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
2. 各类金融资产流动性比较/ Comparisons of the liquidity for various financial capitals
债券：国债、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
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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, and the derivatives that can transf