摘要
中国资本市场明显存在"股市强、债市弱""国债强、企业债弱"的特征。这一特征是由政府对国有企业实行股份制改造及大力发展国债市场的政策导向决定的。收益率曲线是国民经济的晴雨表之一。与资本市场其他组成部分相比,中国企业债券市场长期以来发展缓慢,监管管制行政化、企业债券利率非市场化等是其主要影响因素。经济增长、企业改革、QFII(合格境外投资者)制度等,将对中国企业债券市场发展产生实质性影响。
China's capital market is characterized by features of 'stock market being strong and bond market weak, national debt market being strong and enterprise bond market weak'. This might be explained by the policy the government employed in reforming the state-owned enterprises by stock system and developing the national debt market by remedying the financial deficits. Compared with other parts of the capital market in China, the enterprise bond market is developing at a very slow speed. Factors affecting this are, the monitoring system is still being an administrative one and the rate of enterprise bond is still not marketized. It should be realized that the development of economy, the reforms of enterprises and QFII are all factors that can affect the development of enterprise bond market.
出处
《哈尔滨工业大学学报(社会科学版)》
2004年第4期57-62,共6页
Journal of Harbin Institute of Technology(Social Sciences Edition)