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就金融产品的价格机制发育来说,债券市场比股票市场更重要。中国的股票市场在缺乏债券市场的前提下发展起来,可以说是一个奇迹。但这种奇迹是虚幻的,到了一定发展阶段,没有相应的债券市场做支撑,这种奇迹也就成了泡沫。究其原因,在于债券市场是成就各种金融衍生品的孵化器,而各种衍生品的出现才能够完善投资者对金融产品现期价格和远期价格的预期。在没有债券及其衍生品市场的情况下,投资者在股市上面临的风险经常是系统性的,无法通过投资组合来化解。所以一有风吹草动,股市就会得严重的“流感”。我们可以看一看发达
The bond market is more important than the stock market in terms of the pricing mechanism of financial products. It is a miracle that China’s stock market developed on the premise of a lack of a bond market. However, this miracle is illusory. At a certain stage of development, there is no corresponding bond market to support this miracle has become a bubble. The reason is that the bond market is an incubator for various financial derivatives, and the emergence of various derivatives can improve investors’ expectations of the current price and forward price of financial products. In the absence of bonds and derivatives markets, the risks investors face in equities are often systemic and can not be defused by portfolios. So once the signs of trouble, the stock market will have a serious “flu.” We can take a look at developed