在经历了多次启动与中止发行之后，2015年6月2日中国人民银行发布了《大额存单管理暂行办法 》，再次重新推出大额存单，允许商业银行、政策性银行和农村合作金融机构以及中国人民银行认可的其他存款类金融机构，面向非金融机构及个人投资者（ 企业认购金额不低于1000万元，个人认购金额不低于 30 万元） 发行标准期限的记账式大额存单凭证，并以市场化方式确定利率 。
一、我国大额存单业务发展现状
大额存单（Certificates of deposit，CD），是指由银行业存款类金融机构面向个人、非金融企业、机关团体等发行的一种大额存款凭证。与一般存单不同的是，大额存单在到期之前可以转让，期限不低于7天，投资门槛高，金额为整数。大额存单是银行存款类金融产品，属一般性存款，纳入存款保险范围。这是继放开同业存单后利率市场化改革的又一重要举措。我国利率市场化改革的步骤是“先贷款，后存款；先长期、大额， 后短期、小额”按这个思路，现在就剩下存款利率市场化这最后一步，而大额存单重启无疑会加快我国利率市场化改革。
2015年6月15日，包括工商银行、农业银行、中国银行、建设银行、交通银行、浦发银行、招商银行、兴业银行、中信银行等9家市场利率定价自律机制核心成员发行首批大额存单。
大额存单期限以一年期以内的为主，首批大额存单的优势在于保本保息、支取相对灵活，大额存单利率普遍较基准利率上浮40%。
二、大额存单重启的意义--促进利率市场化步伐
大额可转让定期存单（简称大额存单或CDs）是存款利率市场化的重要突破口。受利率市场化和互联网金融的冲击，我国商业银行的存款总额整体上出现了下降的趋势，大额存单的重启，对商业银行负债的来源结构、融资成本及综合实力等各方面产生了巨大影响，也对商业银行稳定存款、主动负债管理带来严峻挑战。
大额存单本质上是一种货币市场工具，不受存款利率上限的约束，它的发行不仅可以满足了存款人对流动性的需求，又能使存款人获得了较高的利率，同时也满足了银行稳定资金来源的需求。正是以大额可转让定期存单为代表的金融创新的推动，美联储在1970年6月对10万美元以上、90天以内的大额存单取消了利率限制，在1973年进一步解除了所有大额存单的利率上限，形成了小额存款利率受限而大额存款利率可以自由上浮的局面。伴随大额存单市场的发展，美国商业银行存款定价能力大幅提高，为20世纪80年代以后全面放开利率管制奠定了基础。
当前，我国经济快速发展，金融改革的步伐不断加快，进一步推进利率市场化改革的条件已经基本成熟，大额存单业务的重启正是“自下而上”市场选择与“自上而下”改革推进的共同结果。大额存单不仅能直接实现一部分存款利率市场化，也能够推进存款利率市场化程度的提高，还可以避免存款利率一下子放开对银行乃至实体经济的过猛冲击。
我国利率市场化的进程，应充分汲取美国教训，合理制定和稳步放开存单发行的利率上限，防止过高或过低的利率上限对市场产生的不利影响；同时，存单出台后，应逐步发展柜台和交易所市场，有步骤地建设大额存单的二级市场，增强市场流动性。
三、重启大额存单对商业银行的影响与挑战
1.改变负债结构，出现“四个转化”
大额存单因具有资金起点较低、市场化程度较高流、通转让较好、期限品种较全等特点，将使银行负债结构将出现以下变化。一是加速活期存款定期化。二是定期存款短期化。三是加速对公存款个人化。四是加速表外资金表内化。
2.加剧银行经营格局分化
我国商业银行的发展一直以存款为主，银行利润的来源也绝大部分是息差，息差带来的巨额利润也一直是业务营和规模扩张的基础。CDs可以是加快存款利率市场化，之后将促使银行格局进一步分化。一是提高价格竞争程度。为了吸引投资者购买大额存单，某个银行会给予投资者相较于其它银行更优惠的价格，这无疑会加剧银行的竞争程度。二是改变银行业务结构。一般来看，中小银行存款定价相对较高，这将使中小银行逐步淡出大企业融资领域，把眼光更多的放到中小型企业。三是收窄银行息差收入，加速银行的转型。为了吸引客户，银行会把大额存单利率尽量上浮，这将提高银行的融资成本，导致净息差收窄，银行利润减少，对银行尤其是中小商业银行的转型提出了巨大的挑战。
3.考验中小银行的定价能力
我国发行大额存单的银行可以自行拟定利率，利率确定更加市场化。大额存单使中小银行负债产品市场化定价的范围扩大，健全了市场化利率形成机制，也进一步锻炼了中小银行的自主定价能力，还能培育企业、个人等零售市场参与者的市场化定价理念，为继续推进存款利率市场化进行有益探索并积累宝贵经验。所以，这要求中小银行需要从全方面把握市场经济形势，来确定CDs产品的发行价格，并从从多个层面研究和权衡资金投资运作效益，这就需要对定价模型的各方面指标进行科学化的操控。
After experienced several times to start with the suspension of the issue, in 2015 June 2, the people's Bank of China issued "certificates of deposit" Interim Measures for the administration of again to re launch certificates of deposit, allowing commercial banks, policy banks and rural cooperative financial institutions and the people's Bank of China recognize other deposits of financial institutions, for non financial institutions and individual investors (enterprise subscription amount of not less than 10 million yuan, personal subscription amount not less than 30 million yuan) entry certificates of deposit certificate issued standard terms, and market-oriented approach to determine the interest rate.
First, the status quo of China's large deposit certificate business development
Of deposit Certificates (CD), is refers to the bank deposit type financial institutions for individuals, non financial enterprises, institutions, such as the issuance of a large deposit certificate. Different from the general certificates of deposit is that large certificates of deposit before maturity can be transferred, the period of not less than 7 days, the investment threshold is high, the amount of an integer. Certificates of deposit is a bank deposit financial products, is a general deposit, into the scope of deposit insurance. This is another important step in the liberalization of www.xueyuanpai.net www.gu6e.com www.qdvacuum.com interest rates after the interbank deposit market reforms. The steps of the market-oriented reform of interest rate in our country is "first loan, deposit; first long-term, large, after a short period of time, small", according to this idea, and now there is only the deposit interest rate market of the last step, and certificates of deposit restart will undoubtedly accelerate the speed of China's market-oriented reform of interest rates.
June 15, 2015, including industrial and Commercial Bank of China, agricultural bank, Bank of China, China Construction Bank, Bank of communications, Shanghai Pudong Development Bank, China Merchants Bank, industrial bank, CITIC Bank nine market interest rate pricing self-discipline mechanism is a core member of the first issue of certificates of deposit.
Large deposit period of one year or less of the main, the first batch of certificates of deposit advantage is that capital preservation, withdrawal is relatively flexible, large deposit rates generally lower than the benchmark interest rate up 40%.
Two, the significance of the resumption of large certificates of deposit - to promote the pace of interest rate market
Large negotiable certificates of deposit (referred to as certificates of deposit or CDs) is an important breakthrough in the deposit interest rate market. Affected by the impact of interest rate marketization and Internet banking, of the total deposits in commercial banks of our country as a whole the downward trend, the restart of the certificates of deposit, on commercial bank debt source structure, financing cost and synthetical strength of the produced great influence, of stable deposits of commercial banks, active debt management bring severe challenges.
Certificates of deposit essentially is a money market instruments, is not limited by a ceiling on deposit rates, the issue can not only meet the demand the depositor liquidity and the depositor to obtain the higher interest rates, but also to meet the demand for bank a stable source of funding. Is a large transfer of certificates of deposit to promote the representative of financial innovation, the fed in 1970 June to more than $10 million, within 90 days of certificates of deposit to cancel the restrictions on interest rates, in 1973 further removed from a all certificates of deposit interest rate ceilings, formed a small deposit interest rate limited and large deposit interest rate can free floating situation. With the development of the large deposit market, the U.S. commercial bank deposit pricing ability to significantly improve, for the 1980s after the full liberalization of interest rates to lay the foundation.
At present, China's rapid economic development, accelerating the pace of financial reform, to further promote www.bjbhzhy.com www.chengxinxy.com the market-oriented interest rate reform, the conditions are ripe, certificates of deposit business restart is "from bottom to top" market selection and "top-down reform of common results. Certificates of deposit can not only implement part of the deposit interest rate market directly, can also promote the improvement of deposit interest rate marketization degree, can also avoid the deposit interest rate of a sudden release of banks and the real economy, the fierce impact.
The process of marketization of interest rate of our country should be fully absorb lessons from the United States, to develop a reasonable and steady liberalization of certificates of deposit issued by the interest rate cap, prevent the adverse effects of high or low interest rate cap on the market; at the same time, after the introduction of the deposit, the progressive development of OTC and exchange market, step by step to the construction of certificates of deposit in the secondary market, and enhance market liquidity.
Three, restart the impact and challenges of large deposits of commercial banks
1 to change the debt structure, there are four transformation"
Certificates of deposit with low starting capital, flow higher degree of marketization, transfer is better, the term variety is congruent characteristics, will make the structure of bank debt will be presented with the following changes. One is to accelerate the demand deposits on a regular basis. Two is the short-term deposits. Three is to accelerate the personalization of public deposits. Four is to accelerate the table outside the capital table internalization.
2 intensify banking business pattern differentiation
The development of commercial banks in China has been mainly based on deposits, the source of bank profits is also the vast majority of income difference, the huge profit margin has been the basis of business and scale expansion. CDs may be to accelerate the deposit interest rate market, the bank will further promote the pattern of differentiation. One is to improve the degree of price competition. In order to attract investors to buy large certificates of deposit, a bank will give investors a more favorable price than other banks, which will undoubtedly increase the level of competition in the bank. Two is to change the banking business structure. Generally, the relatively high prices of small and medium bank deposits, which will make small and medium banks gradually fade out of the field of large enterprises financing, the vision more into the small and medium enterprises. Three is to narrow the income of bank interest income, accelerate the transformation of the bank. In order to attract customers, the bank will make a large deposit rates as much as possible, this will increase the cost of bank financing.
本文来源：https://www.2haoxitong.net/k/doc/05aa7c0f28ea81c759f5780c.html
文档为doc格式