我国债券市场问题及对策分析

债券市场的发展对我国融资体制的市场化进程起着重要的作用。文中分析了债券市场存在的一些问题,同时给出了发展与完善我国债券市场的思路。     

特种高收益风险债券──风险投资的金融创新

风险投资是指投资者以获得红利或出售股权获利为目的，出资协助具有专门技术而无自由资金的企业或个人实现创业，承担创业阶段的失败风险并将回收资金循环投入高风险事业。但是，由于种种投资类型所固有的特征，它所涵盖的投资主体和投资对象都会受到一定的限制。因此，设计一种特种高收益风险债券，这种债券能够弥补传统风险投资的缺陷，吸引更多业绩良好的中小企业或是具有特殊性的行业及企业进入风险投资领域，成为高科技企业融资的新选择。     

构建我国债券持有人权益保护机制相关问题及若干建议

我国现有的债券持有人权益保护体系依然存在着债券发行条款的约束作用有限、持有人大会对重大事项决策的执行力较为薄弱、债券受托管理人制度不完善等问题。建议改革债券发行条款设计,强化持有人会议的地位和作用,发挥受托管理人的制衡作用,提升信息披露质量,规范中介机构从事债务业务的资质等,以进一步完善债券持有人权益保护机制。     

The impact of liquidity on inflation-linked bonds: A hypothetical indexed bonds approach

Sovereigns mainly issue inflation-linked bonds (ILB) in order to save money. More than 15 years’ experience with this financial instrument in the United States has led to the conclusion that these bonds are characterized by low liquidity issues. Recently, various papers have started to analyze the impact of liquidity on ILB yields. This paper develops a new strategy for estimating the liquidity premium based on Campbell and Shiller's (1996) hypothetical ILB yields. We find significant effects of ILB-specific liquidity measures for the United States, the United Kingdom and Canada. Based on these findings, we derive the liquidity premium in ILB yields, liquidity-adjusted estimates for the break-even inflation rate and the inflation risk premium. In the United States, for instance, the average of the liquidity premium is 0.56%-points, and the average liquidity-adjusted break-even inflation rate and inflation risk premium amount to 2.67%-points and 0.22%-points, respectively.     

Benchmark Bonds Interactions under Regime Shifts

In the present paper we examine the interactions among five benchmark ten year government bonds, namely those of the USA, Germany, France, Italy and the Netherlands. Our aim is to illustrate empirically a net of interactions existing among the major bond markets of Europe and the US market taking into account shifts in the underlying stochastic processes. For this purpose, differing from the rest of the relevant empirical literature, after specifying the long run equilibrium relations we estimate the linkages between the bond markets as subject to hidden Markov chains, by applying the Markov Switching Vector Error Correction framework (MS‐VECM). This formulation is found to efficiently reflect the shifts brought about by significant economic events, such as the European monetary unification. As a result we illustrate different short‐run relations referring to the periods before and after the monetary union. Overall, our empirical results indicate that stronger interactions among the markets of the system exist in the period after the EMU. Also, by means of a variance decomposition analysis we assess leader‐follower relations which indicate that the benchmark status of bonds has changed since the introduction of the common monetary policy framework in Europe.     

我国洪灾保险债券的定价研究

本文收集了我国洪水损失数据，利用非寿险精算方法对我国洪水损失分布和来到次数分布进行了分析。在此基础上利用资本资产定价模型和债券定价原理对洪水巨灾债券的收益率和价格进行了初步设计。     

Lee—Carter框架下基于Wang变换的生存债券定价研究

为了给人寿保险公司和退休基金套期长寿风险提供一种非传统风险转移方式,我们设计了一种以公共死亡率指数为标的的一种生存债券.通过经典的Lee-Carter模型预测死亡率指数,并利用著名的Wang变换为带息票生存债券定价.     

某校行政办公楼预应力砼梁施工方案

在进行预应力砼梁施工时,施工用材要符合设计要求,设备满足施工要求。文章从设备、配件的安装检查,预应力钢绞线的安装、锚固、张拉应力的控制及施工技术要点,砼梁的浇筑及灌浆养护,安全文明施工、环境要求及工程资料的整理等方面对预应力砼梁施工进行了探讨。     

提高烧结矿强度、减少小粒级含量

炼铁厂通过优化入烧原料、返矿粒级、铁混料结构,提高烧结料层,优化烧结操作管理措施,烧结矿强度明显提高,小粒级指标有明显改善。     

On the importance of systematic risk factors in explaining the cross-section of corporate bond yield spreads

In this paper we examine the importance of systematic equity market factors in explaining the cross-sectional variation in yield spreads on corporate debt. Based on a sample of 1771 corporate bonds over the period from January 1985 to March 1998, we find that once the default-related variables are controlled for, bond betas or sensitivities to aggregate equity market risks have very limited explanatory power. This is in contrast to [Elton, E.J., Gruber, M.J., 2001. Explaining the rate spread on corporate bonds. Journal of Finance 56, 247–277] who find that market factors tied to expected returns are predominantly important, but who do not control for these variables (i.e. the relevant variables from structural models), possibly biasing their estimates. On the other hand, our finding that the systematic factors exhibit some limited explanatory power suggests that the standard contingent claims approach may not fully apply. This finding is consistent with previous research that bond betas are not completely irrelevant once market frictions are introduced. Overall, the evidence provides empirical support for the proposition that structural models capture important elements of corporate bond yield spread determination and equity market systematic factors are by no means predominant.