债务率软约束与股债“战略机遇期”  

The Soft Constraint of Debt Ratio and“Strategic Opportunities”for Equity and Bond Markets

作　　者：王涵 

机构地区：[1]兴业证券经济与金融研究院

出　　处：《中国货币市场》2019年第10期6-10,共5页China Money

摘　　要：当前中国债务率已经到达了较高的水平,政策开始关注中国债务率偏高的问题。“稳杠杆”背景下生息资产规模扩张空间有限,叠加全球货币宽松利率偏低,将致使债权市场票息收入放缓,“资产荒”可能将逐步常态化。中国债市过去“吃票息”的发展模式恐被颠覆,同时,股市在金融市场中的重要性也将进一步上升。金融市场中长期来看,股权、债权两个市场均处在历史大拐点。At present,China's debt ratio has reached a high level,and the policy makers began to pay attention to the issue of China's high debt ratio.Under the background of“keeping leverage stable”,there is limited room for the expansion of interest-bearing assets.And,coupled with the global monetary easing and lower interest rates,coupon earnings in the bond market will decrease,and“asset shortage”may emerge on a regular basis.The growing pattern which“relies on coupon rates”of China’s bond market may be subverted.At the same time,the importance of equity market will rise further.In the mid-to-long term,both equity and bond markets are at a great turning point of history.

关 键 词：金融市场 战略机遇期 债务率 生息资产 资产荒 货币宽松 软约束 债市 

分 类 号：F83[经济管理—金融学]