近年来，监管层面对商业银行投行业务创新采取了严格管控的态势，商业银 行的非标理财、股权质押、委托债权等多种投行业务模式受到了制约，亟需寻找 新的业务方向。债务融资业务作为投行业务的一个重要方向，以直接融资的方式 有效服务实体经济，且没有层层嵌套的结构设计，符合监管“回归本源”的宗旨， 此外，随着人民币国际化持续推进，企业赴境外融资和境外企业在中国市场募集 资金需求都日益增长，使得债券承销业务成为商业银行转型的必争之地。2017年， 银行间债券市场发行规模为7.94万亿元，社会融资总规模增量为19.4万亿元， 占比达40.93%。然而市场急剧发展的背后也存在诸多的问题，违约债券事件频发， 同业竞争激烈导致大打价格战，为了市场排名而零利润争揽项目等。在如此严峻 的市场竞争环境下，银行如何提升自身竞争力，打造新的核心增长极，拓展债券 承销业务成为了众多商业银行考虑的重点。 ZH银行江西省分行于1974年开办，系ZH银行在江西省的一级管辖分行，经 过44年的发展，已拥有7000余名员工和覆盖全省11个地市的280多个营业网点。 近年来，ZH银行江西省分行立足实际，着眼长远，提出了争创“三个最佳”的发 展目标，即最佳服务、最佳形象、最佳业绩，诠释了银行效益、员工效益和社会 效益有机结合的深刻内涵，实现了担当社会责任与市场竞争力提升的双赢。但从 债券承销业务来看，ZH银行江西省分行却面临市场份额被蚕食的严峻局面。2015 年，ZH银行江西省分行境内债承销规模为30亿元，2016年仅为2.8亿元，2017 年也仅有3亿元，规模降低的同时也意味着重点客户的严重流失，ZH银行江西省 分行亟待找到自身存在的问题，并制定有效的应对措施。 本文根据ZH银行江西省分行债券承销业务的基本情况，对ZH银行江西省分 行债券承销业务现状、所处的内外部环境及存在的问题进行分析，运用SWOT分析 法分析其业务发展环境中的内部优势劣势、外部机会威胁，并得出了ZH银行江西 省分行债券承销业务需采取扭转型战略的结论，从而促进债券承销业务快速发展， 形成自身的核心竞争力。ZH银行江西省分行应该采取以下发展策略：首先，健全 产品管理制度及体系，完善授信制度提高审批效率，稳步推进常规业务品种并加 强创新产品研究应用。其次，做好客户营销及关系维护，巩固目标客户群，强化 系统内联动营销，并加强与集团内单位及其他同业机构合作。再次，完善组织架 构及专业队伍建设，设计合理的营销体系，提升队伍专业水平，并完善绩效考核 和激励机制。最后，对风险控制、尽职调查等措施进一步完善，在后续监管中加 大力度，使风险总体保持在可控范围内。与当前学术研究主要围绕债券市场、债 2 券发行主体和债券产品本身等不同，本文通过对债券市场各类产品分析的基础上， 重点对商业银行如何有效发展债券承销业务进行了探讨，通过对实际案例的深入 剖析提出了相应的意见建议，具有一定的理论意义和现实意义，也可对其他有此 类业务开展的金融机构起到一定的借鉴作用。 关键词：ZH银行江西省分行 债券承销业务 发展策略 3 Abstract In recent years, the regulatory level has adopted the situation of strict control over the investment banking business innovation of many Banks. There are various of method for commercial banks to invest , such as non-standard financial management, equity pledge and entrusted debt, have been restricted, and new business directions are urgently needed. Debt financing as an important direction of the investment banking business, effective in the form of direct financing service the real economy, and there is no layers of nested structure design, comply with the regulation the tenet of "back to basics", in addition, with continuous promote RMB internationalization, enterprises in overseas financing and foreign enterprises to raise funds in the Chinese market demand is growing, makes bond underwriting business the importance of the transformation of commercial Banks. In 2017, the size of inter-bank bond market issuance was 7.94 trillion yuan, and the total size of social financing increased by 19.4 trillion yuan, accounting for 40.93 percent. However, there are also many problems behind the rapid development of the market, such as the frequent occurrence of bond defaults, fierce competition in the industry, leading to a price war, and competing for projects for market ranking with zero profits. In such a severe market competition environment, how to improve their business capacity and effectively expand the bond underwriting business is a harsh problem confronting many commercial Banks. Established in 1974, the jiangxi branch of ZH bank is a first-level branch under the jurisdiction of ZH bank in jiangxi province. After 44 years of development, ZH bank has more than 7,000 employees and more than 280 business branches covering 11 cities and regions in the province. In recent years, the useful bank branch in jiangxi province based on actual, long-term perspective and put forward the pursuit of "three best" development goals, namely, the best service, best image, best performance, explained the organic combination of Banks, employee benefits and social benefits of profound connotation, bear the social responsibility and promoting market competitiveness of a win-win situation. But from the bond underwriting business, ZH bank's jiangxi branch has faced a serious situation of market share erosion. In 2015, the domestic debt underwriting scale of ZH bank's jiangxi branch was 3 billion yuan; in 2016, it was only 280 million yuan; in 2017, it was only 300 million yuan. The reduced scale also meant a serious loss of key customers. According to the basic situation of useful bank jiangxi branch bond underwriting 4 business, about the present situation of useful bank jiangxi branch bond underwriting business, internal and external environment, and the analysis of existing problems, using the method of SWOT to analyze its business development environment, the advantages and disadvantages of the internal and external opportunity and draw the useful bank jiangxi branch bond underwriting business take reverse type strategy, so as to accelerate the development of bond underwriting, form their own core competitiveness. The jiangxi branch of ZH bank should adopt the following development strategies: first, improve the product management system and system, improve the credit system to improve the efficiency of examination and approval, steadily promote the conventional business varieties and strengthen the application of innovative products. Secondly, we should do well in customer marketing and relationship maintenance, consolidate the target customer base, strengthen the integrated marketing within the system, and strengthen the cooperation with the group and other inter-bank organizations. Thirdly, improve the organizational structure and professional team building, design a reasonable marketing system, improve the professional level of the team, and improve the performance evaluation and incentive mechanism. Finally, further improve the risk control measures, effectively fulfill the responsibility of due diligence, strengthen the follow-up management, and improve the risk prevention and emergency mechanism. With the current academic research centered on the bond market, bond issuers and bond with the product itself, this article through to the bond market based on the analysis of all kinds of products, focus on commercial Banks how to effectively develop bond underwriting business are discussed in this paper, through the in-depth analysis of actual cases proposed the corresponding opinion suggestion, can be used for other financial institutions with such business play a certain reference function.。。。。。。以下内容略