低利率环境下的企业债务融资策略选择  

Choice of Corporate Debt Financing Strategies in Low Interest Rate Environment

作　　者：邓水亮 林萍 

机构地区：[1]浙商银行金融市场部

出　　处：《中国货币市场》2020年第5期30-33,共4页China Money

摘　　要：为减轻疫情对经济造成的损害,美国、欧洲、日本等发达经济体央行实行了接近于零的基准利率,并加大了量化宽松规模,国内货币政策也加大了逆周期调节力度。文章从匹配资产与负债结构、增强资产流动性、合理运用利率衍生品管理利率风险等角度提出了低利率环境下企业债务融资应依循的原则,并结合案例分析了其具体策略。In order to reduce the economic damage caused by the COVID-19 pandemic, the central banks of developedeconomies such as the United States, Europe, and Japan have implemented a benchmark interest rateclose to zero, and increased the scale of quantitative easing. China’s monetary policy has also strengthenedcountercyclical adjustment. From the perspectives of matching asset and liability structures, enhancing assetliquidity, and rationally using interest rate derivatives to manage interest rate risks, this paper puts forward theprinciples that corporate debt financing should follow in the context of low interest rates, and analyzes thestrategies in combination with specific cases.

关 键 词：资产流动性 发达经济体 策略选择 低利率 基准利率 企业债务融资 利率衍生品 逆周期调节 

分 类 号：F822.0[经济管理—财政学] F832.4