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分拆大银行

Investors’ scepticism shows up in share prices. The stock market capitalisations of Citigroup and Bank of America languish at half and three fifths of tangible book value, respectively – liquidating Citi could hand shareholders a gain of 100 per cent. Indeed, because banks’ assets include infrastructure that could be sold for much more than book value, the bonanza might be even bigger. JPMorgan’s market capitalisation is roughly equal to its book value, but analysts reckon that the bank might be worth about a third more dismembered than intact.

投资者的怀疑态度反映到了股价上。花旗集团(Citigroup)和美国银行(Bank of America)的股票市值仅分别为有形账面价值的一半和五分之三，清算花旗将让股东获得100%的收益。实际上，由于银行资产包括能够以远高于账面价值的价格出售的基础设施，清算的收益可能会更高。摩根大通的市值大致与账面价值持平，但分析师预测，与保持原样相比，如果分拆，该银行的价值可能会提高三分之一左右。

If the attraction of bank break-ups is obvious, so is the hostility to regulatory efforts to require banks to raise more capital. Traditionally, banks have preferred to issue debt rather than equity because the government has perversely subsidised leverage. The double taxation of corporate profits has rendered debt tax-efficient; deposit guarantees have subsidised borrowing from retail customers; central bank liquidity has made short-term wholesale borrowing artificially cheap. However, these longstanding incentives for leverage have now been fortified by two new ones.