中国债券市场杠杆率问题研究——基于各投资主体杠杆率的测算和分析

发布时间：2018-04-05 18:08

本文选题：债券市场　切入点：杠杆率　出处：《新金融》2017年09期

【摘要】：本文从各投资主体的角度对中国债券市场的杠杆率进行了研究,发现债市中各投资主体的杠杆率差异巨大:由大到小依次为信用社、非银金融机构、基金类、商业银行和保险机构;在商业银行内部,村镇银行和农村商业银行的杠杆率较高。此外,分别对债券市场各投资主体杠杆率的运行趋势及杠杆率高企的成因进行了分析。最后,在逐渐趋紧的宏观金融环境下,本文对我国债券市场去杠杆提出了相关的政策建议,包括:坚守稳健的货币政策,避免流动性收紧和监管强化对债市的"叠加冲击";逐步抬升负债成本,促使金融机构主动去杠杆;增加杠杆成本,规范杠杆率;实时监测债市不同投资主体的杠杆率水平,差异化去杠杆。
[Abstract]:This paper studies the leverage ratio of China's bond market from the perspective of various investors, and finds that there are great differences in the leverage ratio of the various investors in the bond market: credit cooperatives, non-bank financial institutions and funds, in turn, from big to small.Commercial banks and insurance institutions; within commercial banks, village banks and rural commercial banks are highly leveraged.In addition, the paper analyzes the operating trend of leverage ratio of various investors in bond market and the causes of high leverage ratio.Finally, in the increasingly tight macro-financial environment, this paper puts forward some relevant policy recommendations to deleveraging the bond market in China, including: adhere to a sound monetary policy.To avoid "superimposed shocks" to the bond market caused by tighter liquidity and stronger regulation; to gradually raise the cost of indebtedness and encourage financial institutions to take the initiative to deleverage; to increase the cost of leverage and regulate the leverage ratio; and to monitor the level of leverage of different investors in the bond market in real time.Differentiation deleveraging.
【作者单位】：中国社会科学院金融研究所、国家金融与发展实验室;华夏银行计划财务部;
【基金】：国家金融与发展实验室中国债券论坛的资助
【分类号】：F832.51

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