中美信用债市场期限差异化研究及启示

发布时间：2017-12-31 23:29

本文关键词：中美信用债市场期限差异化研究及启示　出处：《深圳大学学报(人文社会科学版)》2017年03期 　论文类型：期刊论文

【摘要】：融资期限结构是信用债券市场融资效率的重要体现。与美国相比,中国信用债市场期限偏短,并且两国债券市场期限差异近年来不断扩大。导致中美信用债券市场期限差异化的原因:一是债券市场发展成熟度不同;二是财政和货币政策侧重点不同;三是金融体系结构不同。融资期限较短表明中国债券市场服务实体经济的能力有待提高,而债券市场期限的提高离不开金融市场的完善和财政货币政策的协调,因此建议从三方面着手来引导我国中长期信用债券市场发展。一是加强债券市场互联互通,解决交易所债券市场投资者不足问题;二是通过CDS等产品创新增加债券市场对投资者的吸引力;三是主动吸引增量长期资金进入债券市场。
[Abstract]:The term financing structure is an important embodiment of financing efficiency of credit bond market. Compared with the United States, the term Chinese credit debt market is short, and the bond market maturity difference has expanded continuously in recent years. The cause of Sino US credit bond market maturity difference: one is the development of the bond market maturity is different; the two fiscal and monetary policy is different three is the financial system; short term financing structure is different. Chinese bond market showed that the ability of the service of the real economy needs to be improved, and the bond market to improve coordination period cannot do without the financial market and improve the fiscal and monetary policies, therefore propose to guide China's long-term credit bond market development from three aspects. One is to strengthen the bond to solve the problem of market interconnection, investors exchange bond market; two is through the CDS product innovation to increase the bond market to investors absorption Gravity; three is the active attraction of incremental long-term funds into the bond market.

【作者单位】：深圳证券交易所综合研究所;广东金融学院经济贸易系;
【基金】：国家自然科学基金面上项目“公司债券融资需求、工具选择和机制设计”(71372215) 广东省自然科学基金重点项目“企业发债需求、融资契约选择和制度设计”(2016A030311027) 广东省哲学社会科学“十二五”规划2015年度一般项目“市政债券产品创新、发行交易和监管制度研究”(GD15CYJ01)
【分类号】：F831.51
【正文快照】： 一、引言融资期限结构是信用债券市场融资效率的重要体现。理论上,根据融资需求不同,企业可以通过债券市场发行不同期限债券进行融资,债券市场融资期限反映经济整体的资金需求期限。例如,企业为中长期投资项目融资需求发行期限较长的债券,为短期资金周转需求发行期限较短的债

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