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——中国金融市场各类资产流动性比较（汉英对照）
适用于年终总结/工作计划/述职报告/策划方案等
2020
2. 各类金融资产流动性比较/ Comparisons of the liquidity for ve 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 bonds
交易所市场个券的换手率更能明显说明新券流动性较好的特征
Turnover ratio of individual bonds in the bourse market can better explain the liquidity of new bonds
Turnover ratio of corporate bonds in inter-bank market（2000-）
Monthly turnover ratio of 06 Sino-chem （126002） bonds in the bourse market
资料来源：Chinabond，申万研究
10
债券市场：流动性偏弱/ Bond Market: low liquidity
公司债券流动性较差的原因/ the reasons for low liquidity of corporate bonds
1、信用评级体系不完善，产品信用差异难以区分，二级市场缺乏合理定价方法
Incomplete credit rating system, credits differentiation of products are vague, secondary market lacks rational pricing mechanism.
2、能否用于质押式回购是衡量流动性的重要标准，而在银行间市场这取决于交易对手，即使AAA评级公司债券在进行回购融资时亦有诸多限制，相比央票、金融债面临劣势
Whether or not Pledge-style Repo is an 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、一级市场发行方式非市场化，发行利率对市场利率的敏感度相比国债反应滞后
We issue the corporate bonds in the primary market is not in a market way. Issuing interest rate is less sensitive to market interest rate than the treasury bond .
4、市场规模整体较小，发行不是连续行为，收益率变动往往由一级市场向二级市场传导；而二级市场缺乏做市商，双边报价活跃度较低
The market is sill very small, and the issue is not a successive process. The change of income rate usually transfers from the primary market to the secondary market, while secondary market lacks market-maker, and bilateral pricing system is less active.
5、投资群体有限，机构风险偏好层次非常单一，以持有到期需求为主，交易型需求不足，缺乏转移信用风险的衍生产品
The investors are very few and limited to single risk preference. Majority holders willing to hold the bonds to expiration. Trading demands is insufficient, an