提高公司債券市場(chǎng)流動(dòng)性Enhancing the Market Liquidity of

1、提高公司債券市場(chǎng)流動(dòng)性Enhancing the Market Liquidity of Corporate Bonds 中國金融市場(chǎng)各類資產(chǎn)流動(dòng)性比較 Comparisons of Liquidity of Various Capitals in Chinese Financial Market張 睿/ Zhang Rui 申萬研究申萬研究21.1. 中國公司債券市場(chǎng)發(fā)展中國公司債券市場(chǎng)發(fā)展/ /The Development of Chinese Corporate Bond2.2. 各類金融資產(chǎn)流動(dòng)性比較各類金融資產(chǎn)流動(dòng)性比較/ /Comparisons of the Liquidity

2、 of Various Financial Capitals3.3. 提高公司債券市場(chǎng)流動(dòng)性建議提高公司債券市場(chǎng)流動(dòng)性建議/ /Suggestions for Enhancing Corporate Bond Liquidity主要內(nèi)容/ C申萬研究31.中國公司債券市場(chǎng)發(fā)展：銀行間市場(chǎng)The Development of Chinese Corporate Bond Market: Inter-Bank Marketn2002年以來，中國公司債券市場(chǎng)快速發(fā)展，2007年銀行間市場(chǎng)公司債券托管量（不考慮金融機(jī)構(gòu)債券）達(dá)到7949億，較2001年增長22.65倍，年均復(fù)合增速達(dá)到70%，預(yù)計(jì)20

3、08年公司債券發(fā)行量將超過9000億，托管量將超過1萬億，約占債券市場(chǎng)總量的7%。nIn 2007, the amount of corporate bonds in inter-bank market is 794.9 billion, which is 22.65 times compared to that of 2001. The annual complex increase rate is 70%. It is estimated that the issuing amount of corporate bond will exceed 900 billion, with the

4、amount of trusteeship exceeds 1000 billion, which account to approximately 7 % of the total bond market.n銀行間市場(chǎng)的公司債券品種包括1年以下的短融、3-5年的中期票據(jù)、以及5年以上的企業(yè)債nCorporate bonds in the inter-bank market include short-term financing bills within 1 year , 3-5 year medium-term bills, and 5-year-and-plus corporate bo

5、nd.銀行間市場(chǎng)公司債券發(fā)行量（2000-2008.7）Amount of corporate bond in inter-bank market銀行間市場(chǎng)公司債券托管量（2000-2008.7）Amount of Trusteeship of Corporate bond in inter-bank market資料來源：Chinabond，申萬研究050001000015000200002001 200220032004 200520062007 Jul-08Corporate bondGovernment bond億元 100 million01000020000300004000050

6、000600002000 2001 2002 2003 2004 2005 2006 2007 Jul-08Corporate bondGovernment bond億元100 申萬研究41.中國公司債券市場(chǎng)發(fā)展：交易所市場(chǎng)The Development of Corporate Bond Market in China: Bourse Marketn2006年，交易所推出分離債品種，2007年推出公司債品種，2008年或推出可交換債品種，交易所公司債券市場(chǎng)成為公司債券的另一大交易平臺(tái)nIn 2006,the bourse issued a kind of warrant bond, in 2

7、007 corporate bond, in 2008, exchangeable bond. The bourse corporate bond market become another large trading platform for corporate bonds.n商業(yè)銀行不能參與交易所公司債券市場(chǎng)，但個(gè)人、企業(yè)投資者可直接參與，小額交易的流動(dòng)性較好nCommercial banks cannot participate the bourse corporate bond market, but individuals and firms can directly join in

8、, as the liquidity of small amount trade is good.資料來源：申萬研究交易所債券市場(chǎng)公司債券發(fā)行品種 various sorts of corporate bonds in the bourse bonds market040080012001600200620072008(E)warrant bondsCorporate bond100 million100 申萬研究51.中國公司債券市場(chǎng)發(fā)展The development of corporate bond market in Chinan公司債券的行業(yè)分布主要集中在工業(yè)、公用事業(yè)、能源等行業(yè)，

9、大型央企是主要的融資主體nIndustry distributions of corporate bonds are concentrated on manufacturing, public affair, and energy, etc. large-scale state-owned firms are the main financing entities.n1年以下及5-10年品種是目前公司債券市場(chǎng)的主流品種，1、3、5、7、10、15年成為關(guān)鍵發(fā)行期限nThe bonds within 1 year and 5-10 year bonds are the main products

10、 in the market.1, 3, 5, 10, 15 are the key maturities. n商業(yè)銀行、保險(xiǎn)機(jī)構(gòu)、基金、信用社是公司債券最大的四類持有機(jī)構(gòu)，持有比例將近90%，個(gè)人投資者持有比例最低nCommercial banks, insurance institutions, funds, and credit institutions are the four main holders of corporate bonds, the holding percentage of which is up to 90%. Percentage of individual h

11、older is the lowest.010002000300040005000工業(yè)公用事業(yè)材料能源金融電信服務(wù)可選消費(fèi)日常消費(fèi)信息技術(shù)醫(yī)療保健億元 100millionIndustry distribution of corporate bonds in inter-bank market（2008.7）Time limit for corporate bonds（2008.7）資料來源：Chinabond，Wind，申萬研究41%6%31%11%2%2%1% 5%1%0%商業(yè)銀行信用社保險(xiǎn)基金證券公司非銀行金融機(jī)構(gòu)非金融機(jī)構(gòu)個(gè)人投資者交易所特殊結(jié)算成員Investor distribut

12、ion（2008.7）05001000150020002500300035001年 以 下1-3年3-5年5-10年10年 以 上億元 申萬研究61. 中國公司債券市場(chǎng)發(fā)展/The development of Chinese corporate bond marketn 公司債券市場(chǎng)發(fā)展的意義/The significance of corporate bond market 推動(dòng)直接融資、拓寬企業(yè)融資渠道/ promote direct financing, enlarge channels for corporate financing 分散銀行信用風(fēng)險(xiǎn)、促進(jìn)銀行經(jīng)營模式轉(zhuǎn)變/ sepa

13、rate banks credit risk, promote the transformation of bank management 增加機(jī)構(gòu)投資者和個(gè)人投資者的可投資品種，促進(jìn)債券市場(chǎng)多層次發(fā)展/ increase the investment products for institution investors and individual investors, promote multi-level development of bond marketn 公司債券市場(chǎng)發(fā)展的重點(diǎn)/ focuses of the development of corporate bond market

14、 完善信用評(píng)級(jí)體系，建立合理的定價(jià)方法/ improve credit rating system, establish rational pricing mechanism 提高公司債券市場(chǎng)的流動(dòng)性，分散系統(tǒng)性風(fēng)險(xiǎn)，減小流動(dòng)性利差/ enhance the liquidity of corporate bond market, separate systematic risk, reduce interest spread in liquidity. 申萬研究71. 中國公司債券市場(chǎng)發(fā)展/ The development of Chinese corporate bond market2.

15、各類金融資產(chǎn)流動(dòng)性比較/ comparison of liquidity for various financial capitals 3. 提高公司債券市場(chǎng)流動(dòng)性建議/ Suggestions for enhancing the liquidity of corporate bond market主要內(nèi)容/ C申萬研究82. 各類金融資產(chǎn)流動(dòng)性比較/ Comparisons of the liquidity for various financial capitalsn 債券：國債、公司債券/ Bonds: treasury bonds and corporate bondsn 股票：滬深股

16、市/ Stock: the stock market in Shenzhen and Shanghain 基金：封閉式基金/ Funds: closed-end 申萬研究905000010000015000020000020002001200220032004200520062007Jul-08短 融企 業(yè) 債國 債央 票金 融 債資 產(chǎn) 支 持 證 券2.1 債券市場(chǎng)：流動(dòng)性偏弱/ Bonds market: low liquidityn債券市場(chǎng)發(fā)展初期投資者多選擇持有到期策略，債券流動(dòng)性較差，隨著市場(chǎng)規(guī)模的不斷擴(kuò)大和雙邊報(bào)價(jià)制度的推出，債券交易量逐漸放大nAt the infancy ph

17、ase of bond market, investors are likely to choose to hold the bonds until expiration, which makes low liquidity of bonds. As market scale becomes larger, and the debut of bilateral pricing system, the volume of trading becomes larger.n現(xiàn)券用于回購融資的交易量是現(xiàn)券交易量的數(shù)倍，回購融資能力對(duì)流動(dòng)性需求影響很大nThe existing bonds that a

18、re used for Repo are larger than the existing bond trade volume. Repo ability are influential to demand of liquidity.n2008年1-7月，銀行間市場(chǎng)公司債券的交易量占市場(chǎng)總交易量約7.8%，用于質(zhì)押式回購的公司債券交易量占市場(chǎng)總交易量約4.1%，公司債券的回購融資功能明顯偏弱nDuring January to July, 2008, the trading volume of inter-bank corporate bond market is 7.8% of the to

19、tal market. Corporate bonds used in pledge-style Repo is 4.1% of the total market. The Repo abilities of corporate bonds are low.01000002000003000004000005000002001200220032004200520062007Jul-08短融企業(yè)債國債央票金融債資產(chǎn)支持證券億元 100million億元100millionTrading Amount of inter-bank market existing bonds（2000-2008.7）

20、Trading amount of inter-bank market for mortgage buy-back bonds（2000-2008.7）資料來源：Chinabond，申萬研究申萬研究102.1 債券市場(chǎng)：流動(dòng)性偏弱/ Bonds market: comparatively low liquidityn2008年1-7月債券市場(chǎng)換手率達(dá)到1.5左右，流動(dòng)性指標(biāo)趨勢(shì)不斷向好，但絕對(duì)水平依然較低nThe bond turnover ratio in the bond market during January to July, 2008 is 1.5, the trend of li

21、quidity is better, while the absolute level is still low.n從品種比較看，銀行間債券市場(chǎng)的流動(dòng)性指標(biāo)似乎依次是短融央票金融債企業(yè)債國債資產(chǎn)支持證券，而實(shí)際情況是公司債券的虛假交易很多，往往新券上市初期成交較為活躍，隨后則沉淀在投資者手中；資質(zhì)差的公司債券流動(dòng)性不如資質(zhì)好的公司債券nIn terms of products sorts, liquidity indicator in inter-bank bond market are in sequence: short-term financing billcentral bank bi

22、llfinancial bondscorporate bondstreasury billasset-backed securities, but the fact is that fake trading is a commonplace regarding to corporate bonds. Usually they are active when issued at first, then precipitated in the hands of investors. bad-quality corporate bonds have lower liquidity than good

23、-quality bondsn交易所市場(chǎng)個(gè)券的換手率更能明顯說明新券流動(dòng)性較好的特征nTurnover ratio of individual bonds in the bourse market can better explain the liquidity of new bonds1.300.000.000.000.000.000.051.041.330.03.06.09.020002001200220032004200520062007Jul-08短融企業(yè)債國債央票金融債資產(chǎn)支持證券所有債券(右軸）0.000.200.400.600.802006-122007-22007-42007-

24、62007-82007-102007-122008-22008-42008-62008-8Turnover ratio of corporate bonds in inter-bank market（2000-2008.7）Monthly turnover ratio of 06 Sino-chem （126002） bonds in the bourse market資料來源：Chinabond，申萬研究申萬研究112.1 債券市場(chǎng)：流動(dòng)性偏弱/ Bond Market: low liquidityn公司債券流動(dòng)性較差的原因/ the reasons for low liquidity of

25、 corporate bonds 1、信用評(píng)級(jí)體系不完善，產(chǎn)品信用差異難以區(qū)分，二級(jí)市場(chǎng)缺乏合理定價(jià)方法 Incomplete credit rating system, credits differentiation of products are vague, secondary market lacks rational pricing mechanism. 2、能否用于質(zhì)押式回購是衡量流動(dòng)性的重要標(biāo)準(zhǔn)，而在銀行間市場(chǎng)這取決于交易對(duì)手，即使AAA評(píng)級(jí)公司債券在進(jìn)行回購融資時(shí)亦有諸多限制，相比央票、金融債面臨劣勢(shì) Whether or not Pledge-style Repo is an

26、 important standard for bond liquidity, and in the inter-bank market, this depends on trading counterparts. Compared to central bank bill and financial bonds, a AAA corporate bond still has many limits in Repo. 3、一級(jí)市場(chǎng)發(fā)行方式非市場(chǎng)化，發(fā)行利率對(duì)市場(chǎng)利率的敏感度相比國債反應(yīng)滯后 We issue the corporate bonds in the primary market i

27、s not in a market way. Issuing interest rate is less sensitive to market interest rate than the treasury bond . 4、市場(chǎng)規(guī)模整體較小，發(fā)行不是連續(xù)行為，收益率變動(dòng)往往由一級(jí)市場(chǎng)向二級(jí)市場(chǎng)傳導(dǎo)；而二級(jí)市場(chǎng)缺乏做市商，雙邊報(bào)價(jià)活躍度較低 The market is sill very small, and the issue is not a successive process. The change of income rate usually transfers from the

28、primary market to the secondary market, while secondary market lacks market-maker, and bilateral pricing system is less active. 5、投資群體有限，機(jī)構(gòu)風(fēng)險(xiǎn)偏好層次非常單一，以持有到期需求為主，交易型需求不足，缺乏轉(zhuǎn)移信用風(fēng)險(xiǎn)的衍生產(chǎn)品 The investors are very few and limited to single risk preference. Majority holders willing to hold the bonds to expira

29、tion. Trading demands is insufficient, and the derivatives that can transfer credit risks is 申萬研究122.2 股票市場(chǎng)：流動(dòng)性最好/ Stock Market: best liquidityn股票與債券為金融市場(chǎng)兩大資產(chǎn)，至2008年7月，滬、深兩市A股總市值達(dá)到18.05萬億，超過債券市場(chǎng)總量nStocks and bonds are two main assets in financial markets. Up to July, 2008, Market cap of the A share

30、stock markets of Shenzhen and Shanghai is up to 18.05 trillion, which exceeds the total amount of bond marketn兩市A股交易量逐年增大，2007年以來超過債券現(xiàn)券成交量nThe trade volume of A share stock market in Shenzhen and Shanghai increase every year, up to 2007, they have exceeded the trade volume of bond marketn自2002年起A股流通

31、股年換手率在2以上，且逐年上升，2007年達(dá)到7.3，2008年1-7月?lián)Q手率達(dá)到2.43，流動(dòng)性好于債券資產(chǎn)nEver since 2002, the turnover ratio of A share stock market has been up to 2, and is increasing every year. In 2007, the figure is 7.3, and the turnover ratio during January to July 2008 is 2.43, which means a better liquidity than bond01000002

32、00000300000400000500000200220032004200520062007Jul-08012345678交 易 量換 手 率億元100million050000100000150000200000250000300000350000200220032004200520062007Jul-08億元100millionAnnual turnover ratio of A share markets （2002-2008.7）Total capital amount of A share stock markets （2002-2008.7）資料來源：Wind，申萬研究申萬研究1

33、32.3 封閉式基金：規(guī)模小，流動(dòng)性差/ Exclusive funds: small scale, low liquidityn基金規(guī)模增長同樣較快，開放式基金規(guī)模遠(yuǎn)大于封閉式基金。至2008年7月，開放式基金凈值達(dá)2.03萬億，封閉式基金凈值僅為726億nThe scale of funds increase quickly as well. The scale of open-end funds are bigger than closed-end funds. Up to July, 2008, the net value of open-end funds is up to 2003

34、 billion, and closed-end funds is only 72.6 billion.050010001500200025002000 2001 2002 2003 2004 2005 2006 2007 Jul-08基金凈值基金份額0500010000150002000025000300003500020002001200220032004200520062007Jul-08開放式基金份額（億份）開放式基金凈值（億元）Scale of open-end funds （2000-2008.7）Scale of closed-end funds （2000-2008.7）資料來

35、源：Wind，申萬研究申萬研究142.3 封閉式基金：規(guī)模小，流動(dòng)性差/ Closed-end funds: small scale, low liquidity012345200220032004200520062007Jul-08n封閉式基金換手率低于股票，但高于債券，05年以來隨著股市上漲，封閉式基金流動(dòng)性迅速提高，2007年換手率達(dá)到4左右，08年1-7月回落至1.6nThe turnover ratio of closed-end funds is lower than stocks, but higher than bonds. As the stock market develo

36、ps since 2005, the liquidity of closed-end funds increases too. The turnover ratio is around 4 in 2007,and dropped to 1.6 during January to July, 2008.n由于封閉式基金規(guī)模太小，其流動(dòng)性與國債、股票難以比較，但如果推出針對(duì)公司債券的封閉式基金，有助于緩解公司債券的流動(dòng)性風(fēng)險(xiǎn)nBecause the small scale of closed-end funds , it is difficult to compare the liquidity

37、between closed-end funds and treasury bill or stocks. But if closed-end funds that focus on corporate funds can be issued, it can relieve the liquidity risk of corporate funds.Exchange rate of open-end funds （2002-2008.7）資料來源：Wind，申萬研究申萬研究152.4 小結(jié)/ Conclusionn2002年以來，債券市場(chǎng)流動(dòng)性有所改善，但在股票、債券、封基三類金融資產(chǎn)中，債券

38、的流動(dòng)性整體仍然比股票市場(chǎng)差，不具備優(yōu)勢(shì)nEver since 2002, the liquidity of bond market has been improved, but among stock, fund, and bond, the liquidity of bond is still lower than stockn在債券品種中，真實(shí)的流動(dòng)性排序依次是央票金融債國債公司債券，公司債券虛假交易較多，上市初期交易活躍，但很快沉淀在投資者手中，資質(zhì)差的公司債券流動(dòng)性不如資質(zhì)好的公司債券nThe real liquidity sequence among bond products i

39、s central bank billfinancial bondtreasury billcorporate bond. The fact is that fake trading is a commonplace regarding to corporate bonds. Usually they are active when issued at first, then precipitated in the hands of investors. Bad-quality corporate bonds have lower liquidity than good-quality bon

40、ds.n能否質(zhì)押回購對(duì)公司債券的流動(dòng)性需求影響很大nWhether or not Pledge-style Repo highly affects bond liquidityn封閉式基金流動(dòng)性指標(biāo)好于債券，但規(guī)模太小，如果推出針對(duì)公司債券的封閉式基金，有助于緩解流動(dòng)性風(fēng)險(xiǎn)nThe liquidity of closed-end funds are better than bonds, but its scales is too small. If closed-end funds that focus on corporate bonds can be issued, the liquidi

41、ty risk can be 申萬研究161. 中國公司債券市場(chǎng)發(fā)展/ The development of Chinese Corporate bond market2. 各類金融資產(chǎn)流動(dòng)性比較/ Comparison of liquidity of various financial capitals3. 提高公司債券市場(chǎng)流動(dòng)性建議/ Suggestions for enhancing the liquidity of corporate bonds主要內(nèi)容/ C申萬研究173. 提高公司債券市場(chǎng)流動(dòng)性建議/ Suggestions for enhancing the liquidity

42、of corporate bondsn金融資產(chǎn)的流動(dòng)性一方面取決于市場(chǎng)供需，即需要變現(xiàn)的的時(shí)候能否找到交易對(duì)手，另一方面取決于二級(jí)市場(chǎng)定價(jià)能力，即以什么價(jià)格進(jìn)行交易nOn the one hand, liquidity of financial assets is decided by demand and supply in the market, i.e. whether trading counterparts can be found when products needs to be transformed to money. On the other hand, it is dec

43、ided by the pricing ability in secondary market.n當(dāng)經(jīng)濟(jì)危機(jī)發(fā)生時(shí)，系統(tǒng)性風(fēng)險(xiǎn)成為公司債券市場(chǎng)面臨的最大風(fēng)險(xiǎn)，市場(chǎng)需求和流動(dòng)性可能瞬間消失，從而對(duì)產(chǎn)品估值帶來嚴(yán)重影響。隨著公司債券市場(chǎng)規(guī)模不斷擴(kuò)大，流動(dòng)性問題益發(fā)重要nWhen economic crisis happens, systematic risk becomes the biggest risk faced by corporate bond market. Market demand and liquidity can disappear at once, and cause ser

44、ious influence on product pricing. As the scale of corporate bonds increase, liquidity becomes more important.n金融資產(chǎn)的變現(xiàn)能力與交易需求相輔相成，流動(dòng)性越好的品種市場(chǎng)需求越大，而完善的定價(jià)體系則是推動(dòng)公司債券流動(dòng)性的決定因素，我們應(yīng)從市場(chǎng)制度、一級(jí)市場(chǎng)發(fā)行、二級(jí)市場(chǎng)交易等全面立體角度完善市場(chǎng)建設(shè)，提高公司債券品種的流動(dòng)性nThe liquidity of financial assets and trading demands are inter-dependent. Better

45、 liquidity entails more market demands, and complete pricing system is the determining factor for enhancing liquidity of corporate bond. We should try to enhance corporate bond liquidity from the perspective of market system, primary market issuing, secondary market trading, etc.firmbrokerinvestorin

46、vestorInter-bank 申萬研究183.1 增強(qiáng)銀行間市場(chǎng)、交易所市場(chǎng)的聯(lián)動(dòng)性/ enhance the interaction of inter-bank market and bourse marketn銀行間市場(chǎng)、交易所市場(chǎng)的分割造成公司債券在兩個(gè)市場(chǎng)的表現(xiàn)差異可能很大，商業(yè)銀行不能進(jìn)入交易所市場(chǎng)、跨市場(chǎng)套利的制度成本使得公司債券定價(jià)體系比較混亂，例如交易所市場(chǎng)相對(duì)銀行間市場(chǎng)的流動(dòng)性溢價(jià)補(bǔ)償曾高達(dá)80bp以上nThe segmentation of inter-bank market and bourse market makes the performance of corp

47、orate bonds in both markets differs greatly. That commercial banks cannot enter the bourse market, and the institution cost of trans-market arbitrage make the corporate bond pricing system chaotic. For example, the compensate of liquidity premium between bourse and inter-bank market was ever amounte

48、d to over 80 bpn建議提高兩市場(chǎng)之間的聯(lián)動(dòng)性，降低轉(zhuǎn)托管的操作難度（目前為T+3)，為無風(fēng)險(xiǎn)套利創(chuàng)造機(jī)會(huì)，從而提高公司債券品種的流動(dòng)性，促進(jìn)公司債券的合理定價(jià)nEnhance the interaction between the 2 markets, reduce the operational difficulty of trusteeship (currently T+3), and create chances for non-risk arbitrage, so as to improve liquidity and rational pricing of corpor

49、ate bonds.n探索商業(yè)銀行進(jìn)入銀行間市場(chǎng)、公司債跨市場(chǎng)發(fā)行或兩市場(chǎng)統(tǒng)一的可能性nExplore the possibilities of commercial banks entering inter-bank market, trans-market issuing of corporate bond and the unification of two markets.Inter-bank marketCommercial bankInsurance companyfundsCredit institutionNon-bank financial agentBourse marke

50、tInsurance companyfundsIndividual investorenterprisesT+申萬研究19n增強(qiáng)信用評(píng)估能力，建立公司債券定價(jià)體系，二級(jí)市場(chǎng)能夠合理定價(jià)是提高市場(chǎng)流動(dòng)性和防范信用風(fēng)險(xiǎn)的必要條件，尤其在銀行擔(dān)保方式取消后對(duì)各類企業(yè)和擔(dān)保方式的評(píng)估nWe should enhance the ability of credit rating and build up corporate bond pricing system. The rational pricing ability of secondary market is the necessary cond

51、ition for better market liquidity and prevention of credit risk, especially for the evaluation of various enterprises and ways of guarantee after the cancellation of bank guarantee.n加強(qiáng)審計(jì)制度，發(fā)行債券的上市公司與非上市公司均應(yīng)提高信息披露制度和透明度，定期公布跟蹤評(píng)級(jí)結(jié)果，不定期公布公司重大事項(xiàng)對(duì)企業(yè)償債能力的影響，并及時(shí)提示風(fēng)險(xiǎn)nEnhance auditing system, quoted companie

52、s and non-quoted companies which issued the corporate bonds should improve their information disclosure system and transparency, announce track rating results regularly, aperiodicity publish important events and its influence on the companys solvency, and predict risk.n銀行擔(dān)保取消后，各類新的擔(dān)保方式包括/ After the

53、cancellation of bank guarantee, new ways of guarantee include: 互相擔(dān)保/ mutual assurance 集團(tuán)擔(dān)保/ group assurance 擔(dān)保公司擔(dān)保/ assurance by assurance company 土地等資產(chǎn)抵押擔(dān)保/ mortgage guarantee by land or other assets 股權(quán)、應(yīng)收賬款等資產(chǎn)質(zhì)押擔(dān)保/ stock rights, receivable accounts and other assets assurance3.1 建立有效的信用評(píng)價(jià)體系/ Establ

54、ish effective credit rating 申萬研究203.2 一級(jí)市場(chǎng)：豐富產(chǎn)品結(jié)構(gòu)，擴(kuò)大公司債券供給/ primary market: enrich product structure, enlarge supply of corporate bondsn信用風(fēng)險(xiǎn)具有很強(qiáng)的集聚性，如果發(fā)行企業(yè)過于集中在某幾個(gè)行業(yè)，可能在行業(yè)風(fēng)險(xiǎn)加大的時(shí)候?qū)κ袌?chǎng)流動(dòng)性帶來嚴(yán)重影響nCredit risk is highly aggregative. If issuing companies are limited to certain industries, it can influence m

55、arket liquidity when industrial risk increases.n豐富產(chǎn)品結(jié)構(gòu)，鼓勵(lì)更多行業(yè)進(jìn)行債券融資，將為投資者提供更多的選擇來分散信用風(fēng)險(xiǎn)和流動(dòng)性風(fēng)險(xiǎn)；同時(shí)隨著產(chǎn)品供給的增加和市場(chǎng)規(guī)模的擴(kuò)大，二級(jí)市場(chǎng)定價(jià)能力亦將提升，從而促進(jìn)市場(chǎng)的流動(dòng)性nEnriching products structure, and encouraging more industries to perform bond financing will provide more choices to separate credit risk and liquidity risk for i

56、nvestors. Meanwhile, as the abundance of products and enlargement of market scale, the ability of pricing of the secondary market will enhance too, so to enhance the liquidity of market.n鼓勵(lì)中小企業(yè)捆綁發(fā)債，中小企業(yè)債券由于規(guī)模很小，市場(chǎng)流動(dòng)性往往很差，通過捆綁方式發(fā)債，既可分散信用風(fēng)險(xiǎn)，也有利于提高產(chǎn)品的流動(dòng)性.nEncourage small and medium size companies to do

57、 a binding bond issue. Small and medium size companies have low liquidity due to their small size. Through binding bond issuing, credit risk can be separated, and liquidity of products can be improved. 申萬研究213.2 一級(jí)市場(chǎng)：豐富投資者結(jié)構(gòu)，提高承銷商市場(chǎng)議價(jià)能力/ primary market: enrich the investor structure, and the pricing

58、 ability of bond brockern不同類型的投資者參與到市場(chǎng)中有助于提高市場(chǎng)流動(dòng)性并分散信用風(fēng)險(xiǎn)，在現(xiàn)有的市場(chǎng)結(jié)構(gòu)和投資者結(jié)構(gòu)下供給壓力可能遭遇需求的瓶頸；同時(shí)也豐富了機(jī)構(gòu)和個(gè)人投資者可投資的金融資產(chǎn)，建議降低利息所得稅和交易費(fèi)用，吸引更多的中小投資者nParticipation of various investors can enhance the liquidity and lower credit risk. Under the current market structure and investor structure, supply pressure may fa

59、ce demand bottleneck. It is suggested to reduce interest rate and trading fees to attract more medium and small investors. n加強(qiáng)一級(jí)市場(chǎng)的市場(chǎng)化定價(jià)能力，將對(duì)二級(jí)市場(chǎng)形成良好的引導(dǎo)作用；承銷商除了擔(dān)負(fù)銷售和一級(jí)市場(chǎng)定價(jià)的任務(wù)之外，還可能承擔(dān)二級(jí)市場(chǎng)做市商的角色，亦要求主承銷商提高市場(chǎng)化定價(jià)能力nEnhancing the market pricing ability of primary market will produce positive effect to sec

60、ondary market. Apart from sales and pricing in the primary market, underwriters are likely to act as a market maker, and improve their own pricing ability.n各信用評(píng)級(jí)的發(fā)行期限更為豐富與完整，將有利于形成合理的公司債券收益率曲線，為二級(jí)市場(chǎng)流通提供定價(jià)基準(zhǔn)nThe maturity of various credit rating bond is more abundance will help to build up a rational