组合债券投资的久期免疫在中国债券市场上的应用  

Application of Duration Immunization Strategy in Chinese Bond Market for Portfolio Bond Investment

作　　者：李妹[1] Mei Li(Hunan University of Science and Technology,Xiangtan,Hunan,411100)

机构地区：[1]湖南科技大学,湖南省湘潭市411100

出　　处：《管理科学与研究(中英文版)》2025年第2期27-33,共7页Management Science and Research

摘　　要：随着世界金融市场深度交融,股票、债券等交易市场持续活跃,投资者可根据个人偏好购买不同的投资产品。对于一般投资者,特别是个人投资者来说,承受风险的能力较弱,更偏向于购买国债等收益相对更稳定,风险较小的债券资产。但是,债券投资还面临利率、信贷等方面的风险,为投资者埋下了投资隐患。为了应对利率风险,久期免疫策略应运而生。文章首先阐述了2023年中国债券市场的特点,再介绍久期免疫策略,并选取国内的债券进行具体应用与分析,最后指出了该策略面临的一些挑战和局限性,以期帮助债券市场的投资者投资决策更科学、更合理。With the deep integration of global financial markets,trading markets such as stocks and bonds continue to be active,and investors can purchase different investment products according to their personal preferences.For general investors,especially individual investors,their ability to bear risks is weak,and they prefer to buy bonds with relatively stable yields and less risk,such as treasury bond.However,bond investment also faces risks in terms of interest rates,credit,and other aspects,laying investment risks for investors.In order to cope with interest rate risk,duration immunization strategies have emerged.The article first expounds the characteristics of China's bond market in 2023,then introduces the duration immunization strategy,selects domestic bonds for specific application and analysis,and finally points out some challenges and limitations faced by the strategy,in order to help investors in the bond market make more scientific and reasonable investment decisions.

关 键 词：久期免疫 风险管理 组合债券投资 

分 类 号：F83[经济管理—金融学]