【文章內(nèi)容簡介】 asing every year. In 2022, the figure is , and the turnover ratio during January to July 2022 is , which means a better liquidity than bond 01000002022003000004000005000002022 2022 2022 2022 2022 2022 Jul08012345678交易量 換手率億元 100million 0500001000001500002022002500003000003500002022 2022 2022 2022 2022 2022 Jul08億元 100million Annual turnover ratio of A share markets （ ） Total capital amount of A share stock markets （ ） 資料來源： Wind， 申萬研究 申萬研究 13 封閉式基金：規(guī)模小，流動性差 / Exclusive funds: small scale, low liquidity ? 基金規(guī)模增長同樣較快，開放式基金規(guī)模遠大于封閉式基金。至 2022年 7月，開放式基金凈值達 ，封閉式基金凈值僅為 726億 ? The scale of funds increase quickly as well. The scale of openend funds are bigger than closedend funds. Up to July, 2022, the value of openend funds is up to 2022 billion, and closedend funds is only billion. 050010001500202225002022 2022 2022 2022 2022 2022 2022 2022 Jul08基金凈值 基金份額050001000015000202202500030000350002022 2022 2022 2022 2022 2022 2022 2022 Jul08開放式基金份額（億份） 開放式基金凈值（億元）Scale of openend funds （ ） Scale of closedend funds （ ） 資料來源： Wind， 申萬研究 申萬研究 14 封閉式基金：規(guī)模小，流動性差 / Closedend funds: small scale, low liquidity 0123452022 2022 2022 2022 2022 2022 Jul08? 封閉式基金換手率低于股票，但高于債券， 05年以來隨著股市上漲，封閉式基金流動性迅速提高， 2022年換手率達到 4左右， 08年 17月回落至 ? The turnover ratio of closedend funds is lower than stocks, but higher than bonds. As the stock market develops since 2022, the liquidity of closedend funds increases too. The turnover ratio is around 4 in 2022,and dropped to during January to July, 2022. ? 由于封閉式基金規(guī)模太小，其流動性與國債、股票難以比較，但如果推出針對公司債券的封閉式基金，有助于緩解公司債券的流動性風險 ? Because the small scale of closedend funds , it is difficult to pare the liquidity between closedend funds and treasury bill or stocks. But if closedend funds that focus on corporate funds can be issued, it can relieve the liquidity risk of corporate funds. Exchange rate of openend funds （ ） 資料來源： Wind， 申萬研究 申萬研究 15 小結(jié) / Conclusion ? 2022年以來，債券市場流動性有所改善，但在股票、債券、封基三類金融資產(chǎn)中，債券的流動性整體仍然比股票市場差，不具備優(yōu)勢 ? Ever since 2022, the liquidity of bond market has been improved, but among stock, fund, and bond, the liquidity of bond is still lower than stock ? 在債券品種中，真實的流動性排序依次是央票 金融債 國債 公司債券，公司債券虛假交易較多，上市初期交易活躍，但很快沉淀在投資者手中，資質(zhì)差的公司債券流動性不如資質(zhì)好的公司債券 ? The real liquidity sequence among bond products is central bank billfinancial bondtreasury billcorporate bond. The fact is that fake trading is a monplace regarding to corporate bonds. Usually they are active when issued at first, then precipitated in the hands of investors. Badquality corporate bonds have lower liquidity than goodquality bonds. ? 能否質(zhì)押回購對公司債券的流動性需求影響很大 ? Whether or not Pledgestyle Repo highly affects bond liquidity ? 封閉式基金流動性指標好于債券，但規(guī)模太小，如果推出針對公司債券的封閉式基金，有助于緩解流動性風險 ? The liquidity of closedend funds are better than bonds, but its scales is too small. If closedend funds that focus on corporate bonds can be issued, the liquidity risk can be relieved. 申萬研究 16 1. 中國公司債券市場發(fā)展 / The development of Chinese Corporate bond market 2. 各類金融資產(chǎn)流動性比較 / Comparison of liquidity of various financial capitals 3. 提高公司債券市場流動性建議 / Suggestions for enhancing the liquidity of corporate bonds 主要內(nèi)容 / Contents 申萬研究 17 3. 提高公司債券市場流動性建議 / Suggestions for enhancing the liquidity of corporate bonds ? 金融資產(chǎn)的流動性一方面取決于市場供需，即需要變現(xiàn)的的時候能否找到交易對手，另一方面取決于二級市場定價能力，即以什么價格進行交易 ? On the one hand, liquidity of financial assets is decided by demand and supply in the market, . whether trading counterparts can be found when products needs to be transformed to money. On the other hand, it is decided by the pricing ability in secondary market. ? 當經(jīng)濟危機發(fā)生時，系統(tǒng)性風險成為公司債券市場面臨的最大風險，市場需求和流動性可能瞬間消失，從而對產(chǎn)品估值帶來嚴重影響。隨著公司債券市場規(guī)模不斷擴大，流動性問題益發(fā)重要 ? When economic crisis happens, systematic risk bees the biggest risk faced by corporate bond market. Market demand and liquidity can disappear at once, and cause serious influence on product pricing. As the scale of corporate bonds increase, liquidity bees more important. ? 金融資產(chǎn)的變現(xiàn)能力與交易需求相輔相成，流動性越好的品種市場需求越大，而完善的定價體系則是推動公司債券流動性的決定因素，我們應從市場制度、一級市場發(fā)行、二級市場交易等全面立體角度完善市場建設，提高公司債券品種的流動性 ? The liquidity of financial assets and trading demands are interdependent. Better liquidity entails more market demands, and plete pricing system is the determining factor for enhancing liquidity of corporate bond. We should try to enhance corporate bond liquidity from the perspective of market system, primary market issuing, secondary market trading, etc. firm broker investor investor Interbank market bourse 申萬研究 18 增強銀行間市場、交易所市場的聯(lián)動性 / enhance the interaction of interbank market and bourse market ? 銀行間市場、交易所市場的分割造成公司債券在兩個市場的表現(xiàn)差異可能很大，商業(yè)銀行不能進入交易所市場、跨市場套利的制度成本使得公司債券定價體系比較混亂，例如交易所市場相對銀行間市場的流動性溢價補償曾高達 80bp以上 ? The segmentation of interbank market and bourse market makes the performance of corporate bo