Redesign of the financial system using the market discipline and the prudential regulation

明确次级债溢价变动反映了金融机构的财务状况。次级债的惩戒是以金融机构的财务状况为依据的，存款利率的上调也反映了金融机构金融单据等硬数据。基于这些实证结果，我们得出的结论是，我们正处于市场纪律发挥作用的阶段。

It was clarified that the change in the premium of subordinate debts reflects the financial position of financial institutions. The discipline by subordinate debts is based on the financial position of financial institutions, and the increase in the rate of deposit interest also reflects the hard data of financial institutions such as financial documents. Based on these empirical findings, it is concluded that we are in the stage where the market discipline functions well.