债券结构化发行的识别研究、规模估算与形势分析

An Analysis of Structured Debt

文章回顾了债券结构化发行的政策环境、发展历史和业务模式演变,并指出结构化发行对债券市场的影响。通过非市场化发行指数对结构化发行进行识别,结果显示,目前结构化发行在趋势上存量规模已开始萎缩,风险依然可控,债券市场稳定性也得到明显修复。对于结构化发行,要以有效方法予以治理化解,尤其要防止在处置风险时引发新的金融风险。

This article reviews the policy environment, development history and business model of structured issuance and assesses the impact of such issues on the bond market. It employs a non-marketable issuance index to distinguish various types of structured issuance. The article concludes that the size of the stock of structured issuance has begun to shrink and risks remain manageable. Additionally, damage to the stability of the bond market has been significantly repaired. The article also finds that structured issuance should be managed and resolved in an effective way, particularly to prevent new financial risks from arising related to risk disposal.