债券市场的分层与统一:以公司债为例

The Layering and Unification of the Bond Market——A Case Study of Company Bonds

银行间市场与交易所市场之间的阻隔降低了债券市场的流动性和效率,收益率曲线难以平滑。本文以公司债改革为切入点,认为公司债扩容推动了债券市场的风险分层,并通过DCC—GARCH模型测算公司债发展对债券市场的冲击,发现公司债新政加深了债券市场的互联共通程度。最后提出互联互通并不是交易方式和交易场所的统一,而是发展理念、发展方式、发行程序以及后台托管、结算的统一,是在发行、交易和结算方式以及债券产品多层次、多样化的前提下,发行人、投资者及中介组织的自由流动和自由选择。

The barrier between the interbank market and the exchange market reduces the liquidity and efficiency of the bond market, and the yield curve is difficult to smooth. Based on the reform of corporate bonds as the break- through point, this paper finds that the expansion of the corporate bonds has promoted the risk layering of the whole bond market. Through the DCC - GARCH model to measure the impact of the corporate bond development on the bond market, this paper finds that the new policy of corporate bonds has deepened the degree of interconnection within the bond market. Finally, it proposes the unity is not the meaning of same trading procedures or trading markets, but the essence lies in the harmony of diversity.