.financial crisis especially in assisting financial institutions.The paper studies the application value of the preferred stock for financial institutions in times of crisis.The paper summarizesa series of major initiatives the US.government took in the crisis to ana-lyzethe application andapproaches of the preferred stock.It is found that preferred stock is the most frequently usedfi-nancial instruments in times of crisis.The paper suggests that preferred stock be used to quickly achieve the purpose of funding and stabilizing financial markets in crisis.China needs to establish a system of preferred stock in rescue pe-riod and the system should be constructed in times of both crisis and non-crisis.