信用债流动性视角下的货币政策传导效果

企业债券是社融存量规模中仅次于贷款的一个重要组成部分,其利率的变化直接关系到实体经济的融资成本,文章通过实证研究指出,近年来基准利率与信用债二级市场成交收益率和一级市场发行票面利率相关性逐步提升,反映出通过债券路径的货币政策传导效果在逐步增强,而债券市场成交活跃度提升是其重要推手。文章进而提出进一步提升市场流动性的相关政策建议。

Monetary Policy Transmission Effect from the Perspective of Credit Bond Liquidity

Corporate bonds are the second most important component after loans in the aggregate social financing.The changes in corporate bond yields will directly affect the financing costs of the real economy.This article conducts an empirical research and points out that the correlation between the benchmark interest rates and the credit bond yields in the secondary market as well as the bond coupon rates in the primary market has gradually increased,indicating that the monetary policy transmission through the channel of bond market has been gradually improved,which is mostly driven by the increasing activity of the bond market.The article then puts forward relevant policy recommendations for further improving market liquidity。