提高公司债券巿场流动性EnhancingtheMarketLiquidityof.ppt

提高公司债券市场流动性Enhancing the Market Liquidity of Corporate Bonds  ——中国金融市场各类资产流动性比较 ——Comparisons of Liquidity of Various Capitals in Chinese Financial Market 主要内容/ Contents 中国公司债券市场发展：银行间市场The Development of Chinese Corporate Bond Market: Inter-Bank Market 2002年以来，中国公司债券市场快速发展，2007年银行间市场公司债券托管量（不考虑金融机构债券）达到7949亿，较2001年增长22.65倍，年均复合增速达到70%，预计2008年公司债券发行量将超过9000亿，托管量将超过1万亿，约占债券市场总量的7%。 In 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 amount of trusteeship exceeds 1000 billion, which account to approximately 7 % of the total bond market. 银行间市场的公司债券品种包括1年以下的短融、3-5年的中期票据、以及5年以上的企业债 Corporate 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 bond. 中国公司债券市场发展：交易所市场The Development of Corporate Bond Market in China: Bourse Market 中国公司债券市场发展The development of corporate bond market in China 1. 中国公司债券市场发展/The development of Chinese corporate bond market 公司债券市场发展的意义/The significance of corporate bond market 推动直接融资、拓宽企业融资渠道/ promote direct financing, enlarge channels for corporate financing 分散银行信用风险、促进银行经营模式转变/ separate bank’s credit risk, promote the transformation of bank management 增加机构投资者和个人投资者的可投资品种，促进债券市场多层次发展/ increase the investment products for institution investors and individual investors, promote multi-level development of bond market 公司债券市场发展的重点/ focuses of the development of corporate bond market 完善信用评级体系，建立合理的定价方法/ improve credit rating system, establish rational pricing mechanism 提高公司债券市场的流动性，分散系统性风险，减小流动性利差/ enhance the liquidity of corporate bond market, separate systematic risk, reduce interest spread in liquidity. 主要内容/ Contents 2. 各类金融资产流动性比较/ Comparisons of the liquidity for various financial capitals 债券：国债、公司债券/ Bonds: tr