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流动性是信用债券市场投资者和监管者高度关注的问题。从债权终止风险的视角出发,本文分析了投资者在投资期限习惯和信用品质偏好上的差异而产生的债券估值差异。可以发现,在配置型和交易型投资者并存的信用债券市场上,流动性水平与投资者异质性有关。提高配置型投资者比例、提高两类投资者间的异质性、降低同类投资者间的异质性能改善市场流动性。因此,培育合理的投资者结构对促进信用债券市场流动性建设具有重要意义。
Liquidity is a matter of great concern to investors and regulators in the credit-bond market. From the perspective of the termination of the risk of debt, this paper analyzes the investors’ differences in bond maturity and credit quality preferences arising from the bond valuation. It can be found that the level of liquidity is related to the heterogeneity of investors in the market of credit bonds with both structured and traded investors. Increase the proportion of configuration investors, increase the heterogeneity between the two types of investors, reduce the heterogeneity among similar investors and improve market liquidity. Therefore, fostering a reasonable investor structure is of great importance to promote the liquidity of the credit bond market.