中美债券市场持有人结构比较及中国债券市场持有人结构走向探讨

The Comparison of the Holders' Structure of Chinese and American Bond Markets and the Discussion on the Trend of the Holders' Structure of Chinese Bond Market

中美债券市场持有人的结构具有一定共性,也存在明显差异:两个市场中基金类集合投资人占比都较高且呈上升趋势,美国市场的国际投资人比例高,中国商业银行持债、尤其是持有国债等利率债的比例相对较高。通过量化分析可以进一步发现,中国商业银行持债比重与经济增长、债券市场发展阶段、产品供给结构、收益率水平、商业银行自身投资限制等诸多因素都具有相关性。进一步培育多元化的债券投资人,有必要加强对基金等集合投资人的穿透式管理,便利境外投资人入市,丰富债券市场交易工具和风险对冲工具,加强投资者权益保护等。

The holders＇ structure of Chinese and American bond markets has certain commonness, but there are also obvious differences. The proportion of fund aggregate investors in both markets is high and rising, the proportion of international investors in the US market is high, and the proportion of Chinese commercial banks＇ holding bonds, especially treasury bonds and other interest rate bonds is relatively high. Through the quantitative analysis, it can be further found that the proportion of Chinese commercial banks＇ holding bonds is correlated with a number of factors such as economic growth, development stage of the bond market, product supply structure, yield level and investment restrictions of commercial banks themselves and so on. To further cultivate diversified bond investors, it is necessary to strengthen the penetrating management of fund and other collective investors, facilitate foreign investors to enter the market, enrich the bond market trading tools and risk hedging tools, and strengthen the protection ofinvestors＇ rights and interests.