债券流动性

企业债券流动性差；

Poor mobility of enterprise bonds ;

点心债券流动性不强的另一个原因在于离岸市场上人民币的供给量有限。

Another reason for thin liquidity is that the supply of Renminbi in the offshore market is limited .

研究结论发现，控制了利率风险和信用风险因子后，这些与债券流动性相关的因素对中国企业债券定价的影响都是不显著或不稳定的。

Results show that , after controlling for factors of credit and interest rates , these liquidity-related factors have insignificant and instable effects on bond pricing .

然后着重分析了次贷危机背景下，公司债券流动性的影响因素，发现信息披露质量、信用评级质量是公司债券市场流动性的重要影响因素。

We then analyze the determinants of corporate bonds liquidity under the financial crisis , found the quality of information disclosure and credit rating are important determinants .

由于二级流通市场不活跃，我国公司债券流动性差，变观性弱，增大了投资风险，影响了它在一级市场的发行。

Because of the inactivity of the second circulating market , the mobility of Corporate Bond in China is small , which increased the investment risk and influenced its issue in the first market .

考虑到价格的波动和某些债券流动性低于其他债券，结算所通常对其会员必须提交的抵押物的价值扣除一定比率，这就是扣减率。

Clearing houses routinely apply a discount , or haircut to the valuation of collateral that members must place with them such as government bonds to take account of fluctuations in prices and the fact that some bonds are less liquid than others .

银行间债券市场流动性及异常交易研究

Research on Liquidity and Artificial Transactions in China Interbank Bond Market

本文是对亚洲债券市场流动性问题的初步分析。

This is a primary analysis of the liquidity of the Asian Bond Market .

银行间债券市场流动性研究

Study on Liquidity of the Interbank Bond Market

但是国内对于债券市场流动性的实证研究还比较缺乏。

However , empirical studies of the domestic bond market liquidity are still relatively scarce .

影响政府债券市场流动性的因素包括产品设计、市场结构、交易机制、信息披露和税收等问题。

Liquidity depends on product design , market structure , trading system , disclosure and taxation .

在本文的第三部分对影响我国银行间债券市场流动性的各种因素进行了分析。

The third part analyzes the varied factors of influencing the liquidity of Interbank bond market .

本文从公司债券市场流动性的角度来关注公司债券市场的发展。

This paper pay attention to the development of chinese corporate date market from the angle of liquidity .

作为一种相对较新的产品，点心债券受到流动性不足和缺乏长期投资者的困扰。

As a relatively new product , dim sum bonds have been hampered by poor liquidity and lack of long-term investors .

采用分笔交易数据，用相对买卖价差分析我国债券市场流动性，可以得出如下结论：各期限国债流动性差异不大，短期和长期国债流动性相对较好；

This paper , adopting the real-time trading data , analyzes the bond market liquidity in China by means of proportional bid-ask spread .

此外，本文还采用市场集中度指标，从市场结构方面论述了影响银行间债券市场流动性的因素，这也是文章的一个创新之处。

In addition , the paper also used the indicator of market concentration to analyze the impacting factors of the inter-bank bond market .

信用衍生产品自问世以来在分散金融机构信用风险、完善信用风险定价机制、提高债券市场流动性等方面发挥了积极的作用。

Credit derivatives have been playing an important role in diversifying credit risk , improving credit risk pricing mechanism , enhancing bond market liquidity etc.

随着违约的增多，很大一部分亚洲高收益债券的流动性状况更有可能在市场下行时加剧跌势。

Here the liquidity X factor in much of Asian high-yield is more likely to leave a sting on the downside as defaults rise .

上述市场结构与行为直接影响市场绩效，银行间债券市场流动性不足，货币市场特征明显。

The above mentioned IBBM structure and conduct influence the market performance directly , which declines the IBBM 's liquidity and makes money market character more obvious .

多数分析师和投资者将这波逆转行情归因于长期的过度交易引发的迟来的逆转，而债券市场流动性的缺乏又加剧了市场的动荡。

Most analysts and investors have attributed the gyrations to an overdue reversal of stretched and crowded trades , with the turmoil exacerbated by a dearth of liquidity in bond market trading .

结果显示，两个市场的企业债流动性收益率存在较大偏差，市场分割现象明显，交易所企业债券对流动性更敏感。

The results show that there exist deviation of liquidity and yield between the two market , market segmentation phenomenon is obvious , enterprise bonds in Exchange bond market are more sensitive to liquidity .

最后，阐述了银行间债券市场流动性的提高要按照稳健和规范的原则完善我国的银行间债券市场，并给出了在目前的状况下提高银行间债券市场流动性的对策建议。

Finally the paper suggests the improvement of liquidity of Interbank bond market should perfect the Interbank bond market according to the principle of steadiness norm , and provides the suggestions of improving the liquidity of Interbank bond market at the present situations .

由于FSA的流动性缓冲要求是政府债券，一旦流动性紧张局面加剧，银行就会蜂拥出售政府债券，结果造成没有买家接手，从而使银行难以出售。

Since the FSA 's liquidity buffers demand government bonds , should a liquidity squeeze arise , banks would stampede out of sovereign debt thereby creating a shortage of buyers that could make it hard for the banks to sell .

亚洲债券市场的流动性分析

An Analysis of Liquidity of the Asian Bond Market

英国石油或许能够通过发售债券改善其流动性状况。

It might be able to strengthen its liquidity position with a bond issue .

国库债券，其流动性市场和独特的发行人，看起来更漂亮。

Treasury bonds , with their liquid markets and unique issuer , look prettier .

结果表明，首先，增强透明度总体上提高了我国银行间债券市场的流动性。

The result turns out that , first of all , the improvement of transparency enhance our interbank bond market liquidity overall .

自上月沃克尔规则草案公布以来，银行家们一直在警告，从股票到企业债券，市场流动性都会受到冲击。

Since the draft regulations came out last month , bankers have been warning that it would hit liquidity from equities to corporate bonds .

该行为应对危机而采取的非常规操作相当谨慎，以从银行购入短期债券来增加流动性为主。

Its unconventional crisis-fighting operations have been fairly cautious , consisting largely of buying short-term bonds from the banks in order to increase liquidity .

尽管对非流动性研究更多的是关于股票市场，但债券市场非流动性风险问题的研究也是近些年来研究的热点。

The study of illiquidity focuses more onthe stock market , but the liquidity of bond market is also being a hot topic recently .