外文翻譯---新興的東亞債券市場(chǎng)-wenkub
2023-05-19 09:32:57 本頁面
【正文】 and then privatizing their major state enterprises, notably major public utility the intention was not to shed ownership control during the initial phase of privatization, state enterprises were encouraged to meet their financing needs mainly by issuing bonds in the domestic is well illustrated by the case of Thailand, where state enterprises’ bonds constitute the largest segment of the domestic bond market. Second, the fastest growing firms tend to prefer bond to equity financing, both because bonds allow owners to retain greater control over corporate decisions and because their massive investment requirements cannot be adequately met by bank finance or rights , while mercial banks played a vital role initially in financing the needs of public and private enterprises in East Asia, their ability to carry out maturity transformation has been seriously constrained of late by large capital requirements. Too much longterm lending has led to asset and liability maturity mismatches. Moreover, the adoption of risk based capitaladequacy requirements has restricted banks’ ability to finance private fixed investments. Three major classes of institutional investors—the contractual saving sector, pension funds, and financial institutions—hold the bulk of East Asian bonds. Bond holdings by individuals are negligible, except in China, where individuals are the major investors in government bonds. The extent to which each of the investor classes dominates the bond markets varies from country to Malaysia, the Philippines, and Singapore, the contractual savings sector constitutes the largest single institutions are the dominant bondholders in Korea, the Philippines, and Thailand, although in Thailand, mutual funds are being more prominent as major investors in bonds. Holdings of East Asian bonds by foreigners surged between 1990 and 1993 (Table 3). International bond issuance by East Asian countries has been very successful, reflecting their past economic performance, good track records in servicing external debt, and the growth potential they offer to international portfolio ’ access to domestic bond markets in the East Asian countries has been limited in the major markets, however, owing to the policies of the authorities in these markets. Indonesia, Malaysia, and Thailand allow relatively easy access to their domestic bond markets, but the bond market in Korea is not open to foreign investors to any significant degree, and China’s bond market is currently closed to foreign investorsThe markets Primary markets.。 There is no uniform practice among East Asian countries regarding the organization of primary markets, the range of issuers and investors, the instruments available, and bondissuance methods. Government bonds in primary markets are issued by petitive auction in Hong Kong and the contrast, in China, government bonds are placed through administrative allocation, which often leads to their prices being below the marketdetermined level. Issuance practices for government bonds in the rest of East Asia fall somewhere between these experience and expertise have been gained, the differences in practices among the East Asian countries have substantially narrowed, and the functioning of primary markets for government bonds has tended increasingly to approximate those in the industrial methods for private bonds vary widely across the region. In Thailand, for example, public issues of bonds are more cumbersome than private placements, since is
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