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 究 2 究 / The Development of Chinese Corporate Bond / Comparisons of the Liquidity of Various Financial Capitals / Suggestions for Enhancing Corporate Bond Liquidity 主要内容/ Contents 3 究 :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 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 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 4 究 :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