270-DEVELOPING CORPORATE BOND MARKETS IN EAST ASIA发展发展公司债券市场.ppt

DEVELOPING CORPORATE BOND MARKETS IN EAST ASIA发展公司债券市场 ASEAN+3 Seminar Asia-Pacific Finance and Development Center Shanghai, September 27, 2007 东盟+中日韩 发展公司债券市场高层研讨会 亚太财经与发展中心 2007年9月27日 China’s Corporate Bond Market: Developments and Challenges中国公司债券市场：发展与挑战 Presentation by Vivek Arora1 August-September 2007 1 IMF Senior Resident Representative, Beijing. The views expressed in this presentation are those of the author and should not be attributed to the IMF, its Executive Board, or its management. 维韦克·阿罗拉，国际货币基金组织（IMF）首席驻华代表。本次演讲所述之观点仅代表作者个人观点，不代表IMF执行董事会或其管理层的观点。 Summary 小结 Corporate bond markets (CBM) can play important role in economic development. 公司债券市场（CBM）在经济发展中起着重要作用。 For China, also helpful for rebalancing economy. 对中国而言，也有助于解决经济失衡问题。 But, in China, CBM is small. Regulatory burden is high. 但是，中国的公司债券市场规模还很小，监管负担很重。 Authorities emphasizing CBM development (NFWC, Jan. 2007). Progress being made. 相关部门越来越重视公司债券市场的发展（ 2007年全国金融工作会议）。已取得一些进步。 International experience 国际经验 Corporate bond markets relatively recent phenomenon (exceptions, e.g.: U.S., Germany). 公司债券市场相对较新（除美国、德国外） Market growth since early 1980s: Japan (deregulation; financial reforms); Europe (particularly since start of Euro); Emerging Asia (since late 1990s). 债券市场从上世纪80年代初开始发展： 日本（取消金融管制；金融改革）； 欧洲（从欧元产生开始）； 亚洲新兴市场（从上世纪90年代末起） Role of reforms (approval process, ratings agencies, benchmark yield curves, market eligibility) and corporate restructuring 改革的作用（审批程序、评级机构、基准收益率曲线、市场资格）与公司重组 Corporate bond markets can play important role in development 公司债券市场能在经济发展中扮演重要角色 Lower cost of financing. 融资成本更低 More efficient pricing of risk and better allocation of capital. 风险定价更高效，资本配置更合理 Less crowding out of SMEs from bank financing. 与中小企业通过银行融资相比，融资途径更通畅 Diversify/lower balance sheet risk. 资产负债表内风险分散化或更低 And, in China, would also help in re-balancing economy 有助于中国经济重新获得平衡 Need for re-balancing: towards consumption, away from net exports and investment