大学申请文书-中国债券市场面临的问题

大学申请文书-中国债券市场面临的问题

中国债券市场面临的另一个主要担忧是与银行业和股市的竞争。根据公司融资中的优先顺序理论,债务融资的资本成本应低于股权融资。然而,中国许多政府官员、企业管理者甚至民营企业家仍然将股权融资视为廉价的融资渠道,因为上市公司喜欢正确的发行,面临着轻微的控制和规则,而且往往不支付任何股息。面对如此具有挑战性的环境,官员们不仅需要让债券市场对发行人和利益相关者开放,还需要就每个市场的运作机制向市场提供指导。有关利率和发行的规定削弱了债券市场和许多混合投资者的弹性。没有一个广泛的各种各样的可交易证券和一个活跃的二级市场,债券市场不能完全享受其价格发现和风险管理的作用,使债券融资与银行贷款对利率的直接竞争,而许多高质量的公司已经轻松访问。
考虑到更高的管理和交易成本,银行贷款往往受到进入这两个市场的发行者的青睐。尽管中国国内债券市场在过去10年经历了7倍的扩张,但大多数债券发行机构都是与政府挂钩的,这显然会引发道德风险。财政部发行的国债、中国人民银行票据和政府支持债券已占全部未发行债券的70%以上。除此之外,企业债券和商业银行债券等大部分剩余部分是国有企业和地方政府融资平台发行的。2015年,中国国内债券市场才首次出现国有企业发行人违约的情况,这表明道德风险仍然很高。最后,这种政府挂钩债券被分割成不同的部分,有不同的控制人和债务人,从而分散了流动性,降低了市场的复杂性。目前,它们中没有任何一个能够单独成为重要的全球资产类别。当一个给定的流动性池被分割成两个相等的市场部分时,每个部分的流动性都会衰减80%或更多。

大学申请文书-中国债券市场面临的问题

Another chief concern faced by the Chinese bond market is rivalry with the banking sector and equity market. Conferring to the pecking order theory in corporate finance, debt financing should carry lesser costs of capital than equity financing. However, many government officials, corporation managers and even private industrialists in China still treat equity financing as the inexpensive channel for financing, since the public companies relish the right offering, face slight domination and rules, and frequently do not pay any dividends. Facing with such a challenging setting, officials need to not only make the bond market obtainable for issuers and stakeholders, but also instruct the market on the mechanism by which each market operates.The rules on interest rate and issuance take away the elasticity of the bond market and many mixed investors. Without an extensive variety of tradable securities and a vigorous secondary market, bond market cannot completely relish its role of price detection and risk administration, which put bond financing into direct rivalry on interest rate with bank loans, to which many of the high-quality companies already have easy access.
Given the much higher administration and transaction costs, bank loans are often times favoured by issuers with admittance to both markets. While the Chinese domestic bond market has gone through a seven-fold enlargement over the previous decade, most bond issuers are government-linked, obviously giving rise to moral hazard dangers. The treasuries distributed by the Ministry of Finance (MoF), PBOC bills, and government-supported bonds collected have accounted for more than 70 percent of entire bonds outstanding. Apart from this most of the residual sections such as corporate bonds and commercial bank bonds are SOE and LGFV issues. The Chinese domestic bond market only saw its first rare defaults of SOE issuers in 2015, suggesting still significant moral hazard risk. Lastly, such government-linked bonds are separated into various segments with different controllers and obligors, thus distributing liquidity and depressing market complexity. Presently, not any of them can become important global asset classes on their own. When a given liquidity pool is separated into two equal market sections, the liquidity of each can decay by 80 percent or more.

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