中美信用债市场期限差异化研究及启示  

Maturity Difference between Chinese and American Corporate Bond Markets and Its Implications

作　　者：胡耀亭[1] 曹萍[2] 

机构地区：[1]深圳证券交易所综合研究所,广东深圳518038 [2]广东金融学院经济贸易系,广东广州510521

出　　处：《深圳大学学报（人文社会科学版）》2017年第3期113-118,共6页Journal of Shenzhen University：Humanities & Social Sciences

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)

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。Maturity structure is an important indicator of the financing efficiency of corporate bond markets. In comparison with US, maturities of bonds at China＇s corporate bond market are shorter, and the difference in this regard is growing between the two countries in recent years. There are three reasons for this difference： Firstly, the development of corporate bond markets in the two countries is at different levels. Secondly, the two countries have different focuses in fiscal and monetary policies. Thirdly, the two countries have different financial systems. Shorter maturities indicate China＇s corporate bond market needs to improve it abilities to serve real economy. Lengthening maturities depends on improvement of financial market and coordination of fiscal and monetary policies, three suggestions are therefore proposed as guidance for the development of China＇s medium- and long-term corporate bond markets： First, we should enhance cooperation at bond markets and address the issue of shortage of investors at the bond markets at stock exchanges. Secondly, we should, with innovative products such as CDS, make bond markets more appealing to investors. Thirdly, we should take the initiative to attract long-term funds into the corporate bond market.

关 键 词：中国 美国 信用债券市场 融资期限 融资效率 

分 类 号：F831.6[经济管理—金融学]