现券与融资交易规模陡增、收益率显著下降以及信用利差急剧收窄,三者同时出现,再配以大量新增资金的涌入,可作为判断债市是否出现泡沫的标准。以此观之,中国债市已显现泡沫的某些迹象。但我们不必过分担心债券违约对社会稳定的影响。我们可以加强宣传引导,完善立法,并建立债权人保护机制,提高抵押物处置的可操作性,打击恶意逃废债行为。强化评级公司等中介机构的作用,重视信息披露和监管协调。加强信用风险管理,推动CRM等信用风险缓释工具的运用。 Bonds and financing transactions increased sharply, the yield dropped significantly and credit spreads sharply narrowed, the three appeared at the same time, together with a large influx of new capital can be used as a standard to determine whether the bond market bubbles. From this perspective, the Chinese bond market has shown some signs of a bubble. But we do not have to worry too much about the impact of debt defaults on social stability. We can step up publicity and guidance, improve legislation, establish a creditor protection mechanism, improve the operability of collateral disposal and combat malicious evasion of debts. Strengthen the role of rating agencies such as intermediaries, and attach importance to information disclosure and regulatory coordination. Strengthen credit risk management and promote the application of credit risk mitigation tools such as CRM.