与世界主要国家相比,我国债券市场的信用利差明显偏高,并呈现出与利率债利率正相关的现象。这种独特的现象与我国债券市场独特的投资者结构有关。债市零违约的打破,对市场的冲击更多地体现在心理层面,并不会导致信用利差均值的大幅扩大。随着改革的顺利推进,存贷款利差过高、实体经济融资成本偏高的现象将得到改善,信用利差均值可能逐步缩窄。 Compared with the major countries in the world, the credit spread of China’s bond market is obviously high, showing a positive correlation with the interest rate of interest rate bonds. This unique phenomenon is related to the unique investor structure of our bond market. Zero break the debt market to break the impact of the market more reflected in the psychological level, and will not lead to a substantial expansion of the average credit spreads. With the smooth progress of the reform, the interest spread between deposits and loans is too high, and the high cost of real economy financing will be improved. The mean of credit spreads may be gradually narrowing.