提升金融供给适配性,打造债市“科创板”  

High-Yield Bonds and Creation of a Bond"STAR Market"

作　　者：慈颜谊 李晓晨 陈小东 CI Yanyi;LI Xiaochen;CHEN Xiaodong(China International Capital Corporation Limited)

机构地区：[1]中金公司投资银行部

出　　处：《金融市场研究》2023年第5期44-56,共13页Financial Market Research

摘　　要：中国高收益债券市场的发展有利于推动金融更好地服务实体经济、深化金融供给侧改革以及满足投融资端多层次需求。本文基于国际高收益债市场的发展历史与经验教训,对比国际市场与我国高收益债券市场在发行人、投资者以及监管制度等方面的差异,借鉴境外债券市场发展经验,提出建设和规范我国高收益债券市场的建议,包括建立有区分度的信用评级体系、规范发行人准入和尽调审核机制、推动合资格投资者积极参与、完善投资交易制度、切实保护投资者权益等举措。在此基础上,建议结合我国实际完善高收益债券市场的基础设施和生态圈,提升金融供给适配性,积极打造全新的中国债市“科创板”。The development of China's high-yield bond market has made a significant contribution to spurring finance to better serve the real economy and deepen the country's financial supply-side reform.Ultimately,this is aimed at meeting the multi-tiered needs of investment and financing.This article examines the differences between China's high-yield bond market and those in overseas markets in terms of issuers,investors,and regulatory systems.It also offers suggestions for the development of the domestic market,including the establishment of a differentiated credit rating system.Other proposals include guidelines for clarifying requirements for issuers,making improvements in the audit mechanism to ensure proper due diligence,promoting the active participation of qualified investors,perfecting the investment transaction system,and effectively protecting the rights and interests of investors.This will also require a strengthening of the infrastructure and ecosystem of China's high-yield bond market,greater adaptability of the financial supply,and the creation of a brand-new"STAR Market"for domestic bond trading.

关 键 词：债券市场 高收益债券 高质量发展 债市“科创板” 信用评级体系 

分 类 号：F832.51[经济管理—金融学]