Risk Management Of Underwriting Non-financial Enterprise Debt Financing Instruments In Commercial Banks

In order to respond to the slogan of rapid capital market development derived by our nation, further widen the direct financing channel of corporations, give a better service to the real economy, make money market more active, non-financial corporate debt financing instruments achieved great development. With the guidance of NAFMII, it achieved large amount of innovation and the product species are getting more complete. With the wide popularization of debt financing instruments, the problem existed for a long time that corporations lack of direct financing channels has been effectively solved. Debt financing instruments bring convenience to the corporations to improve financing structure and decrease financing costs. It brings a new channel of financing to different types of corporations, especially to small and medium enterprises, and make a better service to the real economy. At the same time, underwriting business in commercial banks achieved rapid development from scratch. As a main representative of investment bank, debt financing instruments play a positive role in widening commercial banking profit-making channels, increasing intermediate service revenues, and realizing operating structure transition. However, during the early stage of underwriting business development, there is not a consensus in cognition of the risk control among commercial banks. If not strictly regulated and let it run, it could bring potential losses to commercial banks.This article firstly introduces the background and meaning of related research, gives a literature review to the research result and financial risk management theories, states the research content, thought and methodology of this article. Then it introduces the concepts of debt financing instruments, shows the current situation from the aspects of development scale, business types and investment entities, etc., and presents the role of commercial banks in debt financing instruments underwriting business as well as the business process. Thirdly, it analyses the systematic and non-systematic debt financing instruments underwriting risk, and provides specific risk management measures respectively. Lastly, it focuses on the limitation of this research, and provide an underwriting risk management outlook in making a sound risk pre-warning and management system, standardizing credit-rating market and enhancing the issuing management of debt financing instruments.With the development and expansion of debt financing instruments underwriting business, the regulatory organizations and inner check-ups of commercial banks will give more weight to risk management issues. Building up a sound risk management system of debt financing instruments underwriting business will surely promote a healthy, stable and rapid development of the business.