双刃债市市场化进程中的民企阵痛

Double-edged bond market--private enterprises’ pain in marketizatio

过去一年多时间,对债券市场而言,是恍惚而又幸福的一年。虽然伴随着公司债务事件次第爆发,但违约也是中国债市走向正规、迎接竞争的必修课。债务作为一把“双刃剑”,对经济发展有着双重影响。一方面发债为现代市场经济贡献良多,另一方面过高过快的债务増长也会为经济发展带来风险。自进入9月以来,受国内通胀预期上升、全球再掀货币宽松浪潮等因素影响,国内债券市场出现了较大调整。

Last year, bond markets suffered a second outbreak of corporate loan defaults.This is a must lesson for Chinese bond market to meet formal competition standards. As a “double-edged sword”, debt has a double impact on economic development. On the one hand, bond issuance contributes a lot to the modern market economy;on the other hand, excessive and rapid debt growth will also lead to social and economic turbulence. Since the beginning of September, the domestic bond market has undergone a major correction as a result of rising domestic inflation and global monetary easing. Does the dramatic adjustment the end of a less standard bond market? Beneath it, causes that affect the supply and demand of capital are the key to the look through finance.