中国高收益债券投资策略研究

China’s High-Yield Bond Investment Strategies

随着中国高收益债市场的快速发展,高收益债这一特殊的资产品类开始进入越来越多投资者的视野中,但在中国,该领域的相关研究还比较欠缺。高收益债具有多元化的价值来源,但在目前的投资环境中,挖掘这些价值还存在较多限制。本文针对不同价值来源,提出了多种投资策略,并对为博取阿尔法收益的投资者在参与途径、账户建立和风控等方面提出若干建议。本文弥补了高收益债买方研究的空白,为培养多元化的高收益债投资者结构、建立和完善多层次资本市场提供思路。

As China’s high-yield bond market develops,this special asset class has drawn the attention of increasing numbers of investors,even though research in this field is still limited.High-yield bonds have multiple sources of value,but in the current investment environment there are numerous restrictions on their full realization.This paper proposes a variety of strategies that address these different sources of value.It makes suggestions for investors aiming at alpha returns,examining channels of market participation,account establishment and risk control.This paper fills a gap in buy-side research on high-yield bonds and provides perspectives for cultivating a more diverse community of investors in high-yield bonds and strengthening a multi-level capital market in China.