次级债务(Subordinated Debt)是偿还顺序优先于公司股本权益但劣后于公司一般债务的融资手段。由于《巴塞尔协议》为金融机构的资本充足率确立了一定的标准,不合规定的机构之业务运营将受到很大的限制,而增发或定向增发股权资本有相对严格的要求与高昂的成本,因此发行次级债券就被世界各国的金融机构所青睐,以此作为补充资本金的途径。次级债务有附属资本的性质,目前我国的 Subordinated Debt is a means of financing that takes precedence over the company's equity but falls behind the company's general debt. As the Basel Accord has set a certain standard for the capital adequacy ratio of financial institutions, the business operation of the non-compliant institutions will be greatly restricted. However, there are relatively strict requirements and high costs of additional or private placement of equity capital, Therefore, the issuance of subordinated bonds is favored by financial institutions all over the world as a way to supplement capital. Subordinated debt has the nature of ancillary capital, at present in our country