外文翻譯---新興的東亞債券市場(chǎng)

1、<p><b>　　外文原文</b></p><p>　　The Emerging East Asian Bond Market</p><p>　　Abstract：The rapid growth of East Asia’s bond markets mirrors the region’s spectacular economic developme

2、nt. East Asian bond markets are projected to thrive over the next decade, reflecting continued strong private sector growth and deepening financial reforms.</p><p>　　Introduction </p><p>　　EAST

3、ASIA’S financial markets have caught up, though somewhat belatedly, with the rapid development of the region’s real economy. The region’s financial markets, which were dominated by commercial banks, have been transformed

4、 by the emergence of a wide array of financial instruments, including equities and bonds.At the end of 1994, total market capitalization of the East Asia Stock Exchanges amounted to 71 percent of East Asian GDP, while bo

5、nds represented 22 percent of GDP (Table 1).（表2）The dev</p><p>　　The emergence of bond markets is linked to financial liberalization.Until early 1980, East Asian banking systems were repressed by extensive c

6、ontrols on interest rates and credit allocation. In recent years, reforms have dramatically transformed the financial environment in the region, giving a boost to the development of bond markets.Size and structure規(guī)模和結(jié)構(gòu)&l

7、t;/p><p>　　Although small compared with bond markets in industrial countries, the East Asian bond market is a substantial presence in the bond markets of emerging market economies, representing about 40 percent

8、 of their combined market value. During 1989–94, the East Asian bond market grew by almost 10 percent annually (see chart)—twice the growth rate of bond markets in Germany, Japan, the United Kingdom, and the United State

9、s.</p><p>　　National governments have been by far the largest issuers of securities in the East Asian bond markets (Table 2). State enterprises and central banks were also significant issuers of bonds, parti

10、cularly in the Republic of Korea.Private corporations were not very active in the early stage of bond market development in East Asia, reflecting pervasive controls on financial systems, inadequate investor protection, a

11、nd tax discrimination. The situation has changed in recent years, with financial and </p><p>　　The growth of private bond issues has been stimulated by three main factors. First, most East Asian governments

12、have been corporatizing and then privatizing their major state enterprises, notably major public utility companies.Since the intention was not to shed ownership control during the initial phase of privatization, state en

13、terprises were encouraged to meet their financing needs mainly by issuing bonds in the domestic market.This is well illustrated by the case of Thailand, where state ent</p><p>　　Three major classes of instit

14、utional investors—the contractual saving sector, pension funds, and financial institutions—hold the bulk of East Asian bonds. Bond holdings</p><p>　　by individuals are negligible, except in China, where indi

15、viduals are the major investors in government bonds. The extent to which each of the investor classes dominates the bond markets varies from country to country.In Malaysia, the Philippines, and Singapore, the contractual

16、 savings sector constitutes the largest single segment.Financial institutions are the dominant bondholders in Korea, the Philippines, and Thailand, although in Thailand, mutual funds are becoming more prominent as major

17、in</p><p>　　Holdings of East Asian bonds by foreigners surged between 1990 and 1993 (Table 3). International bond issuance by East Asian countries has been very successful, reflecting their past economic per

18、formance, good track records in servicing external debt, and the growth potential they offer to international portfolio investors.Foreigners’ access to domestic bond markets in the East Asian countries has been limited i

19、n the major markets, however, owing to the policies of the authorities in these marke</p><p>　　Primary markets.。 There is no uniform practice among East Asian countries regarding the organization of primary

20、markets, the range of issuers and investors, the instruments available, and bond-issuance methods. Government bonds in primary markets are issued by competitive auction in Hong Kong and the Philippines.In contrast, in Ch

21、ina, government bonds are placed through administrative allocation, which often leads to their prices being below the market-determined level. </p><p>　　Issuance practices for government bonds in the rest of

22、 East Asia fall somewhere between these extremes.As experience and expertise have been gained, the differences in practices among the East Asian countries have substantially narrowed, and the functioning of primary marke

23、ts for government bonds has tended increasingly to approximate those in the industrial countries.Issuance methods for private bonds vary widely across the region. In Thailand, for example, public issues of bonds are more

24、 cumbe</p><p>　　Trading in bonds is mostly over the counter (OTC), as in the industrial countries, even though bonds are generally listed on stock exchanges. 。Exchange listing is often seen as a requirement

25、for widening the investor base and enhancing the acceptability of bonds, particularly when institutional investors are prohibited from holding unlisted securities. The predominance of OTC trading is due to the relative e

26、ase of trading because of the absence of minimum trading amounts, less restrictive tradin</p><p>　　Other factors, such as a lack of market makers with access to liquidity support, also hamper bond market dev

27、elopment. Bond dealers run highly leveraged operations, and their inventories usually represent a certain multiple of their capital bases.Dealers can be market makers only if they obtain liquidity through the repurchase

28、market or the central bank rediscount window.Credit facilities of this type are presently unavailable in most East Asian countries. </p><p>　　The secondary bond market also needs to be supported by an insti

29、tutional infrastructure that includes, among other things, efficient clearing and settlement arrangements, credit-rating agencies, and bond insurance. Clearing, settlement, and payment systems are either absent or not fu

30、lly developed; And, as a result, traders run many risks, such as those that may be created by the unreliability of counterparties, fraud, and multiple trades of the same securities. Except in Malaysia and Thailand, t<

31、/p><p>　　Progress has been made in many of the areas of institutional infrastructure during the last few years, however. In Hong Kong, a Central Money Market Unit system now discharges the clearing and settleme

32、nt function.Malaysia has set up two clearing systems— one transfers funds in the interbank money market and the other transfers scrip through electronic book entries. Rating agencies are being set up, too, in countries l

33、ike Indonesia, Korea, and the Philippines. Malaysia’s effort to develop a bench</p><p>　　The projected rapid growth of the region’s bond markets is contingent upon the continuation of sound macroeconomic man

34、agement and policy and institutional reform.Most of the East Asian countries have undertaken comprehensive policy reforms during the past decade—deregulating banking systems, jettisoning directed credits, laying the infr

35、astructure for deepening financial markets, introducing new financial instruments, and establishing a modern legal framework. However, there is a residue of refor</p><p><b>　　新興的東亞債券市場(chǎng)</b></p&

36、gt;<p>　　快速增長的亞洲債券市場(chǎng)反映了區(qū)域經(jīng)濟(jì)的迅速發(fā)展。東亞債券市場(chǎng)預(yù)計(jì)在未來十年會(huì)蓬勃發(fā)展，這反映出私營部門持續(xù)強(qiáng)勁的增長與金融改革的深化。</p><p>　　雖然有些遲緩，但是東亞金融市場(chǎng)還是趕上了區(qū)域?qū)嶓w經(jīng)濟(jì)快速的發(fā)展。被商業(yè)銀行控制的區(qū)域金融市場(chǎng)已經(jīng)被包括股票和債券在內(nèi)的大量的金融工具所改變。在1994年年底，東亞證券交易的總市值占到東亞GDP的71%，其中債券占GDP的22%。

37、被繁榮的東亞經(jīng)濟(jì)開放的資本項(xiàng)目、穩(wěn)定的匯率和持久的宏觀經(jīng)濟(jì)的穩(wěn)定所吸引，外國間接投資不斷增長，促進(jìn)了東亞證券市場(chǎng)的發(fā)展。債券市場(chǎng)的出現(xiàn)聯(lián)系到金融的自由化。 直到1980年年初，東亞的銀行系統(tǒng)被對(duì)利率和信貸分配的廣泛控制所約束，近年來，改革已經(jīng)顯著改變了該地區(qū)的金融環(huán)境，這推動(dòng)了債券市場(chǎng)的發(fā)展。盡管無法與工業(yè)國的債券市場(chǎng)相比，但是東亞債券市場(chǎng)依然穩(wěn)固在債券市場(chǎng)的新興經(jīng)濟(jì)體，約占其總額40%的價(jià)值。1989年到1994年，東亞債券市場(chǎng)以每年

38、10%的增長率增長，是德國、日本、英國和美國增長率的兩倍。</p><p>　　目前國家政府是東亞證券市場(chǎng)最大的發(fā)行人。（表2）國有企業(yè)和中央銀行也都具有重大意義的發(fā)行人,尤其是在韓國。在東亞證券市場(chǎng)的早期發(fā)展中，私有企業(yè)并不是很積極，反映出了對(duì)金融體系普遍的控制,對(duì)投資者保護(hù)的不足和稅收歧視。近年來隨著金融和其他的改革，這種情況發(fā)生了變化；自1990年以來，在東亞市場(chǎng)，無論是絕對(duì)或是相對(duì)于其他的發(fā)行人，企業(yè)債券

39、發(fā)行已迅速上升。私人債券發(fā)行的增長受三個(gè)主要因刺激。首先,大多數(shù)東亞國家已經(jīng)企業(yè)化，然后將他們主要的國有企業(yè)私有化,尤其是主要公共事業(yè)公司。</p><p>　　由于在私有化的初始階段，其目的不是擺脫所有權(quán)掌握，因此，國有企業(yè)被鼓勵(lì)主要通過在國內(nèi)市場(chǎng)發(fā)行債券來滿足自己的融資需求。</p><p>　　泰國就是一個(gè)很好的例子,那里的國家企業(yè)的債券是國內(nèi)債券市場(chǎng)最大的組成部分。第二，增長最快的

40、公司傾向于用債券權(quán)益融資，因?yàn)閭试S所有者保留更大的控制權(quán)和他們的公司決策和巨大的投資需求不能充分滿足銀行融資或權(quán)利問題。第三，盡管商業(yè)銀行在東亞的公共企業(yè)和國有企業(yè)的需求中扮演著重要角色，但是最近大量的資本需求已經(jīng)使商業(yè)銀行到期轉(zhuǎn)換的能力受到嚴(yán)重制約。</p><p>　　太多的長期貸款導(dǎo)致資產(chǎn)和負(fù)債的失衡。</p><p>　　此外，采用基于風(fēng)險(xiǎn)的資本充足率的要求限制了銀行的私人固定

41、投資融資能力。</p><p>　　三種主要類型的機(jī)構(gòu)投資者—合同儲(chǔ)蓄部門、養(yǎng)老基金和金融機(jī)構(gòu)—持有大部分東亞債券。 在一定程度上，每一個(gè)級(jí)別的投資者控制著不同國家的不同的債券市場(chǎng)。 在馬來西亞、菲律賓、新加坡，合同儲(chǔ)蓄部門是最大量的單獨(dú)部分。</p><p>　　在韓國、菲律賓和泰國，金融機(jī)構(gòu)是債券最主要的持有者，但是在泰國，共同基金成為債券的主要投資者。1990年到1993年之間，外國

42、人持有的東亞債券急速增長（表3）。</p><p>　　東亞國家在國際債券的發(fā)行上非常成功，這反映了它們以往的經(jīng)濟(jì)實(shí)效，良好的外債跟蹤記錄服務(wù)和他們提供給投資者的增長潛力。</p><p>　　然而，由于當(dāng)局政策在這些平主要市場(chǎng)上的作用，外國債券進(jìn)入東亞國家國內(nèi)債券市場(chǎng)受到了限制。</p><p>　　.進(jìn)入印度尼西亞、馬來西亞和泰國的國內(nèi)債券市場(chǎng)要相對(duì)容易，但是，

43、韓國債券市場(chǎng)不向任何外國人開放，中國的債券市場(chǎng)目前也不向外國人開放。</p><p><b>　　市場(chǎng)</b></p><p><b>　　初級(jí)市場(chǎng)</b></p><p>　　東亞的各個(gè)國家在關(guān)于初級(jí)市場(chǎng)的組建、發(fā)行人和投資者的分類、可用的工具和債券發(fā)行的方法上沒有一個(gè)統(tǒng)一的實(shí)踐。</p><p>

44、;　　香港和菲律賓的政府債券在初級(jí)市場(chǎng)中通過競(jìng)價(jià)拍賣的方式發(fā)行。</p><p>　　相比之下，在中國，政府債券通過行政分配，這常常會(huì)導(dǎo)致他們的價(jià)格低于市場(chǎng)化水平。</p><p>　　對(duì)于政府債券發(fā)行的實(shí)踐在東亞其它地區(qū)介于這兩種極端的方式之間。</p><p>　　由于獲得了經(jīng)驗(yàn)和專業(yè)知識(shí)，東亞各個(gè)國家之間實(shí)踐的差異在大幅減小,并且一級(jí)市場(chǎng)對(duì)于政府債券的功能已經(jīng)

45、越來越接近那些工業(yè)國家。</p><p>　　私人債券的發(fā)行在地區(qū)間有很多不同的發(fā)行方法。</p><p>　　例如在泰國，公開發(fā)行債券是一件比私人配售更麻煩的事情,因?yàn)榘l(fā)行商必須滿足各種安全交易委員會(huì)的規(guī)定。</p><p>　　在菲律賓，私人債券的發(fā)行只限了一些一流的企業(yè)，這些債券通常是同小于一年期的商業(yè)票據(jù)組成。</p><p>　　在

46、東亞國家中，韓國擁有最大的企業(yè)債券市場(chǎng)。</p><p>　　基于日本和美國之間最佳的實(shí)踐方式，東亞國家在初級(jí)市場(chǎng)中的政府債券、實(shí)踐和企業(yè)債券的發(fā)行程序在地區(qū)間開始趨于一致。</p><p><b>　　次級(jí)市場(chǎng)</b></p><p>　　東亞國家正逐步為二級(jí)市場(chǎng)的債券構(gòu)建基礎(chǔ)設(shè)施，盡管目前交易不多。</p><p>

47、　　香港和韓國擁有最活躍的次級(jí)市場(chǎng)，它們?cè)?993年有58%的周轉(zhuǎn)率。</p><p>　　在東亞的債券市場(chǎng)中，待定項(xiàng)目的交易問題通常在首次公開發(fā)行后很活躍不久后逐漸減少。因此，次級(jí)市場(chǎng)的活躍程度的增減是受到初級(jí)市場(chǎng)的影響</p><p>　　和在工業(yè)國家一樣，債券的交易是能過OTC進(jìn)行的，盡管它們是在證券交易所上市的交易所上市,通常被視為要求對(duì)投資者基礎(chǔ)的擴(kuò)大和增強(qiáng)債券的可接受性,特別是

48、當(dāng)機(jī)構(gòu)投資者被禁止持有未上市的證券時(shí)。OTC交易的顯著優(yōu)勢(shì)在于它們相對(duì)寬松的交易政策，因?yàn)樗鼪]有最小交易額的限制，更少的交易時(shí)間的限制和迅速有效的處理問題。例如, 韓國幾乎100%的交易發(fā)生在OTC市場(chǎng),盡管超過80%的外在流通債券是在韓國股票交易所上市。有幾個(gè)障礙阻礙著充滿活力的東亞次級(jí)債券市場(chǎng)的發(fā)展。缺少大量至關(guān)重要的債券和相對(duì)較小的規(guī)模往往會(huì)提高交易的成本。除了中國和菲律賓，隨著財(cái)政赤字下降或消失,東亞國家的政府債券發(fā)行的數(shù)量和頻

49、率正在下降。雖然這個(gè)差距被企業(yè)債券填補(bǔ),但隨后的交易額仍未達(dá)到發(fā)展二級(jí)市場(chǎng)交易所必要標(biāo)準(zhǔn)。</p><p>　　這反映了幾個(gè)相關(guān)的因素,如一個(gè)狹窄的資格標(biāo)準(zhǔn)由公司發(fā)行的債券,精心制作的發(fā)行過程曠日持久,但缺乏一個(gè)精簡(jiǎn)的監(jiān)管框架,以及歧視性稅收。</p><p>　　此外，機(jī)構(gòu)投資者,他們成為了債券市場(chǎng)的中堅(jiān)力量，是“買入并持有”的投資者,他們的目的是為了避免或減少不匹配的資產(chǎn)和債務(wù)的期限。

50、</p><p>　　因此，還有一些對(duì)次級(jí)市場(chǎng)中的債券交易的刺激。</p><p>　　然而,給予管理者在養(yǎng)老金、公積金、保險(xiǎn)基金和更多操作的靈活性方面更多的自主權(quán)利，使得這個(gè)情況正在慢慢地改變。</p><p>　　另一個(gè)因素，市場(chǎng)的創(chuàng)造者得不到流動(dòng)性的支持也不利于債券市場(chǎng)的發(fā)展。</p><p>　　債券交易商進(jìn)行高杠桿操作,它們的庫存資

51、產(chǎn)通常代表一個(gè)特定的多重的資本基礎(chǔ)。經(jīng)銷商只有通過回購市場(chǎng)或中央銀行再貼現(xiàn)窗口獲得流動(dòng)性資產(chǎn)才能成為市場(chǎng)的創(chuàng)造者大部分東亞國家目前并沒有采用這一信貸措施。二級(jí)債券市場(chǎng)也需要機(jī)構(gòu)基礎(chǔ)設(shè)施的支持，在其他事情上包括高效的清算和結(jié)制度，信用評(píng)級(jí)機(jī)構(gòu)，以及債券保險(xiǎn)。清算、結(jié)算和支付系統(tǒng)或者缺失或未充分發(fā)展。</p><p>　　導(dǎo)致交易商們面臨許多風(fēng)險(xiǎn),諸如那些可能是由不可靠的交易對(duì)手、欺詐相同證券的多重交易帶來的風(fēng)險(xiǎn)。除

52、了在馬來西亞和泰國，沒有著名的有威望的評(píng)級(jí)機(jī)構(gòu)。同樣的,除了在香港,沒有在初級(jí)和二級(jí)市場(chǎng)中可以指導(dǎo)市場(chǎng)參與者在價(jià)格債券上以市場(chǎng)為基礎(chǔ)的準(zhǔn)則。然而，在過去的幾年里許多領(lǐng)域的基礎(chǔ)設(shè)施制度有了很大的進(jìn)步。在香港,一個(gè)中央貨幣市場(chǎng)單元系統(tǒng)現(xiàn)在執(zhí)行著清算與結(jié)算功能。</p><p>　　馬來西亞設(shè)立了兩個(gè)清算系統(tǒng)——一個(gè)在銀行間貨幣市場(chǎng)轉(zhuǎn)移資金，另一個(gè)通過電子圖書的條目轉(zhuǎn)移憑證。同樣，像印度尼西亞、韓國和菲律賓這些國家，評(píng)

53、級(jí)機(jī)構(gòu)也正在建立。馬來西亞的努力能過再抵壓機(jī)構(gòu)——抵押債券建立一個(gè)基準(zhǔn)債券，這也是決策者創(chuàng)在政策上創(chuàng)新的典型例子。</p><p><b>　　債券市場(chǎng)的監(jiān)管</b></p><p>　　東亞債券市場(chǎng)監(jiān)管在近年來經(jīng)歷了一些主要變化。直到1991年,中央銀行是主要負(fù)責(zé)管理固定收益證券。隨后,主要職責(zé)轉(zhuǎn)移到新創(chuàng)建的證券交易委員會(huì)。</p><p>

54、　　然而在這一地區(qū)各個(gè)國家的監(jiān)管并不統(tǒng)一。例如，在印度尼西亞,本地區(qū)的證券監(jiān)管機(jī)構(gòu)，BAPEPAM，僅限于期限超過一年的金融工具，而中央銀行負(fù)責(zé)調(diào)節(jié)貨幣市場(chǎng)工具。在新加坡，由新加坡金融管理局監(jiān)管著金融工具。香港和菲律賓的常見的做法是通過債券發(fā)行證券委員來監(jiān)管私營債券。盡管在債券的監(jiān)管中存在分歧, 但是在所有的國家中依然形成一種共識(shí), 最主要的監(jiān)管權(quán)力需要由證券委員會(huì)掌握。</p><p><b>　　未

55、來發(fā)展</b></p><p>　　未來10年有望成為亞洲債券時(shí)代。</p><p>　　2004年，東亞債券市場(chǎng)(不包括香港和新加坡)可能增長到凈贖回超過1萬億美元。</p><p><b>　　到</b></p><p>　　韓國預(yù)計(jì)將成為該地區(qū)的領(lǐng)導(dǎo)者,緊隨其后的是中國,馬來西亞和泰國。 </p&

56、gt;<p>　　這個(gè)債券市場(chǎng)的面貌可能會(huì)發(fā)生戲劇性的變化, 在大多數(shù)的國家，企業(yè)部門引導(dǎo)著發(fā)展的方向,除了中國和菲律賓,企業(yè)債券的發(fā)行人是超越政府的主要部分。</p><p>　　地區(qū)的債券市場(chǎng)的投影快速增長將在宏觀經(jīng)濟(jì)管理政策和體制改革下良好延續(xù)下去。</p><p>　　在過去的十年中，大多數(shù)東亞國家已經(jīng)做出了綜合性的政策改革——解除銀行系統(tǒng)、拋棄指定貸款、為深化金融市

57、場(chǎng)奠定基礎(chǔ)設(shè)施、引入新的金融工具、并建立一個(gè)現(xiàn)代的法律框架。</p><p>　　然而,有一些尚未實(shí)施的改革，特別是關(guān)于銀行系統(tǒng)、監(jiān)管部門和制度建設(shè)。</p><p>　　所有的這些改革實(shí)施后，東亞將進(jìn)入一個(gè)屬于它自己的債券市場(chǎng)。</p><p>　　資料來源： Finance & Development, March 1996</p><