随着金融市场环境的变化，各家商业银行都面临着战略转型，债券承销业务 在推动商业银行转型过程中发挥着重要作用，各商业银行也已将债券承销业务作 为未来转型过程中的重点发展方向，纷纷借此机会争抢市场份额。在此环境下， 本文对XY银行昆明分行的债券承销业务进行了深入研究。 本文首先对XY银行昆明分行债券承销业务现状进行了分析，指出该行债券承 销业务存在整体波动较大、目标市场定位不清晰、客户集中度过高、产品结构和 创新不完善、人才队伍建设落后以及风险管控力度不够等问题。其次，本文运用 PEST分析法从政治、经济、社会和技术四个环境方面分析了该行债券承销业务的 宏观环境，得出政治、经济环境对其发展具有利好，社会环境和技术环境方面有 利有弊，在进行债券承销业务策略研究时需综合考虑所有宏观环境的影响。运用 STP分析法对云南省债券市场的发行人按照评级、欧亿·体育（中国）有限公司、区域和所有制性质四个 方面进行了市场细分，筛选出同时符合该四个细分市场标准的17家企业作为XY 银行昆明分行的目标市场，通过目标市场定位，得出XY银行昆明分行在与国有大 行的竞争中还存在劣势，应充分发挥其自身优势，围绕目标市场客户开精准营销。 基于上述研究和分析，本文得出了XY银行昆明分行债券承销业务的发展策 略，即在总体发展思路和目标设定方面，要紧跟总行转型思路、尽快制定阶段发 展目标；在客户营销方面，要对客户进行分层分类管理、对客户提供全方位金融 服务方案，并加强在营销过程中与上下级的沟通；在产品营销方面，要注重以债 券研究和债券投资带动债券承销业务的发展、加强创新产品营销渗透、积极拓展 债券产品匹配金融衍生品；在人才队伍建设方面，要加强现有员工培训、拓展人 才数量、加快推进项目经理制；在风险管理方面，要严控客户准入要求、建立统 一授信额度管理、加强存续期管理力度。 关键词：商业银行；债券承销；发展策略 昆明理工大学专业学位硕士学位论文XY银行昆明分行债券承销业务发展策略研究 II Abstract Withthechangesinthefinancialmarketenvironment,eachcommercialbankis facingastrategictransformation.Thebondunderwritingbusinessplaysanimportant roleinpromotingthetransformationofcommercialbanks.Thecommercialbanks havealsotakenthebondunderwritingbusinessasakeydevelopmentinthefuture transformationDirection,oneafteranothertookthisopportunitytocompetefor marketshare.Underthiscircumstance,thisarticlehasconductedin-depthresearch onthebondunderwritingbusinessofKunmingBranchofXYBank. ThisarticlefirstanalyzesthecurrentstatusofbondunderwritingbusinessofXY BankKunmingBranch,andpointsoutthatthebondunderwritingbusinessofthe bankhasalargeoverallfluctuation,uncleartargetmarketpositioning,excessive customerconcentration,imperfectproductstructureandinnovation,and underdevelopedtalentteam.Andinsufficientriskmanagementandcontrol.Secondly, thispaperusesthePESTanalysismethodtoanalyzethemacroenvironmentofthe bank'sbondunderwritingbusinessfromthefourenvironmentalaspectsofpolitics, economy,societyandtechnology.Itisconcludedthatthepoliticalandeconomic environmentisfavorableforitsdevelopment,andthesocialandtechnical environmentisfavorable.Disadvantages,allthemacro-environmentalimpactsneed tobeconsideredcomprehensivelywhenconductingbondunderwritingbusiness strategyresearch.UsingtheSTPanalysismethod,theissueroftheYunnanbond marketwassegmentedaccordingtothefouraspectsofrating,industry,regionand ownership,and17companiesthatmetthecriteriaofthefoursegmentedmarkets wereselectedasXYBankKunmingBranch.Accordingtothetargetmarketpositioning, itisconcludedthatKunmingBranchofXYBankstillhasdisadvantagesinthe competitionwithstate-ownedbigbanks.Itshouldgivefullplaytoitsownadvantages andstartprecisemarketingaroundtargetmarketcustomers. Basedontheaboveresearchandanalysis,thisarticledrawsthedevelopment strategyforbondunderwritingbusinessofXYBankKunmingBranch,thatis,interms 昆明理工大学专业学位硕士学位论文XY银行昆明分行债券承销业务发展策略研究 III ofoveralldevelopmentideasandtargetsetting,itisnecessarytofollowthehead office'stransformationideasandsetstagedevelopmentgoalsassoonaspossible;in customermarketing,Itisnecessarytocarryouthierarchicalmanagementof customers,providecustomerswithcomprehensivefinancialservicesolutions,and strengthencommunicationwithlowerandhigherlevelsinthemarketingprocess.In termsofproductmarketing,itisnecessarytofocusonthedevelopmentofbond underwritingbusinessthroughbondresearchandbondinvestment,Strengthenthe marketingpenetrationofinnovativeproducts,activelyexpandbondproductsto matchfinancialderivatives;intermsoftalentteamconstruction,strengthenexisting stafftraining,expandthenumberoftalents,andacceleratethepromotionofthe projectmanagersystem;intermsofriskmanagement,strictlycontrolcustomer accessrequirementsEstablishunifiedcreditlinemanagementandstrengthen durationmanagement. Keywords：CommercialBanks；BondUnderwriting；DevelopingStrategy 昆明理工大学专业学位硕士学位论文XY银行昆明分行债券承销业务发展策略研究 1 目录 摘要..........................................................................................................................I Abstract........................................................................................................II 第一章绪论..........................................................................................4 1.1研究背景与研究意义...................................................................4 1.1.1研究背景............................................................................4 1.1.2研究意义............................................................................5 1.2研究方法与研究内容...................................................................5 1.2.1研究方法............................................................................5 1.2.2研究内容............................................................................6 1.3国内外研究现状...........................................................................8 1.3.1国外研究现状....................................................................8 1.3.2国内研究现状....................................................................9 1.3.3文献评述..........................................................................10 第二章重要概念及相关理论基础..........................................................12 2.1重要概念.....................................................................................12 2.1.1债务融资工具..................................................................12 2.1.2债券承销业务..................................................................13 2.1.3债务融资工具主要产品..................................................13 2.2相关理论基础.............................................................................14 2.2.1委托代理理论..................................................................14 2.2.2信息不对称理论..............................................................14 2.2.3STP理论...........................................................................15 2.3本章小结.....................................................................................16 第三章债券承销业务发展状况概述......................................................17 3.1国内债券承销业务发展现状.....................................................17 3.1.1债券市场发展迅速..........................................................17 3.1.2债券承销业务竞争激烈..................................................18 3.2云南省债券承销业务发展现状.................................................19 昆明理工大学专业学位硕士学位论文XY银行昆明分行债券承销业务发展策略研究 2 3.2.1债券承销规模现状..........................................................19 3.2.2主要承销商特征..............................................................21 3.2.2.1债券承销银行构成趋于稳定...............................21 3.2.2.2全国性股份制商业银行占据主要地位...............22 3.2.3云南省债券承销业务特点..............................................23 3.3XY银行昆明分行债券承销业务发展现状................................26 3.3.1XY银行昆明分行简介.....................................................26 3.3.2债券承销业务情况...........................................................26 3.3.2.1XY银行总行债券承销业务开展情况..................26 3.3.2.2XY银行昆明分行债券承销业务开展情况..........27 3.3.3存在的问题......................................................................28 3.5本章小结...