最近,分析人士以美国交易商的债券存量下降为证据指出,交易商做市能力削弱了。然而,从历史经验来看,这样的存量水平也反映了交易商进行风险管理以及开展自营交易的事实。对此,我们以长期视角来考察交易商在企业债、国债和其他债券上的存量演变,以及这些存量与固定收益市场中预期回报之间的联系。从长远来看交易商企业债与国债 Recently, analysts have reduced the stock of US traders as evidence that the ability of traders to weaken markets has weakened. However, from historical experience, such stock levels also reflect the fact that traders conduct risk management and conduct proprietary trading. In this regard, we examine the long-term perspective of traders’ stock holdings on corporate bonds, treasury bonds and other bonds and the link between these stocks and the expected return on fixed income markets. In the Long Run, Dealers and Government Bonds