论日本商业银行进入债券承销市场的效应

An Analysis on the Effects of Japanese Commercial Banks' Bond Underwriting

日本商业银行进入债券承销市场乃至日本金融业混业经营改革采取的都是一种渐进的方式,而包括金融业混业经营在内的日本金融改革对我国来讲具有较好的借鉴意义。从债券承销佣金、承销商选择和债券收益率价差等3个方面来看,日本商业银行进入债券承销市场是成功的,促进了债券承销市场的竞争,降低了企业发行债券的成本,提高了整体金融效率。就我国的具体情况来看,应在借鉴日本混业经营经验的基础上加快金融业混业经营的步伐。

The bond underwriting of Japanese commercial banks, and even the universal banking reform itself,has been gradualism and implicative for China. Specifically, the effects of the underwriting commission, the selection of underwriter and the yield spread of bonds all show that the commercial banksj entry into the bond underwriting market has been successful. The entry has promoted the competition in the market and has saved costs of bond issuing, increasing the efficiency of the financial market as a whole. Much can be learned from the Japanese experiences in the governance of universal banking.