关于中国债券市场上主动管理有效性的探讨

Discussion on the Effectiveness of Active Management in China’s Bond Market

相较于权益市场,关于债券市场主动管理有效性的研究相对较少。随着中国债券市场上主动管理者的不断涌入,这一领域的研究在理论和实操层面都有着重要意义。以权益市场的研究为起点,笔者分析了债券在资产特征和市场特征等方面的差异,探讨了中国债券市场上通过主动管理获取超额收益的机会。通过对超额收益的分解,笔者建议主动管理者可以从风险管理和控制、投资经理技能水平、投资范围和投资管理流程等方面提升获取超额收益的能力。

Compared with the equity market,there are relatively few studies on the effectiveness of active management in the bond market.With the continuous influx of active managers in China’s bond market,the research in this field is of great significance in theory and practice.The author analyzes the differences in asset characteristics and market characteristics between bonds and equity,and discusses the feasibility of obtaining excess returns through active management in China’s bond market.Through the decomposition of excess returns,the author suggests that active managers can improve their ability to obtain excess returns from the aspects of risk management and control,investment skill,investment scope and investment management process.