银行债券承销业务风险防范研究——以 X银行为例
摘
要
在我国金融体制改革的大背景下，随着利率市场化和金融脱媒的进程不断加速，企
业对银行传统信贷资金的依赖度逐渐下降，对债券市场直接融资渠道的青睐越来越大。
2007年我国银行间市场交易商协会成立以来，我国商业银行债券业务获得了全面快速发
展，尤其是商业银行债务融资工具的发行规模得到了快速扩大，其融资方式灵活多样，
融资门槛较低，融资期限灵活、金额更大、且直接融资成本较间接融资成本更低，亦有
利于提高企业声誉，故受到了越来越多企业，尤其是大型国有、上市企业的青睐和追捧。
同时，不需要占用银行资本金、风险拨备准备金和法定准备金资源的债券承销业务也是
商业银行调整业务结构、增加中收业务来源、优化经营业绩指标的重要途径之一，在银
行和企业双方达成“双赢”有利局面下，使得商业银行债券承销业务得到了迅速发展。
但是，面对不同企业的融资行为、不同企业的资质状况、信誉、债务偿还能力等，对于
商业银行来说，要承担着各类风险。比如包销风险、法律风险、声誉风险等。
本文首先阐述了研究的背景和意义，对国内外相关研究成果以及近几年来我国陆续
发生的债券违约事件进行了概述，综述研究课题学术价值和实践意义，并阐述了本文的
研究内容与方法。其次介绍商业银行债券承销业务相关概念，并从债券定义、我国债券
市场发展沿革、债券业务品种、商业银行债券承销业务流程等方面进行了介绍，根据对
我国商业银行债券承销业务发展现状和存在的风险进行的分析，以 X银行为例，对 X
银行债券业务主要经营模式、债券业务组织管理架构、管理模式、风险管控机制、债券
承销业务发展现状和风险原因分析等方面进行剖析，阐述 X银行在开展债券承销业务时
存在的问题。最后通过案例分析，对银行如何降低自身的债券承销业务风险隐患，从加
强业务全流程管理、建立有效的风险隔离机制、完善激励约束考核体系、建立内部信用
评级数据库、提高相关人员综合业务水平、建立健全应急机制等六大方面提出一系列可
行性建议。
在商业银行债券承销业务得到快速发展的情况下，使得债券承销业务在商业银行各
项业务中所占据的比重越来越大，尤其是 2021年 8月 19日杭州高院关于“五洋债”终
审判定的落地，打破了以往银行、券商等承销商、会计师事务所、律师事务所、信用评
级机构等中介结构游离于承担信用风险之外的状况，司法机关主张的让装睡的“看门人”
不敢装睡的司法审判态度，这无疑给商业银行等中介机构“当头一棒”，使得商业银行
越来越重视债券承销业务风险控制，因为只有在风险被有效管控的基础上，债券承销业
务才能为银行带来真正意义上的综合效益。
关键词：债券承销业务；商业银行；风险管控
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Abstract
Abstract
In the context of the national financial reform, with the accelerating process of interest
rate liberalization and financial disintermediation, enterprises have gradually reduced their
dependence on traditional bank credit funds and become more and more interested in direct
financing channels in the bond market. China's interbank market dealers association was
founded in 2007, our country commercial bank bond business obtained the comprehensive
and rapid development, especially the issue of commercial bank debt financing tool got
rapidly expanding scale, its flexible financing way, financing threshold is low, flexible
financing period, the amount is larger, and direct financing cost is indirectly lower the cost of
financing, It is also conducive to improving corporate reputation, so it is favored and sought
after by more and more enterprises, especially large state-owned and listed enterprises. At the
same time, do not need to take up bank capital, risk reserve reserve fund and statutory reserve
resources bond underwriting business and commercial Banks to adjust the business structure,
increase the source of business and optimize business performance indicators, one of the
important avenue in Banks and enterprises on both sides to reach a "win-win" advantageous
situation, makes the commercial bank bond underwriting business has been rapid
development. However, in the face of different enterprises' financing behavior, qualification
status, reputation, debt repayment ability, etc., commercial banks have to bear various risks.
Such as underwriting risk, legal risk, reputation risk and so on.
Firstly, the thesis describes the background and significance of the research, summarizes
the relevant research results at home and abroad as well as the bond default events in China in
recent years, summarizes the academic value and practical significance of the research topic,
and expounds the research content and method of this thesis. Secondly introduced the
commercial bank bond underwriting business related concepts, and definition from the bond,
the bond market in our country development evolution, varieties of bond business,
commercial bank bond underwriting business process, etc, are introduced, according to the
current situation of the development of bond underwriting business of commercial bank of our
country and the existing risk analysis, X bank, for example, This thesis analyzes the main
business model, organizational management structure, management mode, risk control
mechanism, development status of bond underwriting business and risk cause analysis of X
Bank's bond underwriting business, and expounds the problems existing in X Bank's bond
underwriting business. At last, through case analysis, on how to reduce the bank's own debt
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银行债券承销业务风险防范研究——以 X银行为例
underwriting business risks, from strengthening the business process management, establish
an effective evaluation system risk isolation mechanism, perfect the incentive and constraint,
build internal credit rating database, improve the level of comprehensive business related
personnel, establish and improve the emergency response mechanism six aspects, such as a
series of feasible Suggestions are put forward.
With the expansion of bond underwriting business of commercial banks, bond
underwriting business occupies an increasing proportion in various business of commercial
banks, especially the final judgment of Hangzhou High Court on "Wuyang Bonds" on August
19, 2021. Broke the previous bank, securities underwriter, accounting firms, law firms, credit
rating agencies such as the status of the intermediary structure is free from the credit risk, the
judicial organs to pack to sleep of "gatekeeper" dare not pack to sleep judicial manner, this
undoubtedly give commercial Banks and other intermediaries "matter", Commercial banks
pay more and more attention to the risk control of bond underwriting business, because only
on the basis of effective risk control, bond underwriting business can bring comprehensive
benefits to banks in a real sense.
Key Words: Bond underwriting business; Commercial Banks; Risk management
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