首先,随着国际金融市场的发展和金融工具的创新,股票、基金、保险等一些可提供较高回报的投资吸引了大量资金从传统的银行存款流向金融市场,迫使商业银行愈来愈多地依赖发行各种证券来筹集资金。据BIS统计,1999年金融机构包括商业银行的债券发行从1998年的3695亿美 First, with the development of international financial markets and the innovation of financial instruments, some investments that provide higher returns, such as stocks, funds and insurance, have attracted large amounts of funds to flow from traditional bank deposits to financial markets, forcing commercial banks to increasingly Rely on the issuance of a variety of securities to raise funds. According to BIS statistics, in 1999, 369.5 billion U.S. dollars of bonds issued by commercial banks, including commercial banks,