中国经济运行中的债券融资变迁:金融脱媒视角

改革以来，债券市场在中国金融体系的相对重要性不断上升，成为引致金融脱媒的重要载体。债券市场在中国引发的金融脱媒表现出明显的阶段性。之所以会出现这样一种状态，是因为企业债市场一度受到“隐性担保”等因素约束，政府及作为既得利益者的商业银行均不愿其得到发展。2005年以来，在金融管制日益放松的背景下，中国的商业银行意外地成为推动并参与企业债市场的重要主体，进而演变出一个与债券市场相伴生的银—企“双赢”格局。

THE EVOLUTION OF BOND FINANCING IN CHINAS ECONOMIC FUNCTIONING: IN THE PERSPECTIVE OF DISINTERMEDIATION

Since the beginning of reform, the relative importance of the bond market in Chinas financial system has been greatly improved. Accordingly, the disintermediation on the asset side of commercial banks has accelerated. Financial disintermediation caused by the development of Chinas bond market showed different periodic features. Historically, due to the effect of “implicit guarantee” and other factors, the Chinese governments paid more attention to the possible default problems caused by the development of corporate bond market. Coupled with the dominant status of commercial banks in China as well as the relative lag of interest rate liberalization, the development of corporate bonds had lagged behind relatively. In recent years, the deregulation of issuance and liberation of interest rate have led to the rapid expansion of corporate bonds. Its impacts on the banks are nt negative but form a peculiar bank and firm “win win” situation.