| 商业化背景下开行债券发行成本问题研究 |
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| 引用本文： | 袁乐平,陈森.商业化背景下开行债券发行成本问题研究[J].财务与金融,2011(6):13-18. |
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| 作者姓名： | 袁乐平 陈森 |
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| 作者单位： | 1. 中南大学商学院,湖南长沙,410083
2. 中国人民银行南昌中心支行 |
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| 摘 要： | 商业化转型将大幅度提高国开行债券融资成本.债券融资成本的提高是否超出了国开行的容忍度,直接关系到国开行转型能否成功,以及转型后的类型,战略发展方向等一系列问题.本文采用“价值补偿”的方法测度了失去国家信用后开行债券的发行成本,然后以盈亏临界点为目标测度了开行债券发行成本的生存容忍度,以银行业平均资产收益率为目标测度了开...
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| 关 键 词： | 开行债券 国家信用 发行成本 价值补偿 容忍度 |
The Issued Cost of CDB Bond under the Commercialization Context |
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| YUAN Le-ping,CHEN Shen.The Issued Cost of CDB Bond under the Commercialization Context[J].Accounting and Finance,2011(6):13-18. |
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| Authors: | YUAN Le-ping CHEN Shen |
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| Institution: | YUAN Le-ping,CHEN Shen School of Business,Central South University,Changsha 410083 Nanchang Center Branch,The People’s Bank of China,Nanchang 330001 |
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| Abstract: | Commercialized transformation will greatly increase the CDB bond issuing costs.Whether the increasing cost is out of CDB’s tolerance or not directly relates to its transformation success and development orientation.First,based on three assumptions,this paper measures the issued cost of CDB bond after losing the national credit using the "value compensation" method.Second,this paper measures the living tolerance of CDB(China Development Bank) bond at the critical point of profit and loss,measures the developing tolerance of CDB bond at the average return on assets of bank industry.By comparing the cost,living tolerance and developing tolerance,we find that losing national credit will not impact its survival,but will pose its development a serious threat. |
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| Keywords: | CDB Bond National Credit Issued Cost Value Compensation Tolerance |
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