东盟四国债券市场的比较研究

Abstract

亚洲金融危机的爆发促成了亚洲各国债券市场的迅速成长，东盟国家的债券市场也得以较快发展。本文以东盟四国（印尼、马来西亚、泰国、菲律宾）的债券市场作为主要的研究对象，分别以政府债券市场和公司债券市场的角度，比对这些国家的债券市场发展程度和风险影响因素，并对中国债券市场进行了简单的分析，在将上述资料进行整合和分析后，有针对性的对我国债券市场的发展提出自己的建议。 东盟四国的债券市场起步时间不同，发达程度也不一样。各国的债券市场发展富有自己的特色，印尼债券市场发展的速度低于其他融资渠道，马来西亚以伊斯兰债券驰名，泰国债券市场上金融债券占据主导地位，菲律宾债券市场主要以政府债券为主，公司债券基本不存在。在债券市场的发展程度方面，泰国债券市场的发展程度最高，其次是马来西亚，之后分别是菲律宾、印尼；在债券市场的风险影响因素方面，结合各国宏、微观经济和债券市场数据，并利用统计软件进行数据间的相关性分析，结果泰国政府债券市场的安全系数较高，其次是菲律宾，马来西亚和印尼分列第三、四位，而印尼的公司债券市场安全系数较高，其次是泰国，菲律宾和马来西亚分列第三、四位。 最后，本文通过对四国债券市场发展程度的定位和安全度的排名，并对中国债券市场风险影响因素进行分析，提出我国债券市场的几点启示。

The outbreak of the Asian financial crisis lead to the rapid development of bond markets in Asian countries,include in ASEAN’s countries. This paper chooses Indonesia, Malaysia, Thailand, the Philippines as the main object to study. The paper base on the government bond market and the corporate bond market, comparing the four countries bond markets development level and the risk factors, and has a simple analysis on China's bond market. After the data integration and analysis, put forward proposals about the development of bond markets in newly industrialized countries. The bond markets in ASEAN’s four countries start at different times, and stay at different development level. Each countries’ bond market development have their own characteristics, the Indonesian bond market development more slowly than other financing channels, Islamic bonds is known in Malaysian, Financial bonds dominated the Thai bond market, the Philippine bond market largely dominated by government bonds, corporate bonds basically does not exist. In bond market development level area, the Thai bond market take first position, followed by Malaysia, the Philippines, and Indonesia. In addition, after the analysis of risk factors, combined with national macro and micro economic data and bond market data, then use statistical software for data analysis of the correlation, the results show that in the government bond market area, Thailand's safety coefficient is highest, followed by the Philippines, Malaysia and Indonesia; In corporate bond market area, the highest safety markets is Indonesia, followed by Thailand, the Philippines and Malaysia. At last,through the positioning of bond market development level and safety in the four countries, and research the Chinese bond market, then put forward the proposals to the bond markets development in China.

学位：经济学硕士

院系专业：南洋研究院_世界经济

学号：25520071151675