改善信用债交易约束,加快探索推动科创债市场建设——基于实地走访的研究  

Improving the Trading Constraints of Credit Bonds and Accelerating the Construction of the Sci-TechInnovationBondMarket

作　　者：袁麟 孔令文 YUAN Lin;KONG Lingwen(Beijing Financial Assets Exchange)

机构地区：[1]北京金融资产交易所

出　　处：《金融市场研究》2025年第2期8-14,共7页Financial Market Research

摘　　要：本文对13家位于上海、北京、武汉、杭州等地的银行、券商、私募基金进行深入调研,主要有以下研究发现:一是银行、券商在信用债领域的做市意愿及能力相对不足,功能发挥有限;参与科创类债券市场投资的意愿也较低。二是国有大行囿于业务定位及风控、奖罚机制等因素限制,在信用债交易领域参与度较低;券商参与信用债二级交易的意愿相对较高,但主要集中在高资质的债券交易,对中低评级债券的参与意愿低、参与难度高。三是私募基金参与债券交易的需求较高,参与中低资质债券的发行和交易活动有较高的意愿,但面临诸多准入和交易限制,衍生了不必要的通道费用,提升了监管成本。本文提出推动银行间市场建立差异化交易平台,提供差异化交易服务;适时适度调整银行、券商等主流机构投资者以及私募基金的激励机制、监管要求;推进承销做市一体化,引入区域特色金融机构作为做市商;开发EIF基金指数投资等风险分散策略工具等建议。This study is an in-depth investigation of banks,securities firms and private equity funds in Shanghai,Beijing,Wuhan,Hangzhou and elsewhere in credit bond trading.The study evaluates the current situation,including thedificulties impeding participation in"Sci-Tech Innovation Bond"transactions.The study finds that banks and securities firms are insufficiently capable of market making in the field of credit bonds,and their functions are relatively limited.At the same time,their willingness to participate in"Sci-Tech Innovation Bond"is also weak.Stateowned banks are limited by factors such as business positioning and risk control,and do not play a strong role in credit bond trading.The willingness of securities firms to participate in secondary transactions of credit bonds is relatively robust,but they are mainly concentrated in transactions involving higher-rated bonds.Private equity funds display significant nterest in participating in"Sci-Tech Innovation Bond"transactions,but they face many market access and trading restrictions.This paper puts forward policy suggestions such as establishing differentiated trading platforms and providing differentiated trading services,adjusting the incentive mechanisms and regulatory requirements of mainstream institutional investors;promoting the integration of underwriting and market-making,and introduce regional financial institutions as market makers,as well as developing risk diversification strategy tools just like index investment in ETFfunds.

关 键 词：科创债 高收益债 做市 

分 类 号：F832.51[经济管理—金融学] F124.3