摘要
针对企业债券投资者所面临的市场风险,通过下偏矩风险计量方法,对我国目前流通的企业债券进行实证检验,在此基础上得出结论:我国企业债券有着自身的特点,即风险—收益的不对称性。对单一证券来说,在不考虑市场利率因素影响的情况下,其投资风险和投资者的目标收益率有关。同时,剩余期限、持有时间也是影响债券风险的重要因素。因此,投资者在投资过程中,应实施多元化的投资策略来规避风险。有关部门应该合理引导企业债券逐步走向市场化,以顺应市场经济发展的大潮。
In view of the adventure faced by bond investor, by the measure of LPMq, we made an authentic examination of the current circulating enterprises bond and got the following conclusions： China＇s enterprise bond has its own characteristics, that is the unbalance of adventure and income. To single bond, without considering the influence of market interest rate, the investment adventure relates to the target income rate. At the same time, surplus time limit and keeping time are also important elements which influent the bond adventure. Therefore, the investors should carry out a pluralistic investment tactics to avoid adventure. Relative departments should guide enterprise bond to market, which conforms to the development trend of market economics.
出处
《经济研究导刊》
2006年第6期82-84,共3页
Economic Research Guide
关键词
企业债券
下偏矩
投资风险
enterprise bond
LPMq
investment adventure
