商业银行资产负债期限结构的错位与债务业务创新

中国银行业长期面临的资产负债期限结构错配的问题正日趋严重。商业银行这种以短期负债支撑长期资产的所谓“短存长贷”现象,极易引发流动性风险,一旦出现储蓄存款减少或发生挤提,很容易产生支付危机。本文提出债券业务创新是解决上述问题的一个切实可行的选择,通过债券业务创新,有助于改变我国商业银行负债管理能力偏弱的状况,同时也可以提高资产的流动性,降低利率风险,增强资产管理的灵活性。

Term Structure Mismatch in the Assets-liability Management of China's Commercial Banks and Innovation on Bond Operation

The problem of term structure mismatch in the assets-liability management of China's commercial banks is becoming more and more serious. For the moment, China's commercial banks have managed to support their long-term assets by short-term liability, which are prone to cause liquidity risks. If the deposits declined, a crisis for payments would happen. The author point out that the innovation on bond operation is a practical choice to solve this problem. The innovation on bond operation would be able to improve the bank's weaker ability of liability management, at the same time, would be able to increase the assets' liquidity, decrease the high risk of interest rate volatility that the banks have to be faced with, and enhance the flexibility of assets management.