Research On The Development Of The Underwriting Business Of China's Commercial Banks' Debt Financing Instruments

Bond market as an important part of the financial market,after more than thirty years of development,China's bond market has begun to take shape,the market system is relatively complete,the bond varieties are also increasingly rich and complete.Especially after 2000,the bond market is mainly based on innovation and improvement,the development is very rapid,expanding the size of the market.Since the establishment of China's inter-bank market dealers association in 2007,the debt financing tool has been fully developed,until the current debt financing tool products still have a number of product innovation.In recent years,the market continues to expand the scale of debt financing instruments,commercial banks,securities underwriting of debt financing instruments have entered the market,as the lead underwriter of debt financing instruments of the role of underwriting of debt financing instruments varieties with the inter-bank market dealers association of innovative products and more rich,the underwriter business competition more and more fierce.As of the end of 2015,China's debt financing instruments registered nearly 9 trillion,the registered company credit bond market balance(in addition to financial debt)has been ranked first in the world.In the face of intensified industry of our country commercial bank internal debt financing instruments underwriting competition,and access to more of the securities company,bank profit space compression pressure of competition,the commercial banks how to seize opportunities,meet challenges,improve their competitive strength,not only related to the survival and development of the commercial banks,can also provide a useful reference for China's financial system reform.This paper mainly uses the market segmentation theory,competitive advantage theory and five force model,using the research methods of analysis and quantitative analysis combining theory,starting from the perspective of commercial banks,mainly on the commercial banks to carry out debt financing instruments underwriting business,existing problems and causes of content system in the business development of the corporate debt financing instruments underwriting business norms and processes,business scale and structure,business income and risk analysis,business development,and with reliable data as a support,and then analyzes the underwriting business development of commercial bank corporate debt financing instruments in China,and finally put forward some countermeasures.The main innovation of this paper lies in:one is the innovation of research perspective,this paper utilizes the multi-disciplinary knowledge of a comprehensive analysis of the problem of corporate debt financing instruments of China's commercial banks underwriting business development,breakthrough the single perspective of traditional research;the two is a new research content,the author's many years of work experience a lot the literature on the current problems of China's commercial banks corporate debt financing instruments underwriting business development from the perspective of theory and practice were analyzed in detail,which makes the study more reliable;the three is the innovation of research method,through theoretical research method,investigation method,the author summarizes the method and experience of comprehensive utilization of qualitative and quantitative research method etc.a variety of methods,provide a more comprehensive and detailed analysis for this paper,contribute to the in-depth study of corporate debt financing instruments of commercial banks Underwriting business development issues.In the further exploration of this research,we can also take the empirical model research method,and make further research on this direction.