提高公司债券市场流动性——中国金融市场各类资产流动性比较(汉英对照).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
张睿/ Zhang Rui

申万研究
中国公司债券市场发展/The Development of Chinese Corporate Bond
parisons of the Liquidity of Various Financial Capitals
提高公司债券市场流动性建议/Suggestions for Enhancing Corporate Bond Liquidity
主要内容/ Contents
2
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,,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 billion, which is pared to that of 2001. The plex 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.
银行间市场公司债券发行量(2000-)
Amount of corporate bond in inter-bank market
银行间市场公司债券托管量(2000-)
Amount of Trusteeship of Corporate bond in inter-bank market
资料来源:Chinabond,申万研究
0
5000
10000
15000
20000
2001
2002
2003
2004
2005
2006
2007
Jul-
08
Corporate bond
Government bond
亿元 100 million
0
10000
20000
30000
40000
50000
60000
2000
2001
2002
2003
2004
2005
2006
2007
Jul-
08
Corporate bond
Government bond
亿元100 million
3
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
2006年,交易所推出分离债品种,2007年推出公司债品种,2008年或推出可交换债品种,交易所公司债券市场成为公司债券的另一大交易平台
In 2006,the bourse issued a kind of warrant bond, in 2007 corporate bond, in 2008, exchangeable bond. The bourse corporate bond market e another large trading platform for corporate bonds.
商业银行不能参与交易所公司债券市场,但个人、企业投资者可直接参与,mercial ba