我国企业债券市场的定价机制

The Pricing Mechanism of China Corporate Bond's Market

企业债券的定价牵涉到公司债券融资的成本与投资者的收益问题,信用风险和流动性风险是目前我国企业债券收益率的主要影响因素。文章从投资者角度对企业债券定价中的信用风险、流动性风险以及税收风险对收益率的影响进行了分析,基于收益与风险对等的原则,我们得出了企业债券名义的风险溢价补偿的定价公式,并指出了各种风险的影响系数的变化趋势。

The pricing mechanism of corporate bond concerns the financing cost of the corporate and the income of the investor. Credit risk and liquidity risk are the two main factors that influenced on the yield of China corporate bond. This paper analyses the influence of credit risk, liquidity risk and tax risk from investor＇s standpoint on the yield, thus gets corporate bond＇s pricing formula for the compensation of risk premium which based on the principle that the income should be equal with the risk. In the mean time, the paper points out the variety trend of the influence coefficient of every risk.