商业银行债券承销业务发展对策研究  

Commercial Bank Bond Underwriting Business Development Countermeasure Research

作　　者：宋歌 SONG Ge

机构地区：[1]交通银行吉林省分行,吉林长春130000

出　　处：《吉林金融研究》2023年第6期21-27,53,共8页Journal of Jilin Financial Research

摘　　要：2022年,中国债券市场内一级市场平稳运行,存量债券余额稳步增长,二级市场成交放量,换手率明显提升,银行间衍生品市场成交量保持平稳。从基本面分析,目前中国面临两大矛盾:首先,国内经济增长放缓,内需不足,需降息以促进国民消费投资,推动增长;其次国外美联储连续加息,迫使全球陷入加息周期,人民币面临贬值风险。目前存在以下几个问题,例如债券承销费用机制不完善、产品创新动力不足、对外业务数量较少以及债券信用风险和评价机制有待优化等。于其发展规划,提出以下几条建议:充分结合大数据赋能以解决信息不对称顺利建设高收益市场、关注科技创新主体和特色债券标识的发债业务、打造债券发行承销业务管理一体化平台及高质量风险防控保障债券市场稳健发展。In 2022,the primary market in China's bond market will operate smoothly,the balance of stock bonds will increase steadily,the turnover volume in the secondary market will increase significantly,and the turnover volume in the interbank derivatives market will remain stable.From the fundamental analysis,China is currently facing two major contradictions:First,domestic economic growth is slowing down,domestic demand is insuffi cient,the need to cut interest rates to promote national consumption and investment,promote growth;Secondly,the US Federal Reserve has continuously raised interest rates abroad,forcing the world into a rate hike cycle,and the RMB is facing the risk of depreciation.At present,there are several problems,such as the imperfect bond underwriting fee mechanism,the lack of impetus for product innovation,the small number of foreign business,and the bond credit risk and evaluation mechanism to be optimized.In its development plan,the following suggestions are put forward:to fully integrate big data enabling to solve information asymmetry,smoothly build a high-yield market,pay attention to the main body of scientific and technological innovation and characteristic bond identifi cation of bond issuance business,build an integrated platform for bond issuance underwriting business management,and high-quality risk prevention and control to ensure the steady development of the bond market.

关 键 词：债券承销 环境分析 发展对策 

分 类 号：F830[经济管理—金融学]