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债务减计和银行业资本重组对于提振投资者信心,缓解欧洲主权债务危机起着重要的作用,但是欧洲银行业由此造成的资产负债表恶化和盈利能力下降将损害银行的融资环境,增加银行的融资成本,并进一步通过影响居民消费和企业产出来加深主权债务风险,形成负向反馈循环(negative feedback loop)。文章认为政府部门对于银行部门隐含担保的削弱是主权债务危机对于银行业最大的影响,主权债务风险对于银行资产负债表和银行融资环境的影响也构成重要因素。
Debt reduction and banking recapitalization play an important role in boosting investor confidence and easing the sovereign debt crisis in Europe. However, the deterioration of the balance sheet and the decline of profitability caused by the banking industry in Europe will damage the bank’s financing environment and increase Bank financing costs, and further deepen the sovereign debt risk by affecting household consumption and output of enterprises to form a negative feedback loop. The article holds that government departments’ weakening implicit guarantee for the banking sector is the biggest impact of the sovereign debt crisis on the banking industry. The impact of the sovereign debt risk on the bank balance sheet and the bank financing environment also constitutes an important factor.