我国债券市场的梯次生长与演进逻辑

The Echelonment of Growth and Logic of Evolution of China Bond Market

股权融资与直接债务融资是推动直接融资发展的"两个轮子",长期以来,存在"重股轻债"的现象。近年来,债券市场实现跨越式发展,低风险运行特征明显。但是,囿于投资者队伍的单一和整个社会对创新的认识,市场仍然呈现阶段性和梯次性特征。当前,要着力推进市场向纵深性演进,促进市场多层次建设。

Equity financing and direct debt financing are the two driving forces behind the development of direct financing. For a long time, the former was given a bigger role than the latter. In recent years, the bond market has achieved leapfrog development and risks of market operation have been low. However, the market is still showing the characteristics of development phase and echelonment . At present, it is necessary to press ahead with in-depth market evolution and multi-level market development.