金融(可转让存单NCDS)坚

名词解释1、Financial market（金融市场）is a market in which financial assets (securities) such as stocks and bonds can be purchased or sold.2、Those participants that provide funds are called surplus units（盈余方）.3、Participants that enter financial markets to obtain funds are called deficit units（赤字方）4、Those financial markets that facilitate the flow of short-term funds (with maturities of less than one year) are known as money markets（货币市场）.5、Those that facilitate the flow of long-term funds are known as capital markets（资本市场）.6、Primary markets（一级市场）facilitate the issuance of new securities. The issuance of new corporate stock or new treasury securities is a primary market transaction.7、Secondary markets（二级市场）facilitate the trading of existing securities. The sale of existing corporate stock or treasury security holdings by any business or individual is a secondary market transaction.8、liquidity（流动性）, which is the degree to which securities can easily be liquidated (sold) without a loss of value.9、over-the-counter (OTC) market（场外市场）, which is a telecommunications network.10、A secondary stock offering（二次发行）is a new stock offering by a specific firm whose stock is already publicly traded.11、Money Market Securities（货币市场证券）are debt securities that have a maturity of one year or less.12、Capital Market Securities（资本市场证券）securities with a maturity of more than one year are called Capital Market Securities.13、Bonds（债券）are long-term debt obligations issued by corporations and government agencies to support their operations. (Treasury notes and bonds).14、Mortgages（抵押贷款）are long-term debt obligations created to finance the purchase of real estate15、Stocks（股票）(also referred to as equity securities 股权类证券) are certificates representing partial ownership in the corporations that issued them. They are classified as capital market securities.16、Derivative securities（衍生证券）are financial contracts whose values are derived from the values of underlying assets (such as debt securities or equity securities).17、Speculation（投机）: derivative securities allow an investor to speculate on movements in the underlying assets without having to purchase those assets.18 、Hedging（套期保值）: Derivative securities can be used in a manner to generate gains if the value of the underlying assets declines.19、Foreign exchange rates（外汇汇率）: is the price of one money in terms of another one.20、Mutual Funds（共同基金）: they sell shares to surplus units and use the funds received to purchase a portfolio of securities.21、The Loanable Funds theory（可贷资金理论）, commonly used to explain interest rate movements, suggests that the market interest rate is determined by the factors that control the supply of and demand for loanable funds.22、This relationship between interest rate and expected inflation is often referred to as the Fisher Effect（费舍效应）.23、Crowding-out effect.（挤出效应）Given a certain amount of loanable funds supplied to the market( through saving), excessive government demand for these funds tends to “crowd out” the private demand (by consumer and corporation) for funds.24、Repurchase Agreements（购回协议）The Trading Desk purchases Treasury securities from government securities dealers with an agreement to sell back the securities at a specified date in the near future—to ensure adequate liquidity25、The Federal Reserve System (the Fed)(联邦储备系统), as the central bank of the United States, has the responsibility for conducting national monetary policy. 26、Commercial paper（商业票据）is a short-term debt instrument issued only by well-known creditworthy firms and is typically unsecured.27、Negotiable Certificates of Deposit (NCDs)（可转让存单）are issued by large commercial banks and other depository institutions as a short-term source of funds.28、Repo（回购）refers that one party sells securities to another with an agreement to repurchase the securities at a specified date and price.29、Federal funds（联邦基金）market allows depository institutions to effectively lend or borrow short-term funds from each other at the so-called federal funds rate.30、A banker’s acceptances（银行承兑）indicates thata bank accepts responsibility for a future payment. They are commonly used for international trade transactions.31、The U.S. dollar deposits in non-U.S. banks is called Eurodollar certificates of deposit or Eurodollar CDs（欧洲美元存款）.32、Bond markets(债券市场)facilitate the flow of long-term debt from surplus units to deficit units.33、Bearer bonds（无记名债券）: require the owner to clip coupons attacked to the bonds and send them to the issuer to receive coupon payments.34、Registered bonds（记名债券）: require the issuer to maintain records of who owns the bond and automatically send coupon payments to the owners. 35、An initial public offering（首次公开募股）is a first-time of shares by a specific firm to the public.36、Over-the-Counter Market（场外交易市场）:Trades through a telecommunications network37、Financial futures markets（金融期货市场）facilitate the trading of financial future contracts.38、financial futures contract（期货合约）is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date.39、price movements of bond futures contracts Economic growth: employment, GDP, retail sales, industrial production, and consumer confidence40、A bond index futures contract allows for the buying and selling of a bond index for a specified price at a specifies date.41、Open Market OperationsThe buying and selling of government securities (through the Trading Desk) is referred to as open market operations.42、Stripped treasury bondsStripped Treasury BondsThe cash flows of bonds are commonly transformed(转化) by securities firms so that one security represents the principal payment only while a second security represents the interest payments1.depository institution（存款类金融机构）：1Commercial Banks.2Saving institutions include savings and loan associations (S&Ls) and saving banks.3 Interaction between Savings Institutions and Other Financial Institutions. 4Credit unions(信用合作组织)2.Nondepository Financial Institutions（非存款类金融机构）1Finance Companies2Mutual Funds (共同基金)3 Securities firms4Insurance Companies 5 Pension Funds3.Depository institutions are popular financial institutions for the following reasons:They offer deposit accounts that can accommodate the amount and liquidity characteristics desired by most surplus units.Repackage funds received from deposits to provide loans of the size and maturity desired by deficit units. They act as a creditor.Accept the risk on loans provided.Have more expertise than individual surplus units in evaluating the creditworthiness of deficit unitsDiversify their loans among numerous deficit units and therefore can absorb defaulted loans better than individual surplus units could.4.Demand for loanable funds1）Household demand 2）Business demand 3)Government demand 4)Foreign demand 5)Aggregate demand5.The Fed has five major components:Federal Reserve district banks(联储地区银行)Member banksBoard of Governors(联邦储备理事会)Federal Open Market Committee (FOMC)Advisory committees(顾问委员会)6.The Fed can use three monetary policy tools to either increase or decrease the money supply:1）Open market operations2）Adjustments in the discount rate 3）Adjustments in the reserve requirement ratioparison of Monetary Policy Tools1）Open market operations are convenient and used without signaling the Fed’s intent ions.2）Adjustment to loans by adjusting discount rate is only temporary.3）Adjustment in the reserve requirement ratio can cause erratic (反复无常的)shifts in the money supply.6 M1 = Currency + checking depositsM2 = M1 + saving deposits, MMDAs, Eurodollars, small time depositsM3 = M2 + money market mutual funds, large time deposits, repurchase agreements8.popular money market securities are:Treasury bills, commercial paper, negotiable certificates of deposit, repurchase agreements, federal funds and banke r’s acceptances9.The reasons that the Eurodollar market are attractive for both depositors and borrowers:the spread between the rate banks pay and the rate they charge is relatively smallOnly governments and large corporations participate in this market—lower riskInvestors in the market avoid some costs (no deposit insurance, lower taxes, no government-mandated credit allocations)Eurodollar CDs are not subject to reserve requirements Less regulations and restrictions10.The purpose for call provisions（提前赎回条款）: End up paying a higher rate when interest rates decline Retire bonds as required by a sinking-fund provision 11.Futures and forward contracts are similar in the following ways:Both are derivative securities for future delivery. The parties agree today on price and quantity for settlement in the future.Both are used to hedge currency risk, interest rate risk or commodity price risk.They differ in these ways:Forward contracts are private, customized定制contracts between a bank and its clients depending on the client’s needs (OTC). There is no secondary market for forward contracts since they are private contractual agreements.Forward contracts are settled at expiration. Futures contracts are continually settled (mark to market) Profits/losses for a futures contract accumulate on a daily basis unlike a forward contract where profits/losses are realized at once at contract expiration. Futures markets have daily price limits. If the settlement price changes by the daily price limit, trading is stopped until the next day.12.Risk of Trading Futures Contracts1）Market risk: refers to fluctuations in the value of the instrument as a result of market conditions. (wrong expectation)2）Basis risk: the position being hedged by the futures contracts is not affected in the same manner as the instrument underlying the futures contract.3）Liquidity risk: refers to potential price distortions dueto a lack of liquidity. (no traders)4）Credit risk: is the risk that a loss will occur because a counterparty defaults on the contract.5）Prepayment risk: refers to the possibility that the assets to be hedged may be prepaid earlier than their designated maturity.6）Operational risk: is the risk of losses as a result of inadequate management or controls.13 Foreign stock offerings in U.S.Advantages: enhance the global image, easily place the issue of new stock, obtain large amount of fund, diversifies the shareholder base, increase the liquidity, protect a firm against hostile takeovers(恶意收购) Disadvantages: stringent(严格的) regulations, entail some costs14、How does the Fed use the monetary policy tools to adjust the money supply?（1）When the Fed issues securities, the commercial banks purchase those that are most attractive. The total funds decrease and the money supply falls.When the Fed purchase securities, the total funds increase, which represents a loosening of money supply growth.（2）To increase the money supply, the Fed can authorized a reduction in the discount rate; to decrease the money supply, the Fed can increase the discount rate.（3）The lower the reserve requirement ratio, the greater the lending capacity of depository institutions, so a larger money supply.Money multiply15、What are the characteristics of corporate bonds?（1）The bond indenture, trustee（2）Sinking-Fund Provision(偿债基金准备)（3）Protective Covenants(保护条款)16、What is the relationship between the government demand for loanable funds and interest rate? (Explain by pictures)The federal government demand-for-loanable-funds schedule is Dg1, if new bills are passed that cause a net increase in the deficit of USD20 billion, the federal government demand for loanable funds will increaseby that amount. The new demand schedule is Dg2.17、What are the ways by which the money flows from individual surplus units to deficit units?a major type of financial intermediary is the depository institution which accepts deposits from surplus units and provides credit to deficit units through loans and purchases of securities.18、How does the level of tax, do you think, affect the demand of household for loanable funds (please explain by pictures)?An investment tax credit will increase the incentive to borrow，it increases the demand for loanable funds.。

商业银行经营与管理在线考试复习资料一、单选题（）1.英格兰银行的建立标志着资本主义现代银行制度的正式确立，它成立于_A___。

A1836年B1694年C1764年D1894年1.储蓄存款异地托收业务的概念、功能特性描述正确的是 DA储户向银行营业网点申请，将在本地其他金融机构的存款转入本行续存或提取本息B只有系统内异地托收一种C异地存款的不即时转移，资金转移简便，但利息受到损失D异地托收按托收金额的1%收取手续费，单笔最低1元，最高仅收50元E理财金账户客户可享受五折手续费优惠2.在我国，储蓄存款是指（A ）A个人存款B企业存款C同业存款D单位存款3.（ B）是商业银行最主要的资金来源。

A同业拆借B存款C向央行借款D发行债券4.有关储蓄应急业务规定，正确的说法是 AA由于通讯线路或计算机发生故障，不能及时排除，造成辖区内营业机构无法正常办理业务，且客户急需支取储蓄账户存款时，营业机构可采取手工处理方式为客户办理取款业务B暂限定为活期储蓄取款业务，且每日可以多次C应急业务可以在本行任一营业机构办理D应急付款业务不设最高限额5.中期流动资金贷款为（ D ）。

A期限为1年至5年B满足企业在正常生产经营中临时性的流动资金需要C满足企业在正常生产经营中经常占用的流动资金需要D满足企业在正常生产经营中周转性的流动资金需要二、多选题（每题5分共4道小题总分值20分）1.商业银行总行对其在国外的（ ACE ）要负无限法律责任。

A代表处B附属公司C代理处D联合银行E分支行2.对贷款审批委员会审批贷款形成逾期的贷款风险的相关责任人，可进行下面哪些处罚（ABC ）。

A罚款B按比例赔偿C行政处分D责令清收3.商业银行财务报表的作用是（ABCDE ）A财务报表所提供的信息，有利于银行管理者正确评价银行各项业务活动的经济效益B财务报表所提供的信息，有利于投资者保护其自身的合法权益C综合反映银行信贷业务活动、资产负债比例管理和风险资产管理的状况和结果D是国家经济管理机关加强和改善宏观金融管理的重要依据E财务报表所提供的信息，是投资者进行投资决策的重要分析依据4.商业银行的外部组织形式采取分行制，其优点是（ BDE ）。

大额可转让定期存单（Large Negotiable Certificate of Deposit，NCDs）在国际上对金融市场的发展曾经产生了非常重要影响。

随着各项条件的日益成熟，重建我国NCDs市场对加快金融市场基础建设将发挥一定的促进作用。

一、美国NCDs市场的发展回顾NCDs是20世纪60年代初产生的年轻的货币市场工具,它是银行和其他存款机构为了增强在货币市场上的竞争力,扩大资金的吸收能力,防止存款流失和满足市场投资者对短期投资工具的需求而发行的一种可以在市场上转让的定期存款凭证。

（一）NCDs的诞生背景1929年—1933年的大萧条重创美国金融业，9600多家银行倒闭。

为阻止美国财政信贷体系的彻底崩溃，一系列旨在促进银行业安全性和稳健性的法律被国会通过[1]。

新交易法体系的严格监管，特别是《Q条例》禁止银行对活期存款支付利息，对银行储蓄存款和定期存款规定了利率上限。

当时美国所有的存单都是记名，不可转让的，同时受到利率上限的限制，商业银行在金融服务市场中的份额不断下降。

为了避开利率管制并使存单更具流动性，1962年纽约的城市国民银行(现为花旗银行)推出第一张10万美元以上、可在二级市场上转卖的NCDs。

为了保证市场的流动性，花旗银行还特地请专门办理政府债券的贴现公司第一波士顿公司为NCDs提供二级市场。

NCDs一问世即受到市场的追捧，其他银行相继效仿,给整个美国银行业带来了巨大影响，被誉为“美国银行业的一场革命”。

（二）NCDs的基本特征NCDs的面额固定且一般金额较大，多数NCDs的面额超过100万美元，在次级市场中整额交易量的范围为500万美元至1000万美元。

到期期限从14天至12个月，以3个月居多。

随着品种丰富，期限有延长趋势。

如1975年出现的可变利率NCDs，期限一般为5年；1976年纽约的摩根保证信托公司发行了滚动的NCDs，它由一系列的6个月期限CDs组成，期限超过两年。

“余额宝”的是是非非作者：王立荣来源：《投资北京》2014年第05期“余额宝”这一新型互联网金融产品，一经问世，便受到投资者的青睐，销售数量瞬间攀升，增长速度令人惊叹！截至2014年2月底，余额宝的客户数量已超过8100万户，销售金额也已超过5000亿元。

“余额宝”销售场面火爆的同时，质疑的声音也此起彼伏：有人认为余额宝会抬高银行贷款的利率，是“趴在银行身上的吸血鬼”、“金融业的寄生虫”；有人认为应对余额宝存款实行存款准备金管理；有人认为余额宝是钻了监管的空子……总之，“余额宝”是“人红是非多”。

上述议论到底孰是孰非呢？会抬高银行贷款利率吗？有观点认为，余额宝们抬高了最终贷款客户的成本，而这一成本最终将转嫁到企业和每个人身上。

这种观点表面上看似乎有一定道理。

余额宝吸收的资金原本大都是存在银行的活期存款，余额宝将其聚少成多，存入银行协议存款，然后获得了与银行谈判的资格，并获得远远高于活期存款的收益。

这一过程中，实际上银行接受的余额宝资金还是那些资金，只不过是客户变换了身份，银行就需要支付更高的利率，所以说余额宝使得银行提高了成本，这一点毋庸质疑。

那么银行的成本提高了，是否意味着最终贷款客户的成本即银行贷款的利率就一定会提高呢？表面上看，银行为了收回成本，理应提高贷款利率，否则银行将遭受损失。

但是银行的贷款利率是完全由银行决定吗？实际上，银行的贷款利率应该取决于贷款资金供求状况。

如果资金供不应求，利率自然会提高，如果供过于求，利率就会下调，而银行作为资金的供给方，并不具有对利率完全的控制权，或者说银行并不能完全依据融资成本来确定贷款的利率。

只有利率的决定权完全掌握在银行手中，那么银行才能够为了维持其高收益提高贷款利率。

长期以来，我国的商业银行依赖中央银行的基准利率限制而享受着较高的利差收益，但是，这种状况必然会随着利率市场化的实现而终结。

银行的高利差收益是制度造成的，而不是银行真正按照市场规则而获取的，在市场竞争中，没有任何竞争者可以无理由地维持高收益，银行经营不善同样也要面临破产，所以是否提高利率，完全取决于市场的情况而不取决于银行的收益情况。

金斧子财富：基本概念大额可转让定期存单亦称大额可转让存款证，是银行印发的一种定期存款凭证，凭证上印有一定的票面金额、存入和到期日以及利率，到期后可按票面金额和规定利率提取全部本利，逾期存款不计息。

大额可转让定期存单可流通转让，自由买卖。

大额可转让存单的产生：为规避利率管制，花旗银行前身First National City Bank于上世纪60年代初开始发行可转让定期存单，使商业银行的资金配置策略重心转向“负债管理”。

起源于20世纪初，首先由美国花旗银行的发行。

对居民个人发行的，不分段计息，存单到期后一次还本付息，逾期部分不计付利息。

采用记名方式发行，可以转让。

在我国，根据《中国人民银行关于大额可转让定期存单管理办法》的规定，大额可转让定期存单的发行单位限于各类银行。

非银行金融机构不得发行大额可转让定期存单。

大额可转让定期存单的发行对象为城乡个人和企业、事业单位。

购买大额可转让定期存单的资金应为个人资金和企业、事业单位的自有资金。

金斧子财富：特点大额可转让定期存单，是银行发行的到期之前可转让的定期存款凭证。

①通常不记名，不能提前支取，可以在二级市场上转让；②大额存单按标准单位发行，面额较大；③发行者多是大银行；④期限多在1年以内。

大额存单是银行存款的证券化。

种类金斧子财富： 按照发行者的不同，美国大额可转让定期存单可以分为四类：国内存单，欧洲美元存单，扬基存单和储蓄机构存单。

国内存单是四种存单中最重要，也是历史最悠久的一种。

它由美国国内银行发行。

存单上注明存单的金额，到期日，利率及期限。

国内存单的期限由银行和客户协商确定，常常根据客户的流动性要求灵活安排，期限一般为30天或者12个月，也有超过12个月的。

流通中未到期的国内存单的平均年限为3个月。

欧洲美元存单是美国境外银行发行的，以美元为面值的一种可转让定期存单。

欧洲美元存单由美国境外银行（外国银行和美国银行在外的分支机构）发行。

欧洲美元存单的中心在伦敦，但欧洲美元存单的发行范围不仅仅限于欧洲。

2014年大额可转让定期存单CDs分析报告2014年7月目录一、大额可转让定期存单：国内存款利率市场化进程的关键一步 (3)1、大额可转让定期存单 (3)2、我国CD S的发行和暂停：1986-1997 (4)3、重新提上日程 (5)二、美国CDS的发展情况 (7)1、美国CD S产生背景：应对利率管制下银行存款的急剧流失的主动创新 (7)2、发展和利率市场化进程 (8)3、对美国商业银行的影响：负债成本上升，但盈利能力影响较小 (10)三、日本CDS的发展情况 (11)1、日本CD S实行的是面额和期限的管制 (11)2、发展进程及对银行的影响 (12)四、CDS推出对我国商业银行的影响 (14)1、提升商业银行负债管理空间 (14)（1）商业银行的负债管理得以加强 (14)（2）商业银行存款的稳定性将增强 (15)2、对商业银行业绩的影响 (15)一、大额可转让定期存单：国内存款利率市场化进程的关键一步1、大额可转让定期存单根据发达国家利率市场化的成功经验，存款利率的市场化核心还是在于市场化的金融创新，通过创新出新的不受传统利率管制约束的金融产品，实现从市场利率和管制利率的双轨向市场利率单轨的平稳过渡。

美国存款利率市场化的主要工具是大额可转让存单（CDs）、可转让提款通知单账户（NOW账户）、超级可转让提款通知单账户（Super NOW账户）及货币市场存款账户（MMDA）等。

同样，日本的存款利率市场化也伴随着大额可转让定期存单（CDs）和与市场利率挂钩型存款账户（MMC）等新存款类型带动存款利率的市场化。

大额可转让定期存单（Negotiable Certificate of Deposits，简写为CDs或NCDs），是一种固定面额、固定期限、可以转让的大额存款凭证。

这种存款单与普通银行存款单不同：一是不记名，二是存单上金额固定且面额大；三是可以流通和转让。

存款单的到期日不能少于14 天，一般都在一年以下，3—6个月的居多。

花旗:商业银⾏的先驱和榜样2019-10-3021世纪，随着我国⾦融⾏业的开放，外资银⾏纷纷抢滩中国市场，国内外商业银⾏风云际会，竞争空前激烈。

商业银⾏业务可以分为公司业务和零售业务，随着后者在商业银⾏整体业务中所占的⽐重不断上升，个⼈业务已经成为决定性的因素。

毫不夸张地说，它决定着商业银⾏的未来。

在零售业务上，国内商业银⾏与外资银⾏之间的差距较⼤。

因此，学习外资银⾏的经验就⾮常必要。

拥有百年历史的花期银⾏恰恰为我们树⽴了良好的榜样。

虽然花旗在经济危机中遭受重创，但其仍⽆愧于零售业务领域的佼佼者。

以客户为中⼼的营销模式作为全球最富盛名的零售银⾏之⼀，“以客户为中⼼”已成为花旗⼀以贯之的营销理念。

在其指导下，花旗不断进⾏产品和服务创新，构建了独具特⾊的商业模式。

营销基⽯：业务全能化产品是营销的基⽯，也是花旗营销模式的载体。

花旗秉承以客户为中⼼的理念，致⼒于为客户提供最全⾯的⾦融解决⽅案。

⽬前，花旗的产品⼏乎涵盖了所有⾦融领域，堪称⾦融领域的“⼀站式超市”。

花旗实现增长的⼿段主要有两个――并购和⾃主⾦融创新。

在并购⽅⾯，花旗显然是⾦融领域的１顶级猎⼿”。

从20世纪早期通过并购农业贷款信托公司进⼊信托领域，到1984年通过收购储贷协会进⼊抵押贷款领域，再到1998年并购旅⾏者集团，成为全球最⼤的“⾦融航母”。

花旗银⾏总是善于借助并购，不断拓展⾃⼰的业务领域。

除了并购，花旗还拥有强⼤的产品和服务研发能⼒，这使其成为全球⾦融创新的策源地。

今天的花旗已经成为国际商业银⾏的标准制定者，我们所熟知的⼤额可转让存单(NCDs)、ATM机、24⼩时电话银⾏等，都由花旗⾸创。

花旗拥有如此强⼤的产品和服务创新能⼒，主要得益于其对消费者需求的深刻洞悉。

今天，消费需求告别了⼤众需求时代，已经演进到⼩众甚⾄个众时代。

⽬前，花旗在全球提供500多种⾦融产品，通过不同的产品组合，花旗很好地满⾜了客户的个性化⾦融需求。

市场细分和客户全⽣命周期管理在“以客户为中⼼”理念之下，花旗银⾏的“另⼀项绝技”就是对客户进⾏细分管理和全⽣命周期管理，具体可以分为以下⼏个层⾯：⾸先，进⾏市场细分，满⾜细分需求。

大额可转让定期存单重启与利率市场化进程问题的思考作者：王越来源：《商情》2013年第43期【摘要】路透社报道五家中国商业银行已经将发行大额可转让同业定期存单的方案上报到央行，大额可转让定期存单（NCDs）在暂停十余年后有望再度开闸。

NCDs曾在美国、日本等国家利率市场化过渡阶段发挥过重要作用，这次在国内重新开闸也将成为我国利率市场化进程中的重要步骤。

【关键词】大额可转让定期存单；利率市场化；基准利率8月22日，路透社消息人士报道五家中国大型国有商业银行已经将发行大额可转让同业定期存单的方案上报到央行，首批最早有望在9月面世。

这五家国有银行包括中国银行，工商银行，建设银行，农业银行以及交通银行。

两位了解情况的消息人士确认，试点初期针对的是银行间市场同业存单，银行间市场的主要投资者都可以成为大额可转让同业定期存单的投资者，下一步才会考虑面向非金融机构以及个人投资者。

大额可转让定期存单（Negotiable Certificate of Deposits，简称NCDs）是由银行发行的可在金融市场上流通的一定期限的银行存款凭证。

根据美国、日本的经验，NCDs都曾经成功担负过利率市场化的过渡性步骤。

而我国目前尝试引入NCDs对逐步实现利率市场化也意义重大：首先，NCDs是一种利率可以自由浮动的银行融资工具，能够有效提高存款利率市场化的程度，而又不会全面冲击存款成本；第二，银监会下发“8号文”之后，大量资金寻找非存款渠道投资以获得较高收益。

引入NCDs可以有效稳定存款，避免过度流失，同时降低银行负债的波动性；第三，NCDs的平均期限明显长于普通存款平均期限，引入NCDs有利于银行提高负债的平均期限，缓解银行普遍面临的“借短贷长”的问题；第四，若对中小银行全面开放NCDs 发行，将直接提高这些银行的融资能力，从而间接地促进中小企业的融资和发展；最后，NCDs可以为央行增添新的公开市场操作工具，为货币政策的实现增加新的途径。