發展我國商業銀行同業業務的探索

Abstract

21世紀以來，伴隨全球經濟自由化和一體化進程的加快，國內金融運行環境發生重大變化。利率市場化的推進極大地衝擊了商業銀行傳統依靠利差收入的經營模式，經濟資本的約束和金融監管政策的不斷逼近迫使商業銀行調整業務發展思路，混業經營格局的形成也客觀上要求商業銀行調整服務職能，實現業務創新。在此背景下，商業銀行同業業務應運而生並獲得飛速發展。 商業銀行金融同業業務最初限於商業銀行之間的拆借，以解決短期流動性，而如今同業業務逐漸發生質的變化，發展成商業銀行通過加強與券商、基金公司、保險公司等金融同業機構的合作，利用同業拆入資金或理財資金，擴大各種表外資產、當前除了傳統的同業存放、同業拆借、同業票據轉貼現，又衍生出同業代付、同業償付、買入返售等各種“創新”。 同業資產和同業負債迅速膨脹，其中國有商業銀行同業資產增長速度相對較快，股份制銀行中，興業、民生、平安的同業資產規模膨脹居前，城商行的同業資產增速較低。並且隨著同業資產規模膨脹，可以看到各家銀行同業業務利息收入占全部利息收入的比重快速上升，盈利能力穩步提升。 同業業務快速發展的重要原因在於銀行通過同業資產和期限的錯配進行套利。然後這種長期的錯配隱含巨大的風險，同時銀行過度的非標資產化都為同業業務的發展埋下巨大的隱患。錢荒危機的發生要求商業銀行必須流動性管理的重要性，審視同業業務的發展。 同業業務的健康有序發展要求擁有成熟的市場支撐、完善的監管政策和自由化的市場環境，這些都是商業銀行未來努力的方向。

Since global economic liberalization and integration process has accelerated from the 21st century, domestic financial environment has changed significantly. Market-oriented interest rate has greatly impacted the traditional commercial banking business model to rely on spread income, and economic capital constraints and financial regulatory policy also force commercial banks to adjust their business ideas. Still mixed-operation requires banks to adjust their service functions and achieve business innovation. In this context, interbank business has come into being and won rapid development. Interbank business originally limited to lending and borrowing among commercial banks to solve short-term liquidity, but now it changes significantly. Commercial banks unite with brokerages, fund companies, insurance companies and other financial institutions to use interbank funds or financial resources to expand the variety of off-balance sheet assets. In addition to traditional interbank deposits, lending, interbank rediscount bills, now interbank payment, interbank settlement, resale and other innovation appear. Interbank assets and liabilities expand rapidly, and among the main banks, assets of state-owned commercial banks grow faster relatively. Also banks of corporation limited show rapid development, especially industrial bank Co., Ltd and Minsheng banking. Comparatively, city commercial banks grow slower. With the expansion of interbank assets, interest income of interbank business accounts for bigger proportion of total income, and profitability increases steadily. The reason for fast development of interbank business is that bank can arbitrage through interbank assets and maturity mismatch. However, this mismatch implies huge risk. And over capitalization of non-standard assets has laid huge trouble. The Money Shortage crises require commercial banks to recognize the importance of liquidity management and examine the development of interbank business. In order to develop healthy and orderly, commercial banks need support of mature markets, sound regulatory policies and liberalization of the market environment, these are directions of commercial banks in the future efforts.