同业存单市场波动与银行主动负债管理:单向驱动抑或相互作用?  

Interbank Certificates of Deposit and Bank Liability Management

作　　者：尚航飞 黎金定 杨进华 SHANG Hangfei;LI Jinding;YANG Jinhua(Postal Savings Bank of China)

机构地区：[1]中国邮政储蓄银行资产负债管理部 [2]中国邮政储蓄银行授信管理部 [3]中国邮政储蓄银行风险管理部

出　　处：《金融市场研究》2024年第4期104-114,共11页Financial Market Research

摘　　要：经过十余年发展,同业存单已成为银行主动负债和流动性管理的重要工具。同业存单市场化程度较高,任何波动都有可能对银行经营发展产生影响。2023年第四季度,同业存单发行规模和利率走高,引发市场对银行资金状况和主动负债管理动向的关注和讨论。鉴于此,本文分析了银行主动负债管理框架,总结了同业存单市场发展进程,随后从银行主动负债管理视角探讨了近期同业存单市场波动的特征、原因及未来趋势,并就银行发展主动负债提出策略建议。After more than a decade of rapid development,interbank certificates of deposit(CDs)have become a crucial tool for commercial banks'active liability and liquidity risk management.As the marketization of interbank CDs is relatively high,volatility could impact bank operations.In the fourth quarter of 2023,the issuance scale and interest rates of interbank CDs continued to rise,sparking market concerns regarding the funding conditions and liability management of banks.This article analyzes the framework of active liability management at commercial banks and describes the development process of the interbank CD market.It also examines the characteristics and key factors behind market fluctuations and assesses possible future trends from the perspective of active liability management by banks.The article also makes recommendations for banks to enhance their active liability management capabilities.

关 键 词：同业存单 主动负债管理 资产负债管理 流动性风险管理 

分 类 号：F832[经济管理—金融学]