中资企业发行美元债券面临的风险与机遇研究

发布时间：2018-01-28 12:42

本文关键词： 中资企业美元债券人民币汇率加息周期　出处：《经济纵横》2017年07期 　论文类型：期刊论文

【摘要】：境内外债券市场传递出的信号预示着美元债券或将出现风险,大多数中资企业发行美元债券的积极性将会被削弱。但同时,发行美元债券仍存在机遇和可行性。中资企业应根据业务发展需要发行美元债券,但发行的时间点要尽量前移,并选择固定收益的美元债券,提前锁定发行成本;确定境内外资金分配比例,使发债资金境外使用为主、境内使用为辅,并通过衍生品对冲利率、汇率波动产生的价格杠杆风险;密切关注企业境外发债平台的偿债能力和债务期限,盯紧外汇市场走势,监测境外发债资金及债务人资金回流的汇率风险。
[Abstract]:Domestic and foreign bond markets are sending signals that dollar bonds may be at risk and that most Chinese companies will be less motivated to issue them. But at the same time. There are still opportunities and feasibility to issue US dollar bonds. Chinese enterprises should issue US dollar bonds in accordance with the needs of business development, but the timing of issuance should be moved forward as far as possible, and fixed income US dollar bonds should be chosen. Locking the issue cost ahead of time; To determine the proportion of domestic and foreign capital distribution, so that the use of bond funds abroad, supplemented by domestic use, and hedging interest rates through derivatives, exchange rate fluctuations of the price leverage risk; Pay close attention to the solvency and maturity of offshore debt issuance platform, monitor the trend of foreign exchange market and monitor the exchange rate risk of offshore bond issuance and the return of debtor funds.
【作者单位】：对外经济贸易大学国际经济贸易学院;
【基金】：国家社会科学基金重点项目“全面提高开放型经济水平研究”(编号:13AZD006)的成果
【分类号】：F279.2;F832.6
【正文快照】： 一段时间以来,我国经济增速放缓,但货币利率未见放松,流动性预期紧张,尤其是债券市场发展受阻。在此背景下,合理利用境外债券市场融资能增强企业融资灵活性,加强关键时点流动性管理,是企业获得流动性的新渠道。然而,考虑到国内外资本市场仍存在大量风险和不确定因素,中资企业

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