亚洲的企业债券市场（下）

Corporato bond markets in Asia（Ⅱ）

自1997年亚洲金融危机以来，发展债券市场已成为亚洲决策者们的当务之急。他们意识到一融资渠道，而企业债券市场则能为经济提供重要的长期融资来源．该文以亚洲企业债券市场为研究对象，由两部分组成，第二部分着重分析了亚洲企业债二级市场的特征，认为投资者不够多样化、市场微观结构不完善、市场不透明以及投资者无法及时充分地获得发行人信息，是造成亚洲企业偾市场低流动性的突出原因。

Since the 1997 Asian financial crisis, bond market development has become a high pdodty for Asian policymakers. They recognize that a robust financial system requires multiple channels of financing, and a corporate bond market can provide an economy with an important source of long-term finance. This paper, focusing on Asian corporate markets, is constitutnd by two pads. The second part emphasizes the characteristics of the secondary markets for corporate bonds in Asia, and holds that four salient factors appear to be keeping liquidity low in the Asian corporate bend markets： a lack of diversity in the investor base, inadequate market mitres, market opaqueness and a limited fiow of timely infomation about issuers to creditors.