secondary sex ratio
次级性比
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从理论上分析，次级债由于偿还上的次级性、无担保和存续期限较长等的特征，比其他银行资产具有更加强烈的市场约束作用。
Theoretically, SND has more significant market discipline effect than other financial instruments due to its characteristics of unsecured position, juniority and longer maturity.
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