银行业同业存单的发展动力、潜在风险与改革路径  

The Development Motivation, Potential Risks and Reforming Paths of Interbank CDs

作　　者：姚宏伟[1] 惠雅莉 

机构地区：[1]中国民生银行西安分行金融市场部,民银智库50人论坛 [2]中国民生银行总行人力资源交流中心

出　　处：《金融监管研究》2017年第12期68-80,共13页Financial Regulation Research

摘　　要：自2013年末央行重启同业存单以来,同业存单市场发展如火如荼,其功能也从推出伊始的主动调节负债流动性,逐渐转变成为银行扩表和套利的重要推手,其背后暗藏着较大的流动性与系统性风险隐患。本文从同业存单发展的市场环境出发,对同业存单的特点、供求主体与市场推动力、同业资金链条和潜在风险隐患进行系统分析;通过对其套利链条拆解和MPA考核体系下的流动性风险隐患评估,发现中小银行在强监管下面临较为严重的监管压力和流动性隐患。本文认为,同业存单只有逐步回归同业存单主动性负债管理功能,强化监管与流动性风险监测,还原业务本源实现风险透明可控,方可实现其规范发展和金融去杠杆,并提出了具体的改革建议。Since the central bank restarted the Interbank Certificates of Deposit （Interbank CDs） at the end of 2013, the market of Interbank CDs had been developed rapidly. Its function had been gradually transformed from meeting liquidity demands into an important promoter of banks＇ expansion and arbitrage. This leads to severe liquidity risks and systemic risks behind it. This paper analyzes the characteristics of Interbank CDs, the main body of supply and demand, the market forces, and also the interbank funds chain and potential risks from the perspective of market environment for the development of Interbank CDs. Through the elaboration of its arbitrage chain and the assessment of potential risks of liquidity under the MPA examination system, the paper finds that small and medium-sized banks are facing more serious regulatory pressures and liquidity risks under stricter supervision. Consequently, the article reckons that only by gradually returning to the liabilities management function of Interbank CDs, strengthening the monitoring of liquidity risk, and restoring the business fundamentals to a transparent and controllable risk, the market can achieve its normative development and financial deleveraging. Accordingly, this paper put forward specific reform proposals.

关 键 词：同业存单 资产扩张 金融监管 金融去杠杆 

分 类 号：F832[经济管理—金融学]