中期票据与企业债市场流动性的对比分析  

The Comparative Analysis of the Liquidity of Medium Term Note Market and Corporate Bond

作　　者：孙玥璠 李富强[2] 苏峻[3,4] 

机构地区：[1]北京大学光华管理学院,北京100871 [2]中国银行间市场交易商协会,北京100800 [3]北京工商大学,北京100037 [4]香港中文大学商学院,中国香港

出　　处：《上海金融》2011年第5期87-92,共6页Shanghai Finance

摘　　要：流动性越高,金融产品的价格就会更加市场化。本文通过考察中期票据的流动性,验证中期票据比以往的相似融资工具——企业债更加适合市场的需求,进而对中期票据和企业债两种融资工具在发行制度和理念上进行对比分析,得出了中期票据在制度上更加适应市场化需求的原因,并提出相关政策建议。The pricing of financial product becomes more market-based as the market liquidity improves.The article examines the liquidity of medium term note to verify that medium term note can better cater to the market demand than similar financing instrument-corporate bond.Furthermore,it conducts comparative analysis of the issuing system and ideas between medium term note and corporate bond,concludes the systemic causes that lead to the popularity of medium term note,and gives out policy suggestions.

关 键 词：中期票据 市场流动性 企业债 国债 

分 类 号：F830.9[经济管理—金融学]