欧洲债券市场的特点和作用

分类号：F835 单位代码：10183密级：内部学号：9725025硕士学位论文题目：欧洲债券市场的特点和作用作者姓名：孟庆岩专业：金融学导师姓名及职称：杨惠昶教授吉林大学一九九九年十二月目录内容提要前言 (1)一、欧洲债券市场的产生 (2)（一）欧洲债券内涵及产生 (2)（二）欧洲债券产生原因分析 (3)二、欧洲债券市场的特点 (6)（一）市场无国籍性 (6)（二）计价货币工具性 (7)（三）货币和利率的互换性 (8)（四）离岸市场和在岸市场的趋同性 (10)三、欧洲债券市场的作用 (12)（一）有利于世界经济总体发展 (12)（二）有利于跨国公司全球经营 (13)（三）有利于发展中国家经济发展 (14)（四）有利于缓解国际债务危机 (16)四、欧洲债券市场对中国的启示 (18)（一）中国债券市场的问题 (18)（二）我国利用欧洲债券市场融资的益处 (21)（三）应采取的对策 (22)结论 (25)注释 (26)参考文献 (28)论文摘要（中文）论文摘要（英文）内容提要欧洲债券市场作为一种离岸金融市场，最大特点是不受各国货币法令的管制。

20世纪80年代以后，欧洲债券市场融资额占整个国际债券市场融资额的比重越来越大。

欧洲债券市场使得国际金融市场更加一体化。

本文对欧洲债券市场的特点及作用进行了深入的分析，同时对中国债券市场的发展提出了建议。

全文共分四部分。

第一部分介绍了欧洲债券市场的产生，揭示了欧洲债券的内涵及其产生的内在原因。

第二部分分析了欧洲债券市场的特点，通过对欧洲债券市场与其它债券市场的比较研究，揭示了欧洲债券市场所具有的独特的性质。

第三部分分析了欧洲债券市场的作用，从几方面论述了欧洲债券市场给世界经济带来的好处。

第四部分论述了欧洲债券市场对中国的启示，指出中国债券市场本身及利用欧洲债券市场的情况还有待发展，并提出了一些对策措施。

　论文摘要欧洲债券市场自1963年诞生以来，到20世纪80年代获得长足发展，到20世纪90年代，欧洲债券市场融资总额则一直占国际债券市场融资总额的80%以上。

为什么欧洲债券市场有如此之大的发展潜力？它的特点及作用是什么？中国从欧洲债券市场的发展中可获得什么启示？本文共分四个部分。

一、欧洲债券市场的产生（一）欧洲债券内涵及产生欧洲债券是以一国国内市场货币计值，而不在该国发行，且大批销售的债券。

欧洲债券的首次发行是在1963年。

（二）欧洲债券产生的原因分析1．资本自由流动的本性是欧洲债券产生的内在原因马克思指出了资本的自由流动使资本得到合理的有效的利用，可以实现剩余价值率的均等化，并且阐述了一个市场——世界市场的观念。

而欧洲债券作为信用的一种形式，或者说作为资本的一种形式，它的运动也要冲破国家界限，使各国的债券市场形成一个市场——世界市场。

2．各国政府对资本自由流动的限制措施却成为欧洲债券市场形成的外在动力资本主义国家政府出于自身利益的考虑，不允许资本自由流入流出国界。

而资本的本性使得它非要自由流动不可。

政府的限制成为资本外流的外在动力，欧洲债券市场的形成正是由于美国政府颁布的利息平衡税等限制资本流动的法令而产生的。

二、欧洲债券市场的特点（一）市场无国籍性1．从市场性质看，欧洲债券市场是无国籍的，完全国际化的市场，它不受任何一国货币法令的管制，债券计值货币是市场所在国以外的货币，实行特有的国际利率结构。

2．从借贷关系看，欧洲债券市场的借贷关系是在外国人和外国人之间进行，即非居民和非居民之间进行，资金来源通常为该国境外。

3．从债券本身看，欧洲债券是持票人债券。

4．从税收看，欧洲债券免除预扣税。

（二）计价货币工具性欧洲债券上的计值货币仅仅是标价货币，投资者可用手中持有的货币对别国货币计值的欧洲债券进行投资。

发达的结算体系使得欧洲债券结算不需实体债券和现金的转移，债券的所有权转移只需换一个所有者标签，并划拨一定的资金帐户即可。

（三）货币和利率的互换性由于互换的存在，各种货币计值的欧洲债券市场完全一体化了，也就是说，筹资者用什么货币计值发行债券都是无所谓的事情，因为通过互换都可以筹措到自己所需的资金。

（四）离岸市场与在岸市场的趋同性随着金融自由化的发展，欧洲债券市场、外国债券市场与国内债券市场之间的界限越来越不清晰，越来越呈现趋同的特征。

三、欧洲债券市场的作用（一）有利于世界经济总体发展世界经济的增长是与欧洲债券市场的总量成正比的，从欧洲债券市场吸纳的长期资本为世界经济的发展带来了一种巨大的动力。

（二）有利于跨国公司全球经营跨国公司的全球经营需要全球筹资，欧洲债券市场促进资本在世界范围内更合理的配置，在跨国公司的全球经营中起着重要的资金调剂作用。

　（三）有利于发展中国家经济发展发展中国家的资本与外汇短缺，资本/劳动的比率较低，使得资本的边际生产率较高。

欧洲债券市场是发展中国家利用国际资本的一种重要资金来源。

（四）有利于缓解国际债务危机拉美一些国家在八十年代后债务负担较重，通过债券交换债务计划和发行欧洲债券的方式，拉美一些重债国家可以暂时渡过债务难关。

四、欧洲债券市场对中国的启示（一）中国债券市场的问题1．国内债券市场发展情况中国的问题在于银行资产比重过大，而资本市场比重过小，债券市场不发达，这种情况造成企业难以有效地利用债券、股票市场筹集起社会闲散资金，中国金融市场存在金融压抑问题。

2．利用欧洲债券市场情况利用欧洲债券币种缺乏多元性、发债地区过于集中、品种单一，且融资存在过多的政府管制行为。

（二）我国利用欧洲债券市场融资的益处中国是一个资金相对匮乏的国家，利用外资是必由之路。

进入欧洲债券市场融资，有利于增强我国经济实力，有利于国内企业的发展，有利于我国自身债券市场的规范，有利于培养专门人才。

（三）应采取的对策1．大力发展国内债券市场建立完善的债券市场，消除市场阻隔，使得资金这一金融系统中的“血液”能更加顺畅的流动。

使债券市场进一步国际化，并大力发展我国的投资银行业。

2．提高经济实力在欧洲债券市场上融资是以经济实力为后盾的。

所以为更好地利用欧洲债券市场，应提高经济实力。

3．提高信誉度应提高我国发行债券评级偏低的情况，增强融资能力。

4．回避欧洲债券市场融资中的风险在筹款时，我们应使用远期合约、期货合约、期权合约等，以规避汇率和利率的风险，并慎重选择互换对手，避免互换风险。

ABSTRACTＳｉｎｃｅ　ｉｔ　ｗａｓ　ｅｓｔａｂｌｉｓｈｅｄ　ｉｎ　１９６３，　ｔｈｅ　Ｅｕｒｏｂｏｎｄ　ｍａｒｋｅｔ　ｇｒｅｗ　ｆｕｌｌｙ　ｂｙ　ｔｈｅ　１９８０ｓ．　Ｔｈｅ　ｆｉｎａｎｃｉｎｇ　ｓｈａｒｅ　ｏｆ　ｔｈｅ　Ｅｕｒｏｂｏｎｄ　ｍａｒｋｅｔ　ｃｏｍｐｒｉｓｅｓ　８０　ｐｅｒｃｅｎｔ　ｏｆ　ｔｈａｔ　ｏｆ　ｔｈｅ　ｉｎｔｅｒｎａｔｉｏｎａｌ　ｂｏｎｄ　ｍａｒｋｅｔ　ｉｎ　ｔｈｅ　１９９０ｓ．　Ｗｈｙ　ｈａｓ　ｔｈｅ　Ｅｕｒｏｂｏｎｄ　ｍａｒｋｅｔ　ｓｏ　ｍｕｃｈ　ｅｘｐａｎｄｉｎｇ　ｐｏｔｅｎｔｉａｌ？　Ｗｈａｔ　ａｒｅ　ｉｔｓ　ｃｈａｒａｃｔｅｒｉｓｔｉｃｓ　ａｎｄ　ｆｕｎｃｔｉｏｎｓ？　Ｗｈａｔ　ｃａｎ　Ｃｈｉｎａ　ｌｅａｒｎ　ｆｒｏｍ　ｔｈｅ　ｄｅｖｅｌｏｐｍｅｎｔ　ｏｆ　ｔｈｅ　Ｅｕｒｏｂｏｎｄ　ｍａｒｋｅｔ？　This thesis is divided into four parts:Part one, the establishment of the Eurobond markets（一）The definition and emergence of EurobondsEurobonds are traditionally defined as bonds, which are issued, and largely sold, outside the domestic market of the currency in which they are denominated. Eurobonds were first issued in 1963.（二）Analysis of the cause of the emergence of Eurobonds1.The nature of free flowing of the capital is the intrinsic cause of theemergence of Eurobonds.Carl Marx pointed out that free flowing of capital enables capital to be used fully and effectively, and accomplish equalization of surplus value. He also illustrated the thought of one market-world market. The Eurobond, as a form of credit, or a form of capital, broke through the borders of countries and caused the integration of the individual bond market of every country. Thus the world bond market emerged.2. The restrictive measures of free flowing of capital set by every government became the outer impetus of the Eurobond market.The governments of capitalist countries didn’t allow the free out-flowing of capital. This contradicted the nature of capital. The restriction of government became the outer impetus of out-flowing of capital. The emergence of the Eurobond market was directly caused by the Interest Equalization Tax enacted by the American government.Part two, The characteristics of the Eurobond market.（一）The nature of “no country market”Eurobonds have the characteristics of “no country”when compared with domestic bonds and foreign bonds.1.From the nature of the market, the Eurobond market has no country, isa fully international market and is out of control of any country’s monetary regulation. The currency denominated in the bond is the currency outside the country where the market operates. A special international interest rate frame is used in the Eurobond market.2. From the relationship of borrowing and lending, the relationship of lenders and borrowers in the Eurobond market is that of the foreigners versus foreigners, that is, between non-residents.3. From the Eurobond itself, it is the bearer bond.4. From taxation, Eurobonds are exempt from the withholding tax.（二）The currency of denomination used as a pricing instrument.The denomination currency of Eurobonds is only for the purpose of pricing. Investors can use their own currency to invest in the Eurobond denominated in other currencies. The developed clearing system makes the transfer of actual bond and cash unnecessary. The transfer of bond ownership only needs the name changes of owners, and alterations of bank accounts.（三）The nature of swap of currency and interest rateBecause of the existence of swap, the Eurobond markets which are denominated in every currency are fully integrated, that is to say, the issuer can use any currency to issue bonds, because he can use swap to acquire the kind of currency he needs.（四）The identity of offshore market and onshore marketsWith the development of financial liberalization, the division of the Eurobond market and onshore bond market are blurring.Part three, the function of the Eurobond market.（一）Be conducive to the development of the world economy.The growth of world economy keeps paces with the expanding of whole volume of the Eurobond market. The long-term capital absorbed from the Eurobond market is a great impetus to the development of world economy.（二）Be conducive to the global operation of multinational corporations.The global operation of the multinational corporations needs raising capital worldwide. The Eurobond market makes the capital more reasonably allocated globally and plays an important role in the allocation of capital to facilitate the global operation of multinational corporations.（三）Be conducive to the development of developing countries.The developing counties are short of capital and foreign exchanges, the ratio of capital and labor is low, which causes the high marginal production rate of capital. The Eurobond market serves as an important fund source for developing countries financed by international capital.（四）Be conducive to the settlement of the international debt crisisSome Latin American countries have a heavy burden of debt since late 1980s. By the functions of bond exchange debt and issuing Eurobonds, these Latin American countries can tide over the hard time.Part four, the enlightenment to China（一）The problems of bond market in China1. The situation of development of domestic bond market.The problem of China is that the ratio of bank asset is too big, and the ratio of capital market is too small. The bond market is underdeveloped. This situation makes the enterprise cannot use the bond and stock market to raise the inactive and small funds. There is a financial depression problem in China’s financial market.2. The situation of using the Eurobond market.The arrangement of choice of denominated currency is too narrow; the location of issuing markets is too concentrated, the species of bonds are limited; and what’s more, financing is under too much government regulation.（二）The goodness of using the Eurobond marketChina is a country that is short of funds. Using foreign capital is a must. Using the Eurobond market can strengthen our economy, and be conducive to the development of our enterprise and maturity of our bond market and training professional people.（三）The measures we should take1. Develop our bond market fullySet up fully-accomplished bond market, diminish the block of market, make fund——“the blood of financial system”to flow freely in the financial system, make the bond market internationalize further, develop our investment banks.2. Enhance our economic strengthFinancing in the Eurobond market is based on the strength of economy, so we should enhance our strength of economy, in order to make good use of the Eurobond market.3. Enhance the crediting rateWe should enhance the crediting rate of our country, enhance the ability of financing.4. Avoid risks in the Eurobond marketＷｈｅｎ　ｗｅ　ｉｓｓｕｅ　Ｅｕｒｏｂｏｎｄｓ，　ｗｅ　ｓｈｏｕｌｄ　ｕｓｅ　Ｆｏｒｗａｒｄ　ｃｏｎｔｒａｃｔｓ、Ｆｕｔｕｒｅｓ、　ｏｐｔｉｏｎｓ　ｔｏ　ａｖｏｉｄ　ｅｘｃｈａｎｇｅ　ａｎｄ　ｉｎｔｅｒｅｓｔ　ｒａｔｅｓ　ｒｉｓｋｓ，　ａｎｄ　ｐｒｅｖｅｎｔ　ｓｗａｐｐｉｎｇ　ｒｉｓｋｓ　ｂｙ　ｃｈｏｏｓｉｎｇ　ｃｏｕｎｔｅｒｐａｒｔｓ　ｃａｒｅｆｕｌｌｙ．　前言世界经济发展到今天，国际金融市场日益呈现一体化的趋势，有人作过如下比喻，纽约证券市场咳嗽一声，东京或拉美证券市场就得感冒几天。