我国发行通货膨胀指数债券的现实意义研究  

Shall We Develop an Inflation-Indexed Bond Market in China

作　　者：邓宛竹 刚健华 刘卓识[5] Deng Wanzhu;Gang Jianhua;Liu Zhuoshi

机构地区：[1]国家开发银行资金局 [2]中国财政金融政策研究中心 [3]中国人民大学财政金融学院 [4]中国人民大学房地产金融研究所 [5]罗素投资管理(上海)有限公司

出　　处：《开发性金融研究》2020年第6期44-55,共12页Development Finance Research

摘　　要：通货膨胀指数债券将为投资者提供一种对冲通胀的有效投资工具,从而满足投资者实现资产保值的需求。这一券种的引进也将丰富债券发行品种,拓宽发行渠道,增加债券发行效率,优化发行机构的资产负债管理。在市场规模逐步建立后,通胀指数债券的价格信息还将有助于政策制定者观测通胀预期,彰显反通胀决心,同时也为检验货币政策有效性、完善收益率曲线提供切实的依据和参考。伴随债券市场开放的稳步推进,通胀指数债券市场的成熟也将提升我国债券市场的吸引力,对拓展境外投资人渠道、推进人民币国际化具有重要的战略意义。在当前新冠肺炎疫情全球蔓延、各国相继采取量化宽松和赤字政策、发达经济体利率屡创新低的背景下,探讨通胀指数债券在客观上也顺应了市场对大规模政策刺激后未来中长期通胀走势的关注。The Inflation-Indexed Bond will provide investors effective means to hedge future inflation risks,and satisfy their needs to protect the real value of their wealth.Introducing inflation-indexed bond would also help issuers in various ways,such as enriching the product offerings,broadening distributing channels,enhancing the issuing efficiency,and improving assetliability management.Once the market for inflationindexed bonds becomes more mature,the indexed bond price information may also help policy makers to better monitor the inflation expectations,and to enhance their credibility in keeping inflation under control.With the further opening of China’s bond markets,issuing inflation-indexed bonds could be considered as an endeavor to improve the attractiveness of china’s local bond markets to overseas investors.Last but not least,the study of inflation-indexed bonds is particularly important under the current global macro conditions where a number of major economies around the world have announced mega-size monetary and fiscal stimulus programs to save the economy.Given that high inflation could be an unintended consequence of the mega-size stimulus program,any asset that could help to soothe the worry of high inflation will be welcomed by the market.

关 键 词：通胀指数债券 通货膨胀 风险溢价 资产负债匹配 通胀预期 境外投资人 

分 类 号：F822.5[经济管理—财政学] F832.51