本文選題：可交換債　切入點(diǎn)：商業(yè)銀行　出處：《新金融》2017年03期

【摘要】：可交換債市場近年較為火爆,存有較大發(fā)展空間�？山粨Q債兼具"債性"與"股性",條款設(shè)置復(fù)雜但較為靈活,發(fā)行便利、票面利率低、質(zhì)押率高,還可實(shí)現(xiàn)溢價(jià)減持,對(duì)股價(jià)沖擊較小。風(fēng)險(xiǎn)方面,可交換債兼具"股"、"債"雙重風(fēng)險(xiǎn),其中市場風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)相對(duì)突出,信用風(fēng)險(xiǎn)較小但也不可忽視。收益方面,可交換債收益主要取決于正股股價(jià)與轉(zhuǎn)股條款,發(fā)行人減持意愿的強(qiáng)弱是決定可交換債收益高低的關(guān)鍵。商業(yè)銀行應(yīng)采取適當(dāng)策略、拓寬準(zhǔn)入、充分利用好總分行優(yōu)勢(shì),搶占可交換債投資及承銷市場:一是可根據(jù)不同投資策略靈活選取不同業(yè)務(wù)模式;二是可適當(dāng)放寬準(zhǔn)入標(biāo)準(zhǔn),拓寬商業(yè)銀行投資范圍;三是應(yīng)充分發(fā)揮商業(yè)銀行總分行聯(lián)動(dòng)優(yōu)勢(shì),深挖可交換債發(fā)行人減持意愿;四是可積極爭取可交換債市場火爆所帶來的承銷業(yè)務(wù)機(jī)會(huì)。
[Abstract]:May exchange the debt market in recent years is more popular, there is a greater development space. May exchange the debt both "debt" and "equity", the terms set complex but more flexible, offering convenience, the coupon rate is low, the pledge rate is high, but also can realize the reduction of price premium, the impact is small. The risk side, may exchange the debt both "shares", "debt" the dual risk, market risk, liquidity risk is relatively outstanding, credit risk is small but can not be ignored. The income aspect, may exchange the debt income mainly depends on the Yu Zheng stock and convertible terms, the issuer will to reduce the intensity is the key to decide the level of income may exchange the debt. Commercial banks should adopt appropriate strategies to broaden access, make full use of the total branch advantage, seize the exchangeable bonds investment and underwriting market: one can be selected flexibly according to different business different investment strategy mode; two is appropriate to relax the access standards, expand investment in commercial banks Scope; three, we should give full play to the advantages of the general branches of commercial banks, dig deeper the willingness to reduce exchangeable debt issuers, and four, we can actively strive for the underwriting business opportunities brought about by the exchangeable bond market.

【作者單位】： 交通銀行博士后工作站;
【分類號(hào)】：F832.51;F832.33
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本文編號(hào)：1667148