本文選題：商業(yè)銀行 + 小微企業(yè)金融債�。� 參考：《安徽大學(xué)》2014年碩士論文

【摘要】：小微企業(yè)金融債是商業(yè)銀行發(fā)行的、募集專(zhuān)項(xiàng)資金用于發(fā)放小微企業(yè)貸款的金融債券,是增加小微企業(yè)貸款資金來(lái)源、優(yōu)化小微金融服務(wù)的新型融資工具。小微企業(yè)金融債的發(fā)行政策一經(jīng)出臺(tái),立刻引起了許多商業(yè)銀行的關(guān)注。截至2013年底,已有34家銀行發(fā)行53支小微企業(yè)金融債,總規(guī)模達(dá)3065億元。在商業(yè)銀行對(duì)小微金融服務(wù)一直都不積極的情況下,小微企業(yè)金融債發(fā)行能否調(diào)動(dòng)商業(yè)銀行發(fā)放小微企業(yè)貸款的積極性,給商業(yè)銀行帶來(lái)新增收益值得研究和探討。 商業(yè)銀行作為理性的經(jīng)濟(jì)人,通常是基于成本收益綜合考慮作出是否發(fā)債的決策。本文從商業(yè)銀行的角度對(duì)小微企業(yè)金融債的發(fā)行成本和發(fā)行收益進(jìn)行分析,商業(yè)銀行發(fā)行小微企業(yè)金融債的成本以利息成本為主,還包括支付給承銷(xiāo)商和中介機(jī)構(gòu)的費(fèi)用,利息成本受債券信用評(píng)級(jí)和期限、發(fā)債行性質(zhì)和規(guī)模等因素的影響,目前,小微企業(yè)金融債發(fā)行成本普遍高于商業(yè)銀行吸收相同期限存款的成本。商業(yè)銀行發(fā)行小微企業(yè)金融債的收益包括顯性收益和隱性收益,發(fā)行小微企業(yè)金融債的顯性收益是將籌集的資金用于發(fā)放小微企業(yè)貸款獲得的利息收入,但是,商業(yè)銀行更看重《關(guān)于支持商業(yè)銀行進(jìn)一步改進(jìn)小型微型企業(yè)金融服務(wù)的補(bǔ)充通知》中有關(guān)發(fā)行小微企業(yè)金融債的優(yōu)惠政策,債券發(fā)行的真正動(dòng)機(jī)和潛在收益是緩解流動(dòng)性壓力、存貸比壓力和資本充足壓力。同時(shí),商業(yè)銀行發(fā)行小微企業(yè)金融債還能帶來(lái)外部隱性收益,主要包括提高小微企業(yè)獲得信貸支持的可能性、增強(qiáng)市場(chǎng)對(duì)商業(yè)銀行經(jīng)營(yíng)的約束效應(yīng)、遏制民間借貸的非理性繁榮、延伸債券市場(chǎng)金融服務(wù)的半徑以及提升監(jiān)管部門(mén)處置風(fēng)險(xiǎn)的效率等。 目前商業(yè)銀行發(fā)放小微企業(yè)貸款的資金來(lái)源主要包括吸收存款和發(fā)行小微企業(yè)金融債等。在商業(yè)銀行對(duì)吸收存款的風(fēng)險(xiǎn)厭惡程度提高、對(duì)融資成本上升的敏感性下降的情況下,商業(yè)銀行能夠通過(guò)發(fā)行小微企業(yè)金融債實(shí)現(xiàn)凈收益最大化。但是在凈收益實(shí)現(xiàn)過(guò)程中面臨著小微企業(yè)專(zhuān)項(xiàng)貸款占用銀行信貸規(guī)模、貸款風(fēng)險(xiǎn)管理難度增加,以及小微企業(yè)金融債不能直接改變小微企業(yè)融資方式等問(wèn)題,對(duì)此,應(yīng)該通過(guò)提高風(fēng)險(xiǎn)管理能力、加強(qiáng)資金流向監(jiān)管、優(yōu)化小微企業(yè)金融債融資環(huán)境等措施,保障商業(yè)銀行發(fā)行小微企業(yè)金融債凈收益最大化,推動(dòng)小微企業(yè)金融債服務(wù)小微金融的作用落到實(shí)處。
[Abstract]:The financial debt of small and micro enterprises is issued by commercial banks. It is a new type of financing tool to increase the sources of financing and optimize the service of small and micro enterprises by raising special funds for issuing loans to small and micro enterprises. As soon as the issuing policy of small and micro-enterprise financial debt was issued, it immediately attracted the attention of many commercial banks. By the end of 2013, 34 banks had issued 53 small-and-micro-enterprise financial debts, with a total size of 306.5 billion yuan. Under the condition that the commercial banks are not active to the small and micro financial services, it is worth studying and discussing whether the issuance of the financial debt of the small and micro enterprises can arouse the enthusiasm of the commercial banks to extend the loans to the small and micro enterprises and bring about the new income to the commercial banks. As a rational economic person, commercial banks usually make a decision on whether to issue bonds or not based on the comprehensive consideration of cost and income. From the perspective of commercial banks, this paper analyzes the cost and income of issuing financial bonds of small and micro enterprises. The cost of issuing financial bonds of small and micro enterprises of commercial banks is mainly the cost of interest, and also includes the expenses paid to underwriters and intermediaries. The interest cost is influenced by the credit rating and maturity of bonds, the nature and size of bond issuing banks, and so on. At present, the cost of issuing small and micro enterprises' financial bonds is generally higher than that of commercial banks' taking deposits with the same maturity. The benefits of issuing small and micro enterprise financial debt by commercial banks include explicit income and implicit income. The explicit income of issuing financial debt of small and micro enterprises is the interest income earned by issuing loans to small and micro enterprises, but, Commercial banks attach more importance to the preferential policies in the Supplementary Circular on supporting Commercial Banks to further improve the Financial Services of small and Micro Enterprises concerning the issuance of financial debt for small and micro enterprises, The real motivation and potential yield for bond issuance is to ease liquidity pressure, deposit-loan ratio pressure and capital adequacy pressure. At the same time, the issuing of financial debt by commercial banks can also bring about external hidden benefits, which mainly include enhancing the possibility of obtaining credit support for small and micro enterprises, and enhancing the binding effect of the market on the operation of commercial banks. To curb the irrational prosperity of private lending, to extend the radius of financial services in the bond market and to improve the efficiency of regulatory authorities in handling risks. At present, the financing sources of commercial banks mainly include absorbing deposits and issuing financial debts of small and micro enterprises. When the risk aversion of the commercial banks to the absorption of deposits is increased and the sensitivity to the increase of the financing costs decreases, the commercial banks can maximize the net income by issuing the financial debt of the small and micro enterprises. However, in the process of realizing net income, we are faced with some problems, such as the small and micro enterprises' special loans occupy the bank credit scale, the difficulty of loan risk management increases, and the small and micro enterprises' financial debts can not directly change the financing methods of small and micro enterprises, and so on. We should improve the ability of risk management, strengthen the supervision of the flow of funds, optimize the financing environment of financial debt of small and micro enterprises, and ensure that commercial banks can maximize the net income of issuing financial bonds of small and micro enterprises. Promote the small and micro-enterprise financial debt service small-and micro-finance function.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.3;F832.4

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