我国高收益债券市场建设研究——基于构建违约债券交易市场视角  

Researchon Constructing a High-Yield Bond Market——A Market for Trading Defaulted Bonds

作　　者：朱鲜艳 ZHU Xianyan(China Guangfa Bank)

机构地区：[1]广发银行投资银行部

出　　处：《金融市场研究》2023年第5期76-84,共9页Financial Market Research

摘　　要：结合我国违约债券交易市场现状和美国高收益债券市场发展经验,本文探讨了我国高收益债市场构建的策略框架和保障措施。研究建议,强化高收益债市场的机制建设,构建跨市场统一的违约债券交易市场,消除市场中的监管套利,提高违约债券市场的流动性和违约债券风险定价的有效性;建立自动报价交易系统,以满足违约债券交易的个性化需求;积极培育违约债券交易市场的买方主体,着力培育本国秃鹫基金;引入资产管理公司,形成稳定而活跃的违约债券风险偏好投资者结构层;发展和丰富信用风险管理工具,以分担缓释市场风险。This paper examines the development experience of high-yield bond markets overseas and explores development strategies for the domestic market,including the trading of defaulted bonds.The paper suggests strengthening the framework for trading high-yield bonds,creating unified cross-market trading of defaulted bonds and eliminating regulatory arbitrage.It also addresses the need for ensuring adequate liquidity for trading defaulted bonds and promoting effective risk pricing,while establishing an automated quotation and trading system.In order to attract distressed debt investors,a concerted effort should be made to cultivate domestic vulture funds and introduce asset management companies to the trade.Credit risk management tools also need to be developed to mitigatemarket risk.

关 键 词：高收益债券 违约债券交易市场 秃鹫基金 信用风险管理 

分 类 号：F832.51[经济管理—金融学]