摘要
商业银行加入公司债券的承销队伍,将有助于丰富现有公司债券产品种类,适应公司债券发行持续大幅增加及满足企业并购融资的需求,对改善公司债投资者结构单一性问题,提高公司债二级市场流动性,及做大交易所公司债市场均有积极作用。研究发现,商业银行在客户资源、资本实力、服务手段、营销网络等方面占有突出优势,商业银行承销交易所公司债券会冲击证券公司现有固定业务。此外,商业银行承销公司债在法律准备方面仍存在一些障碍。基于此,可对其进行针对性的政策设计。
If commercial banks are permitted to underwriting corporate bond, it will be good for enriching the product range of corporate bonds, adapting to the continuing significant increase of corporate bonds issuance, and meeting the corporations＇ needs of financing and mergers and acquisitions. And this will also help to improve the problem that the structure of corporate bonds investors is single, to enhance the liquidity of corporate bonds in secondary market, to enlarge the exchange corporate bond market. Commercial banks have prominent advantages in customer resources, capital strength, means of service, marketing networks and some other aspects. And it will impact the security company＇ s existing fixed business if commercial banks underwriting exchange corporate bonds. In addition, there are still some obstacles in the legal preparation for it. So we design some targeted policies based on these.
出处
《贵州财经大学学报》
北大核心
2013年第4期34-41,共8页
Journal of Guizhou University of Finance and Economics
基金
教育部人文社会科学研究青年基金项目"上市公司债券融资需求
工具选择和监管机制设计研究"(11YJC790092)
广东省哲社"十一五"规划项目"企业债券市场监管分权竞争和集权整合的选择研究"(GD10CYJ12)
第49批中国博士后科学基金面上项目"中国公司债券的机制设计研究"(20110490928)
2011年中央财政专项资金"金融学省级重点学科建设项目
关键词
商业银行
公司债券承销
制度安排
commercial bank
corporate bonds underwriting
institutional arrangement
