商业银行发行小微企业金融债的成本收益研究

发布时间：2018-07-10 00:11

本文选题：商业银行 + 小微企业金融债　；参考：《安徽大学》2014年硕士论文

【摘要】：小微企业金融债是商业银行发行的、募集专项资金用于发放小微企业贷款的金融债券,是增加小微企业贷款资金来源、优化小微金融服务的新型融资工具。小微企业金融债的发行政策一经出台,立刻引起了许多商业银行的关注。截至2013年底,已有34家银行发行53支小微企业金融债,总规模达3065亿元。在商业银行对小微金融服务一直都不积极的情况下,小微企业金融债发行能否调动商业银行发放小微企业贷款的积极性,给商业银行带来新增收益值得研究和探讨。商业银行作为理性的经济人,通常是基于成本收益综合考虑作出是否发债的决策。本文从商业银行的角度对小微企业金融债的发行成本和发行收益进行分析,商业银行发行小微企业金融债的成本以利息成本为主,还包括支付给承销商和中介机构的费用,利息成本受债券信用评级和期限、发债行性质和规模等因素的影响,目前,小微企业金融债发行成本普遍高于商业银行吸收相同期限存款的成本。商业银行发行小微企业金融债的收益包括显性收益和隐性收益,发行小微企业金融债的显性收益是将筹集的资金用于发放小微企业贷款获得的利息收入,但是,商业银行更看重《关于支持商业银行进一步改进小型微型企业金融服务的补充通知》中有关发行小微企业金融债的优惠政策,债券发行的真正动机和潜在收益是缓解流动性压力、存贷比压力和资本充足压力。同时,商业银行发行小微企业金融债还能带来外部隐性收益,主要包括提高小微企业获得信贷支持的可能性、增强市场对商业银行经营的约束效应、遏制民间借贷的非理性繁荣、延伸债券市场金融服务的半径以及提升监管部门处置风险的效率等。目前商业银行发放小微企业贷款的资金来源主要包括吸收存款和发行小微企业金融债等。在商业银行对吸收存款的风险厌恶程度提高、对融资成本上升的敏感性下降的情况下,商业银行能够通过发行小微企业金融债实现净收益最大化。但是在净收益实现过程中面临着小微企业专项贷款占用银行信贷规模、贷款风险管理难度增加,以及小微企业金融债不能直接改变小微企业融资方式等问题,对此,应该通过提高风险管理能力、加强资金流向监管、优化小微企业金融债融资环境等措施,保障商业银行发行小微企业金融债净收益最大化,推动小微企业金融债服务小微金融的作用落到实处。
[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.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.4

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