CAJ | 학술논문

债券市场的首要功能是融资。目前我国债券市场分为银行间市场和交易所市场,两者之间存在较大的发展差距。本文以企业融资成本为对象,对两市场的融资效率进行比较研究,分析表明,银行间市场的显性发行成本低于交易所市场,但发行利率指导、发行垄断导致隐性成本的增加;交易所市场由于投资者资金实力不足造成发行利率水平的偏高,但证券公司自身的择时能力和债券需求的真实性确保了最低的隐性发行成本。
채권시장적수요공능시융자。목전아국채권시장분위은행간시장화교역소시장,량자지간존재교대적발전차거。본문이기업융자성본위대상,대량시장적융자효솔진행비교연구,분석표명,은행간시장적현성발행성본저우교역소시장,단발행리솔지도、발행롱단도치은성성본적증가;교역소시장유우투자자자금실력불족조성발행리솔수평적편고,단증권공사자신적택시능력화채권수구적진실성학보료최저적은성발행성본。
The primary function of bond market is financing.At present,Chinese bond market is divided into inter-bank market and the exchange market.There is a big development gap between the two markets.In this paper,we will give a comparative study of the efficiency of corporate finance in these two markets by researching in debt cost.We find that the issuing cost of the inter-bank market is lower than that of the exchange market,but the guidance to issuing interest and issuing monopoly led to an increase in implicit issue cost;the insufficient capital strength of the exchange market led to a high level of issuance interest rates,but the securities companies＇ timing ability and the truthful demand for bond ensure a lowest implicit issue cost.