交易主体同质效应对债券定价的影响

同质效应是市场主体类别差异化程度低、风格与行为趋同等所产生的，明显呈现为基金类、银行类、保险类三类机构同质行为，并分别对收益率曲线的短期、中期、长期段进行了控制。同质效应产生的分割影响是负面的，使市场的有效性减弱，不利于价格发行机制的形成。文章提出了同质效应的概念并阐述了其内在涵义，并分别运用统计实证的方法证明了在债券发行市场和流通市场中存在的自发分割行为。提高债券市场的市场化程度是缓解和消除同质效应最好的对策。

Homogeneity effect on bond pricing

In the convergence of style and behavior among market participants, homogeneity effect is created as the market forms three distinct types of institutions, namely, funds, banks and insurers. The homogeneity effect has segmented the bond market, which undermines market effectiveness as well as the price-oriented issuing mechanism. This paper elaborates on the concept of homogeneity effect and proves, by statistical and empirical study, that self-segmentation behavior exists in the issuance and circulation of...