“抑价”还是“溢价”?国内外信用债定价对比  

"Underpricing"or"Overpricing"?An Analysis of Corporate Bond Pricing in China and Abroad

作　　者：汪航 周琼 WANG Hang;ZHOU Qiong(Investment Banking Department,POSTAL SAVINGS BANK OF CHINA)

机构地区：[1]中国邮政储蓄银行投资银行部

出　　处：《金融市场研究》2024年第8期1-11,共11页Financial Market Research

基　　金：2023年NAFMII研究计划“境内外信用债市场发行定价逻辑及监管实践”(KFKT2023-058)。

摘　　要：与国外信用债发行抑价发行(发行利率高于二级市场利率)较为普遍不同,中国信用债定价存在较为普遍的溢价发行(发行利率低于二级市场利率)现象。本文对境内外信用债发行定价情况和文献进行梳理,并从融资结构、承销商功能与行为、市场参与人地位对境内外信用债市场发行定价差异性进行分析,提出中国信用债市场发展政策建议。There is a difference between the underpricing of corporate bond issuance abroad and the overpricing of corporate bond issuance in China.This article reviews the pricing and literature of domestic and foreign corporate bonds,analyzes the differences in pricing between domestic and foreign corporate bond markets from the perspectives of financing structure as well as underwriter status and performance.It also makes policy recommendations for the development of China's corporate bond market.

关 键 词：信用债市场 债券定价的国别差异 抑价与溢价 

分 类 号：F832.51[经济管理—金融学]