非公开定向债务融资工具发行研究

发布时间：2018-05-18 09:54

本文选题：定向工具 + 债券发行　；参考：《上海交通大学》2014年硕士论文

【摘要】：我国利率市场化，，公众资金流入相对更高收益的货币基金、理财及信托等比银行存款更高的固定收益产品，商业银行存贷利差逐渐减少。在金融脱媒的背景下，企业直接融资比重提升，非公开定向债务融资工具日益成为商业银行重要的利润来源。本文对非公开定向发行工具发行的规则，运用比较的研究方法定性分析。运用统计的方法对非公开定向债务融资工具发行情况定量分析。研究对象包括发行量，主体评级，公司属性，发行人地区，城投类发行人层级，主承销商，期限，发行人发行前后资产负债率，发行利率利差与中期票据利差，发行利率与贷款利率等。总结出非公开定向发行工具发行的各种因素，指导定向工具业务方向。
[Abstract]:With the marketization of interest rate and the inflow of public funds into higher income monetary funds, financial management and trust products with higher fixed income than bank deposits, the deposit and loan spreads of commercial banks are gradually reduced. Under the background of financial disintermediation, the proportion of direct financing of enterprises is increasing, and the non-public directed debt financing tool has become an important profit source for commercial banks. In this paper, the rules of issuing non-public directional distribution tools are analyzed qualitatively by using comparative research methods. The quantitative analysis of the issuance of non-public directed debt financing instruments is carried out by means of statistical method. The research objects include circulation, main rating, corporate attributes, issuer area, city investment issuer level, principal underwriter, term, asset-liability ratio before and after issuance, interest rate difference and medium-term note spread. Issue interest rate and loan interest rate, etc. Summarize all kinds of factors of non-public oriented distribution tools, guide the business direction of directional tools.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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