摘要
高收益债券是指信用评级低于投资级的债券,在欧美发达国家发展迅猛。2012年我国中小企业私募债启动发行,是我国发展高收益类债券产品的有益探索。本文在总结国内外高收益债券实践的基础上,指出我国发展高收益债券市场的积极意义以及面临的制约因素,提出了加强市场制度建设、加强信息披露和信用评级管理、发挥信用衍生产品功能等进一步发展我国高收益债券市场的建议。
High yield bonds refer to those with lower credit rating grade than the investment standard and such bonds have gained great momentum in developed countries. In 2012, China marched a pioneering step in issuing the small and mediumsized enterprise private placement bond. Based on the investigation of high-yield bond practice both home and abroad, this paper explores the future development of China's high-yield bond and puts forward practical suggestions for a better bond market, such as improving the market mechanism, enhancing information disclosure, reinforcing the credit rating system, promoting credit financial instruments, etc.
出处
《南方金融》
北大核心
2013年第7期58-61,共4页
South China Finance
关键词
债券市场
高收益债券
中小企业私募债
发展路径
Bond Market
High-yield Bond
Medium-sized Enterprise Private Placement Bond
Development Path