着陆与分化——去杠杆下的债券市场投资者行为

Bond Market Investor Behavior Amid Deleveraging

本文主要研究分析去杠杆背景下银行间债券市场主要投资者的行为变化。研究发现,首先银行间债券市场杠杆水平总体上看稳中有降,去杠杆取得积极成效。其次,证券公司等交投活跃的机构投资者债券投资杠杆率稳步走低,银行金融机构、集合类投资人的总体杠杆率同样呈现稳步下降的趋势。最后,去杠杆过程中,不同类型投资者的债券投资偏好可能正在发生分化。

This paper studies the behavioral changes of major investors in the inter-bank bond market under the context of deleveraging. The study tbund that the deleveraging effort has achieved positive results and the degree of leveraging in the inter-bank bond market has generally been on a steady decline. Secondly the leverage ratio of active institutional investors in the bond market, such as securities companies, has been reduced over time, and the overall leverage ratio of banks and pool investors has also been lowered. Lastly, in the process of deleveraging, investment preferences of the various types of investors in the bond market may be showing greater divergence