边界内外:银行主承销商尽职调查机制建设  

Study on the Construction of a Due Diligence Mechanism for Bank Underwriters

作　　者：马炼[1] 温婧 付禹彬 宋彦勇 MA Lian;WEN Jing;FU Yubin;SONG Yanyong(Investment Banking Department China Construction Bank)

机构地区：[1]中国建设银行投资银行部 [2]中国建设银行投资银行部资本市场业务处 [3]中国建设银行投资银行部债券承销处

出　　处：《金融市场研究》2024年第6期1-8,共8页Financial Market Research

基　　金：2023年NAFMII研究计划“银行主承销商尽职调查机制体系建设研究”(KFKT2023-074)。

摘　　要：在强监管、严标准和投资者“索赔潮”叠加形势下,债券主承销商尽职调查被放到放大镜下检查考验,特别是近几年法院对债券虚假陈述的判例,提高了主承销商的履职尽责和责任承担要求。作为信用债承销主力的银行主承销商,自身也存在尽职调查机制不够完善,收益与付出不对等、手段与难度不适应、专业能力与岗位要求不匹配,以及特色发挥不足、精细化管理不足、系统智能化不足等问题。因此,银行主承销商应发挥特色优势,及时完善尽职调查机制体系,主动增强防范风险意识和风险应对能力,做实分层分类管理和差别化尽职调查安排,围绕涉及偿债能力的核心内容,对外持续推动职责边界的合理明确、对内整合综合金融业务视角,着眼长远提升队伍能力和打造智能机控,以高效可靠的尽职调查推动债券市场和承销业务高质量发展。In recent years, there has been an upturn in court judgments on claims of false statements on bond offering documents, and this has significantly increased the due diligence burden of lead underwriters. Under rising pressure from supervisors and investors alike, the due diligence track record of underwriters has been put in the spotlight. Banks are the principal underwriter of credit bond issuances, and their due diligence performance has been far from perfect, partly due to shortcomings in professional competence but also as a result of the complexity of due diligence work. Additionally, the unique advantages of bank underwriters have not been fully utilized and the overall framework for due diligence operations has numerous shortcomings. This paper concludes that bank underwriters need to push for clearer and more reasonable rules on their duties and responsibilities. They also need to give full consideration to making good use of their comprehensive advantages over other underwriters. This would help them enhance their risk prevention awareness and risk responsiveness and permit them to implement hierarchical and classified management tools in order to comprehensively improve their internal due diligence mechanism.

关 键 词：银行主承销商 债券承销 尽职调查 高质量发展 

分 类 号：F832.31[经济管理—金融学] F832.3