我国高收益债券发展:演进、现实与改进  

Innovation and Development of High-Yield Bonds in China

作　　者：郑联盛[1,2] 黄本鑫 ZHENG Liansheng;HUANG Benxin(Institute of Finance&Banking,CASS;Dongxing Securities)

机构地区：[1]中国社会科学院金融研究所 [2]中国社会科学院金融研究所金融风险与金融监管研究室 [3]东兴证券股份有限公司固定收益业务总部

出　　处：《金融市场研究》2023年第5期57-65,共9页Financial Market Research

基　　金：中国社会科学院马工程重大课题“防范化解重大金融风险——基于跨市场传染的分析”(2022MGCZD011);中国社会科学院国情调研重大项目“地方政府平台公司城投债违约调研:趋势、风险与应对”(GQZD2022016)的阶段性研究成果。

摘　　要：高收益债券是在新发展阶段匹配我国创新发展直接融资需求的重要方式。我国高收益债券发展历经一系列探索,但尚未形成完善发展体系。前期我国“高收益债券”已有所异化为房地产企业和地方融资平台公司的融资手段。由于多重因素影响,我国高收益债券供求较难匹配,市场分层、交易体系和制度安排等也难以形成有效支撑。未来要提高发展定位,借鉴先进国际经验,以问题为导向,加快多层次资本市场和直接融资体系建设,通过市场机制和制度安排来提升高收益债券发展的质效,提高其服务科技创新和高质量发展的能力和水平。High-yield bonds are an important tool in meeting the demand for direct financing to promote innovation and high-quality development in China.The process of creating a market for these high-yield instruments has undergone a series of exploratory steps,but a sound development system has not yet been formed.In the past,high-yield bonds in China had been largely confined to use as financing tools for real estate enterprises and local financing platforms.Due to multiple factors,it has been difficult to match supply and demand of highyield bonds in China,and providing effective support for different tiers of the market and their trading systems has remained a complicated task.In the future,it will be necessary to boost the momentum of development,draw on advanced international experience,and take a problem-solving approach to the construction of a multi-tiered capital market and direct financing system.In order to do this,enhancing the quality and effectiveness of high-yield bonds through market mechanisms and institutional participation will be critical.This in turn will improve the financial sector's ability to promote scientific and technological innovation as well as high-quality development.

关 键 词：高收益债券 国际经验 制度安排 市场分层 

分 类 号：F832.51[经济管理—金融学]