外文翻譯---新興的東亞債券市場(chǎng)-全文預(yù)覽
【正文】 方向 ,除了中國(guó)和菲律賓 ,企業(yè)債券的發(fā)行人是超越政府的主要部分 。 盡管 在債券的 監(jiān)管 中存在分歧 , 但是 在所有的國(guó)家 中依然 形成一種共識(shí) , 最主要的監(jiān)管權(quán)力需要由證券委員會(huì) 掌握 。 然而在這一地區(qū)各個(gè)國(guó)家的監(jiān)管并不統(tǒng)一。 馬來(lái)西亞的努力 能過(guò)再抵壓機(jī)構(gòu) —— 抵押債券建立 一個(gè)基準(zhǔn)債券 ，這也是決策者創(chuàng)在政策上創(chuàng)新的典型例子。 然而， 在過(guò)去的幾年 里許 多領(lǐng)域的基礎(chǔ)設(shè)施制度 有了很大的 進(jìn)步 。清算、結(jié)算和支付系統(tǒng)或者缺失或未充分發(fā)展 。 另一個(gè)因素，市場(chǎng)的創(chuàng)造者得不到流動(dòng)性的支持也不利于債券市場(chǎng)的發(fā)展。 這反映了幾個(gè)相關(guān)的因素 ,如一個(gè)狹窄的資格標(biāo)準(zhǔn)由公司發(fā)行的債券 ,精心制作的發(fā)行過(guò)程曠日持久 ,但缺乏一個(gè)精簡(jiǎn)的監(jiān)管框 架 ,以及歧視性稅收。有幾個(gè)障礙阻礙著充滿活力的東亞次級(jí)債券市場(chǎng)的發(fā)展。 在東亞的債券市場(chǎng) 中，待定項(xiàng)目的 交易問(wèn)題通常 在 首次公開(kāi)發(fā)行后 很 活躍 不久 后逐漸減少。 在東亞國(guó)家中，韓國(guó)擁有最大的企業(yè)債券市場(chǎng)。 由于 獲得 了 經(jīng)驗(yàn)和專(zhuān)業(yè)知識(shí) ， 東亞 各個(gè) 國(guó)家 之間 實(shí)踐的差異 在大幅 減小 ,并且 一級(jí)市場(chǎng)對(duì)于政府債券的功能 已經(jīng) 越來(lái)越接近那些工業(yè)國(guó)家。 市場(chǎng) 初級(jí)市場(chǎng) 東亞的各個(gè)國(guó)家在關(guān)于初級(jí)市場(chǎng)的組建、發(fā)行人和投資者的分類(lèi)、可用的工具和債券發(fā)行的方法上沒(méi)有一個(gè)統(tǒng)一的實(shí)踐。 1990 年到 1993 年之間，外國(guó)人持有的東亞債券急速增長(zhǎng)（表 3）。 三種主要類(lèi)型的機(jī)構(gòu)投資者 — 合同儲(chǔ)蓄部門(mén)、養(yǎng)老基金和金融機(jī)構(gòu) — 持有大部分東亞債券。第二 ， 增長(zhǎng)最快的公司傾向于用債券權(quán)益融資 ， 因?yàn)閭试S所有者保留更大的控制權(quán) 和 他們的公司決策和巨大的投資需求不能充分滿足銀行融資或權(quán)利問(wèn)題。 私人債券發(fā)行的增長(zhǎng) 受 三 個(gè)主要因刺激 。 目前國(guó)家政府是東亞證券市場(chǎng)最大的發(fā)行人。債券市場(chǎng)的出 現(xiàn)聯(lián)系到金融的自由化。 雖然有些遲緩，但是東亞金融市場(chǎng)還是趕上了區(qū)域?qū)嶓w經(jīng)濟(jì)快速的發(fā)展。 Exchange listing is often seen as a requirement for widening the investor base and enhancing the acceptability of bonds, particularly when institutional investors are prohibited from holding unlisted securities. The predominance of OTC trading is due to the relative ease of trading because of the absence of minimum trading amounts, less restrictive trading times, and expeditious and prompt settlements. For example, virtually 100 percent of trading in Korea takes place on the OTC market even though more than 80 percent of bonds outstanding are listed on the Korean Stock Exchange. There are several impediments to the development of a vigorous and vibrant secondary bond market in East absence of a critical mass of bonds and the relatively small size of issues tend to raise the transaction costs of trading. As fiscal deficits decline or disappear, the number and frequency of government bond issues are declining in the East Asian countries, except in China and the Philippines. Though the gap is being filled by corporate bonds, trading volume in the latter has not reached the threshold necessary for the development of secondary market trading. This reflects several related factors, such as a narrow eligibility criterion for bond issues by corporations, elaborate and long drawnout issuing procedures, the absence of a streamlined regulatory framework, and discriminatory taxation. Moreover, institutional holders, who form the backbone of the bond market, are ―buy and hold‖ investors whose main objective is to avoid or minimize mismatches in the maturities of their assets and liabilities. There is thus little incentive for secondary market trading in situation, however, is slowly changing, with greater autonomy being given to the managers of pension, provident, and insurance funds and more flexibility permitted in their operations. Other factors, such as a lack of market makers with access to liquidity support, also hamper bond market development. Bond dealers run highly leveraged operations, and their inventories usually represent a certain multiple of their capital can be market makers only if they obtain liquidity through the repurchase market or the central bank rediscount facilities of this type are presently unavailable in most East Asian countries. The secondary bond market also needs to be supported by an institutional infrastructure that includes, among other things, efficient clearing and settlement arrangements, creditrating agencies, and bond insurance. Clearing, settlement, and payment systems are either absent or not fully developed。 外文原文 The Emerging East Asia
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