債務融資概述（中英）

來源: 編輯： 2009/05/21 10:16:38　　字體：大小

　　The most traditional form of bank financing is bank deposits, both at call and fixed deposits. However with the steady decrease of the deposit rates, the incentive for investors to leave money sitting in the bank has decreased, even more so now that depositors have to pay 20% tax on any interest earned. For a bank, deposits are the least expensive of all funding sources. One of the biggest problems facing banks is that they tend to do the majority of their lending through housing loans, which is generally for terms between 15 to 30 years. Deposits on the other hand are for terms ranging from 1 month to 5 years. If the bank were to provide a borrower with a 20 year housing loan of 1 million RMB, the bank would need to find a customer or a number of customers to commit to a total fixed deposit of 1 million RMB for 5 years. Note that investors would be unwilling to do this when interest rates are volatile or when inflation is high. After the end of the 5 years, they would need to find investors that are willing to do this another 3 times in order to ensure that the housing loan is fully funded. This results in funding risk to the bank. The liability management department in the bank looks after this risk.

　　銀行籌資最傳統(tǒng)的形式是銀行存款，包括活期存款和定期存款。然而，隨著存款利率的穩(wěn)步下降，投資商將錢存在銀行的熱情已開始減退，并且現在投資商還必須為其任何所得利潤支付20%的稅。對于銀行來說，存款是所有資金來源中最劃算的。銀行面臨的最大問題之一在于傾向于將大部分貸款用于住房貸款上，通常期限為15到30年。另一方面，存款期限則為1個月到5年。假如銀行向一借款人提供100萬人民幣貸款，為期20年，那么銀行就必須找到一個或若干個客戶來支付一筆總數為100萬人民幣、為期5年的定期存款。請注意，投資商在利率不穩(wěn)定或通貨膨脹嚴重時就不會這樣做了。5年到期后，他們還必須找到愿意再做3次的投資商，以確保住房貸款資金能夠完全到位。這會給銀行帶來資金籌措風險。銀行的負債管理部門會監(jiān)督該風險。

責任編輯：zoe

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