债券融资与信贷融资比较研究——以美国为例  

A Comparative Study of Bond and Credit Financing——Taking the US as a Reference

作　　者：刘子博 董士君 

机构地区：[1]北京深高私募基金管理有限公司 [2]中国证监会债券监管部

出　　处：《金融市场研究》2021年第12期33-41,共9页Financial Market Research

摘　　要：本文首先回顾二战以来各个阶段美国债券融资与信贷融资规模变化,同时聚焦1990—1994年美国债券融资首次迅速攀升背后的深层次原因,结合美国前序市场发展积累、规则制度演变、同期宏观经济金融形势等进行分析,并就债券融资为何能在美国非金融企业债权融资中占据主导地位以及国内债券市场发展可参考的经验教训进行讨论。This paper reviews the growth of US bond financing and credit financing since World War II, focusing on the factors contributing to the rapid rise of bond financing from 1990 to 1994. It also examines the development of the pre-order market, the evolution of rules and regulations, and the macroeconomic and financial situation over the same period. Additionally, the paper discusses how bond financing can dominate creditor’s rights financing for non-financial enterprises. The US experience can be used as a reference in the development of the domestic bond market.

关 键 词：债券融资 信贷融资 储贷危机 科创债 

分 类 号：F831[经济管理—金融学]