近年来,随着利率市场化改革的不断推进,越来越多的企业由间接融资转向直接融资,企业直接债务融资市场持续高速发展。债务资本市场的不断成熟发展,丰富了企业的融资方式,拓宽了企业的融资渠道,降低了融资成本,在经济下行周期有力地支持了实体经济的发展。本文对2016年以来信用债(非金融企业债务融资工具、企业债、公司债)总量与结构性变化进行了分析和总结,指出了近期信用债券市场运行的特点,并对市场值得关注的问题进行了探讨。 In recent years, with the continuous marketization of interest rate reform, more and more enterprises have shifted from indirect financing to direct financing, and the direct debt financing market for enterprises has continued its rapid development. The maturing development of the debt capital market has enriched the financing methods of enterprises, broadened the financing channels of enterprises and reduced the financing costs, and effectively supported the development of the real economy during the economic downturn cycle. This article analyzes and summarizes the total and structural changes of credit debt (non-financial corporate debt financing instruments, corporate bonds, corporate bonds) since 2016, points out the characteristics of the recent credit bond market operation, Discussed.