摘要
摘要
我国开展非金融企业债务融资工具业务时间已达10余年，市场成熟度不断
培育完善中，受我国经济发展模式不断优化、后疫情时代消费升级、利率市场化
程度不断提高、金融监管政策日趋严格和以“永煤事件”为代表的典型债务违约
事件等综合因素叠加影响，商业银行利润空间已明显受到挤压、发展模式不断受
到新挑战。作为我国金融市场中坚力量的商业银行如何快速适应新形势、有效进
行业务转型，从而提升市场综合竞争能力、打造新的业务增长极并扩大市场占有
率仍是面临的棘手难题，鉴于H银行和H银行昆明分行均提出未来五年债券承销
中间业务收入提升目标，结合经营实际，H银行昆明分行债券承销业务优化需求
迫切。
国内目前对商业银行债券承销业务研究多集中在讨论债券承销业务流程、债
券产品差异、综合影响及发展对策等方面，本文进一步聚焦商业银行债券承销范
围，以非金融企业债务融资工具为研究对象，借鉴银行同业优秀经验并转化主流
学术研究成果，运用债券承销相关理论知识，在深入研究H银行昆明分行债券承
销内外部环境基础上，通过历史业绩、同业对比、员工诉求、团队建设、客户需
求和战略规划等多维度视角，聚焦分析行业情况、承销现状、业务结构和市场占
比等经营实际，运用对比分析、问卷调查和实地访谈等技术方法，找出H银行
昆明分行非金融企业债券承销业务发展过程中的问题及不足，系统性研究H银行
昆明分行债券承销业务优化策略，本文对H银行昆明分行、中小股份制商业银行
以及谋求资本市场发展道路的城市商业银行进行投资银行业务优化提供了一定
的参考和借鉴意义。
关键词：H银行昆明分行,债务融资工具,债券承销,优化
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Abstract
Abstract
China has carried out the business of non-financial enterprise debt financing
instruments for more than 10 years, and the market maturity has been continuously
cultivated and improved. Under the combined influence of the continuous
transformation of China's economic development model, the upgrading of
consumption in the post epidemic era, the continuous improvement of the
marketization of interest rates, the increasingly strict financial supervision policies
and the typical debt default events represented by the "Yongmei incident", the profit
space of commercial banks has been significantly squeezed The development model
continues to face new challenges. As the backbone of China's financial market, it is
still a difficult problem for commercial banks to quickly adapt to the new situation
and effectively optimize their business, so as to improve the comprehensive
competitiveness of the market, create a new business growth pole and expand their
market share. In view of the fact that bank h and bank h's Kunming branch both put
forward the goal of increasing the income of bond underwriting intermediary business
in the next five years, and combined with the actual operation, There is an urgent need
to optimize the bond underwriting business of Kunming Branch of bank H.
At present, the domestic research on the bond underwriting business of commercial
banks mostly focuses on discussing the bond underwriting business process, bond
product differences, comprehensive impact and development countermeasures. This
paper further focuses on the scope of the bond underwriting of commercial banks,
takes the debt financing instruments of non-financial enterprises as the research object,
draws on the excellent experience of the banking industry, transforms the mainstream
academic research results, and uses the relevant theoretical knowledge of bond
underwriting, On the basis of in-depth study of the internal and external environment
of H Bank Kunming Branch's bond underwriting, through the multi-dimensional
perspectives of historical performance, peer comparison, employee demands, team
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Abstract
building, customer needs and strategic planning, the bank focused on the analysis of
industry conditions, underwriting status, business structure, market share and other
business practices, using technical methods such as comparative analysis,
questionnaire survey and field interview, Find out the problems and deficiencies in the
development of non-financial enterprise bond underwriting business of Kunming
Branch of Bank H, and systematically study the optimization strategy of bond
underwriting business of Kunming Branch of bank h. This paper provides some
reference and reference for Kunming Branch of Bank H, small and medium-sized
joint-stock commercial banks and urban commercial banks seeking the development
path of capital market to optimize their investment banking business.
Key words: Kunming Branch of Bank H, debt financing instruments, bond
underwriting, optimization
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