每(mei)經AI快訊，近(jin)年(nian)來，債(zhai)(zhai)(zhai)券市(shi)場在(zai)(zai)支持民(min)營(ying)經濟發(fa)(fa)(fa)展(zhan)方(fang)面(mian)呈現(xian)出明顯的結構變化(hua)：民(min)企信用(yong)債(zhai)(zhai)(zhai)市(shi)場融(rong)(rong)資持續收(shou)(shou)縮，但可(ke)(ke)轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)市(shi)場融(rong)(rong)資愈發(fa)(fa)(fa)活躍。統(tong)計數據(ju)顯示，在(zai)(zai)民(min)企債(zhai)(zhai)(zhai)券融(rong)(rong)資中，可(ke)(ke)轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)發(fa)(fa)(fa)行(xing)(xing)占(zhan)比(bi)(bi)已由2017年(nian)的5.2%上升(sheng)至(zhi)(zhi)2022年(nian)的32.4%。今年(nian)前三季(ji)度，這一比(bi)(bi)重更(geng)是上行(xing)(xing)至(zhi)(zhi)34.9%。2018年(nian)以后，隨(sui)著轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)市(shi)場擴容，民(min)企轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)發(fa)(fa)(fa)行(xing)(xing)人(ren)的信用(yong)評級(ji)也在(zai)(zai)加速(su)下沉。截至(zhi)(zhi)2023年(nian)9月末，2023年(nian)“A+”及以下評級(ji)民(min)企轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)發(fa)(fa)(fa)行(xing)(xing)占(zhan)比(bi)(bi)已達四成。關于(yu)民(min)企債(zhai)(zhai)(zhai)券融(rong)(rong)資結構生變的原(yuan)因，分析人(ren)士認為，發(fa)(fa)(fa)行(xing)(xing)人(ren)通過讓渡未來債(zhai)(zhai)(zhai)轉(zhuan)(zhuan)(zhuan)股可(ke)(ke)能形成的超額收(shou)(shou)益，在(zai)(zai)債(zhai)(zhai)(zhai)性條款(kuan)部分獲得更(geng)大(da)自主權，即轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)發(fa)(fa)(fa)行(xing)(xing)期限(xian)長，票(piao)面(mian)利(li)率顯著低(di)于(yu)同期限(xian)普通信用(yong)債(zhai)(zhai)(zhai)利(li)率，并可(ke)(ke)通過債(zhai)(zhai)(zhai)轉(zhuan)(zhuan)(zhuan)股降(jiang)低(di)實際到期還(huan)本付息壓(ya)力，更(geng)加契合(he)民(min)企長期資金需求。截至(zhi)(zhi)2023年(nian)9月底，已退(tui)市(shi)轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)中轉(zhuan)(zhuan)(zhuan)股率99%及以上轉(zhuan)(zhuan)(zhuan)債(zhai)(zhai)(zhai)規模占(zhan)比(bi)(bi)近(jin)七成。 (上證報(bao))