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融资期限结构是信用债券市场融资效率的重要体现。与美国相比,中国信用债市场期限偏短,并且两国债券市场期限差异近年来不断扩大。导致中美信用债券市场期限差异化的原因:一是债券市场发展成熟度不同;二是财政和货币政策侧重点不同;三是金融体系结构不同。融资期限较短表明中国债券市场服务实体经济的能力有待提高,而债券市场期限的提高离不开金融市场的完善和财政货币政策的协调,因此建议从三方面着手来引导我国中长期信用债券市场发展。一是加强债券市场互联互通,解决交易所债券市场投资者不足问题;二是通过CDS等产品创新增加债券市场对投资者的吸引力;三是主动吸引增量长期资金进入债券市场。
Financing term structure is an important manifestation of the efficiency of credit bond market financing. Compared with the United States, the credit market in China is short-lived, and the time difference between the two countries’ bond markets has been expanding in recent years. The reasons leading to the difference of the credit market in China and the United States are as follows: First, the maturity of the bond market is different; second, the focus of the fiscal and monetary policies is different; third, the financial system is different in structure. The short financing period shows that the Chinese bond market needs to improve its ability to serve the real economy. The improvement of the bond market can not be separated from the improvement of the financial market and the coordination of fiscal and monetary policies. Therefore, it is suggested that we should guide the mid- and long-term credit bond market in China development of. One is to strengthen the bond market interoperability and solve the problem of insufficient investors in the bond market of the Exchange; the other is to increase the attractiveness of the bond market to investors through CDS and other product innovations; the other is to actively attract incremental long-term funds to enter the bond market.