流动性引擎:信用债做市的场景拓展  

The Role of Market Making and Boosting Liquidity in the Credit Bond Market

作　　者：贾颖 刘超[1] 施耀 JIA Ying;LIU Chao;SHI Yao(Membership&Legal Affairs Department,National Association of Financial Market Institutional Investors;SooChow Security)

机构地区：[1]中国银行间市场交易商协会会员与法律事务部 [2]东吴证券股份有限公司固定收益业务管理委员会

出　　处：《金融市场研究》2024年第12期66-71,共6页Financial Market Research

摘　　要：信用债市场是实体经济融资的重要渠道,但其流动性不足问题制约了市场功能,也增加了债券市场的整体脆弱性。本文通过深入调研银行间市场做市商,分析信用债做市的现状、问题与原因后提出,做市商是天然的流动性提供者,通过连续报价和交易承接,既能促进价格发现、降低融资成本,还能在市场受冲击时发挥独特的稳定器作用,增强市场韧性。但受内外部多重因素影响,做市商对信用债做市的动力不强,尤其是应用场景较少限制了信用债做市的发展。本文进一步梳理了在承销做市一体化背景下的四个信用债做市应用场景,并提出了完善制度安排等一系列建议,旨在改善做市业务生态,推动承销做市一体化发展,促进信用债市场高质量发展。The credit bond market is an important financing channel for the real economy,but it has been constrained by insuficient liquidity.This paper analyzes current conditions in the credit bond market through an in-depth study of market makers.The study finds that improving credit bond liquidity is crucial to promoting price discovery,reducing financing costs and enhancing market resilience.Market makers become a natural provider of liquidity through continuous quotes and trade undertakings.They also play a critical stabilizing role,especially when the market is under significant pressure.However,due to a number of factors,including a shortage of application scenarios,market makers are not highly motivated to perform this role in the credit bond market.Ultimately,this impedes market development.This paper puts forward corresponding recommendations aimed at improving the development environment of market makers,enriching the credit bond market making system,and strengthening the integration of underwriting and market making,so as to promote the high-quality development of the credit bond market.

关 键 词：做市商制度 流动性 承销做市一体化 风险对冲机制 

分 类 号：F83[经济管理—金融学]