提高公司债券市场流动性- Enhancing-the- Market- Liquidity-of-课件.pptVIP

* 中国公司债券市场发展The development of corporate bond market in China 公司债券的行业分布主要集中在工业、公用事业、能源等行业，大型央企是主要的融资主体 Industry distributions of corporate bonds are concentrated on manufacturing, public affair, and energy, etc. large-scale state-owned firms are the main financing entities. 1年以下及5-10年品种是目前公司债券市场的主流品种，1、3、5、7、10、15年成为关键发行期限 The bonds within 1 year and 5-10 year bonds are the main products in the market.1, 3, 5, 10, 15 are the key maturities. 商业银行、保险机构、基金、信用社是公司债券最大的四类持有机构，持有比例将近90%，个人投资者持有比例最低 Commercial banks, insurance institutions, funds, and credit institutions are the four main holders of corporate bonds, the holding percentage of which is up to 90%. Percentage of individual holder is the lowest. 亿元 100million Industry distribution of corporate bonds in inter-bank market（2008.7） Time limit for corporate bonds（2008.7） 资料来源：Chinabond，Wind，申万研究 Investor distribution（2008.7） 亿元 100million * 1. 中国公司债券市场发展/The development of Chinese corporate bond market 公司债券市场发展的意义/The significance of corporate bond market 推动直接融资、拓宽企业融资渠道/ promote direct financing, enlarge channels for corporate financing 分散银行信用风险、促进银行经营模式转变/ separate bank’s credit risk, promote the transformation of bank management 增加机构投资者和个人投资者的可投资品种，促进债券市场多层次发展/ increase the investment products for institution investors and individual investors, promote multi-level development of bond market 公司债券市场发展的重点/ focuses of the development of corporate bond market 完善信用评级体系，建立合理的定价方法/ improve credit rating system, establish rational pricing mechanism 提高公司债券市场的流动性，分散系统性风险，减小流动性利差/ enhance the liquidity of corporate bond market, separate systematic risk, reduce interest spread in liquidity. * 中国公司债券市场发展/ The development of Chinese corporate bond market 各类金融资产流动性比较/ comparison of liquidity for various financial capitals 提高公司债券市场流动性建议/ Suggestions for enhancing the liquidity of corporate bond market 主要内容/ Contents * 2. 各类金融资产流动性比较/ Comparisons of the liquidity for various financial capita