经济是一国的命脉，商业银行支持实体经济发展，在国民经济发展中扮演了重要的作用。然而面对利率市场化推进、金融脱媒、互联网金融竞争加剧、行业准入放开、监管力度加大等诸多挑战，商业银行吸收存款愈发乏力，营业收入和利润增速放缓，面临了前所未有的经营压力。

金融债券的使用以往是政策性银行吸收存款的主要方式。随着人民银行以及银保监会的政策逐渐放开，发行金融债成为了商业银行批量吸收公众存款进行融资的增长途径。那么金融债发行是否可以解决商业银行所面临的吸收公众存款乏力的问题成为商业银行可持续发展所必须关注的问题。本文以华夏银行2016年至2018年度连续实施发行金融债券为例来研究商业银行金融债发行及运营效率，具体分析华夏银行金融债发行的合理性以及其带来的运营效率的变化。通过企业运营效率视角来研究商业银行发行金融债融资，为商业银行解决增加可贷资金增强运营效率提供可借鉴的意义。

本文从商业银行的发展现状和金融债发行的文献理论研究开始，通过信息不对称和金融监管理论等作为理论抓手，分别从发行金融债券动因、发行进程对华夏银行2016至2018年度发行金融债券的合理性进行分析；并收集华夏银行金融债发行前后（2013-2018年）共计6年的8项财务指标，通过华夏银行自身和与同行业未发金融债的商业银行的对比，分别从盈利能力，成长能力以及市场竞争能力来比较分析华夏银行金融债发行前后的运营效率的改变。

研究结果显示2016年至2018年度华夏银行金融债发行吸收资金的方式是符合监管政策要求的，发行的方式是合理的；此外，通过三年连续发行金融债提升了华夏银行的运营效率和在行业中的竞争力。因此可以得出结论：金融债的的发行给华夏银行的运营效率带来了正向的加持，解决了华夏银行吸收公众存款乏力的经营困境，并且通过募集所得资金的有效投放促进了华夏银行的发展。以上研究结论为其他商业银行未来实施金融债发行的规划和整个商业银行业的可持续发展提供了一定的借鉴和理论指导意义。

Economy is the lifeblood of a country. Commercial banks support the development of real economy and play an important role in the development of national economy. However, in the face of many challenges, such as the promotion of interest rate marketization, financial disintermediation, intensified competition in Internet finance, deregulation of industry access, and increased supervision, commercial banks are increasingly weak in absorbing deposits, slowing down the growth of operating income and profits, and facing unprecedented operating pressure.

The use of financial bonds used to be the main way for policy banks to absorb deposits. With the gradual opening of the policies of the people's Bank of China and the CBRC, the issuance of financial bonds has become a growing way for commercial banks to absorb public deposits in batches for financing. Therefore, whether the issuance of financial bonds can solve the problem that commercial banks are faced with the lack of public deposits has become a problem that commercial banks must pay attention to for sustainable development. This paper takes Huaxia Bank's continuous issuance of financial bonds from 2016 to 2018 as an example to study the issuance and operation efficiency of financial bonds of commercial banks, and specifically analyzes the rationality of the issuance of financial bonds of Huaxia Bank and the changes of operation efficiency brought by it. From the perspective of enterprise operation efficiency, this paper studies the financing of financial bonds issued by commercial banks, which provides reference for commercial banks to increase the loanable funds and enhance the operation efficiency.

Starting from the development status of commercial banks and the literature theoretical research of financial bond issuance, this paper analyzes the rationality of Huaxia Bank's financial bond issuance in 2016-2018 from the motivation and process of issuing financial bonds through the theory of information asymmetry and financial supervision, and collects 8 of 6 years before and after the issuance of Huaxia bank's financial bonds (2013-2018) Through the comparison between Huaxia bank itself and commercial banks in the same industry that have not issued financial bonds, this paper compares and analyzes the changes of operating efficiency of Huaxia Bank before and after the issuance of financial bonds from profitability, growth ability and market competitiveness.

The research results show that the way of absorbing funds by issuing financial bonds of Huaxia Bank from 2016 to 2018 is in line with the regulatory policy requirements, and the issuing way is reasonable; in addition, through issuing financial bonds for three consecutive years, the operation efficiency and competitiveness of Huaxia Bank in the industry have been improved. Therefore, it can be concluded that the issuance of financial bonds has brought positive reinforcement to the operation efficiency of Huaxia Bank, solved the management dilemma of Huaxia Bank's weak absorption of public deposits, and promoted the development of Huaxia Bank through the effective investment of raised funds. The above conclusions provide some reference and theoretical guidance for other commercial banks to implement the plan of financial bond issuance and the sustainable development of the whole commercial banking industry in the future.