◇ 作者：钟言
◇ 本文原载《债券》2025年7月刊
近年来，全球经济金融格局发生深刻变化，金融体系日益复杂，有担保属性的债券融通业务对金融市场稳定运行和资源配置效率的核心作用逐渐增强。担保品管理作为债券融通业务的基础，市场对其精细化、高效化的需求日益提升。深化担保品管理服务，赋能债券融通市场创新发展，是推动金融高质量发展的重要途径。
债券融通已成为国内外金融市场最重要的流动性管理工具。2008年金融危机后，国际金融市场的信用风险和流动性风险愈发受到重视，货币市场融资渠道从同业拆借转向债券回购，资本市场中债券借贷的重要性显著提升。债券融通市场规模迅速增长，美国回购市场流动性已远超联邦基金市场；产品类型逐渐丰富，除了传统的双边回购和双边债券借贷业务外，三方回购和集中债券借贷等因其低成本、高效率等优势发展成为主流交易品种。美联储通过债券回购市场传导货币政策，基于日交易量大、流动性高的回购市场形成的担保隔夜融资利率（SOFR）逐渐替代伦敦银行同业拆借利率（LIBOR）成为市场基准利率。国内来看，债券回购和债券借贷交易规模逐年攀升，交易制度和设施不断完善，产品和制度创新不断涌现，已进入高速发展时期。公开市场逆回购是央行货币政策操作的主要工具，银行间存款类金融机构以利率债为质押的7天期回购利率（DR007）也被视为最主要的货币市场基准利率。
高效的担保品管理是推动债券融通市场发展的重要抓手。债券融通业务中，发挥风险缓释作用的核心机制是由债券担保品提供履约保障。随着市场规模扩大、产品类型丰富，市场对担保品的要求从简单的押券融资转向全生命周期、多维度的精细化管理，由专业担保品管理机构提供的估值、逐日盯市、自动增补退还、违约处置等服务成为债券融通业务安全高效开展的核心支撑。在近年市场风险复杂化、监管要求升级、区域合作深化等趋势下，抵质押债券估值波动和风险评估难度加大，金融机构对担保品跨市场联通、跨区域合作和多资产整合等需求也不断显现。尤其是在三方回购和集中债券借贷等业务中，由中央托管机构按统一业务规则或事先确定的参数规则自动选取、质押，并提供期间管理服务，能最大限度地提高效率、降低成本、防控风险。
持续完善担保品管理服务体系，为我国债券融通市场高质量发展提供支撑。加快落地三方回购、积极发展集中债券借贷业务，发挥中央托管机构专业优势，进一步丰富我国债券融通产品体系。积极融入全球金融市场，立体式推动金融基础设施跨境互联，加强金融基础设施多层次、多渠道与境外合作，提高担保品跨境应用的便利性。积极拥抱数字化转型和绿色转型趋势，我国金融基础设施在区块链数字债券、绿色债券等领域的部分研究成果已处于国际前沿，近年推出的绿色担保品业务深受市场欢迎。未来可探索将区块链、云计算等技术应用于担保品管理，推动担保品管理平台数字化转型，同时进一步完善绿色担保品管理平台，为投资者提供更多元的选择。
Empowering the High-quality Development of Bond Financing Market through Efficient Collateral Management
Zhong Yan
In recent years， in face of profound changes and growing complexity in the global financial market， bond financing business involving the use of collateral is playing a more critical role in the stable operation of financial markets and the efficiency of resource allocation． As the foundation of bond financing business， collateral management is facing greater market requirements in terms of quality and efficiency． Therefore， it is necessary to improve collateral management services to empower innovative development of the bond financing business and promote the high-quality development of finance．
Bond financing has become the most important liquidity management tool in domestic and international financial markets． After the 2008 financial crisis， the international financial markets have been placing a growing importance on the credit risk and the liquidity risk． Money market financing channels have been shifting from interbank lending to bond repo， and the importance of bond lending in the capital market has also been increasing． The scale of the bond financing market has grown rapidly， with the liquidity of the US repo market far exceeding that of the federal funds market． Product types have gradually diversified． In addition to traditional bilateral repo and bilateral bond lending， tri-party repo and centralized bond lending have become mainstream trading varieties due low costs and high efficiency． The Federal Reserve transmits monetary policy through the bond repo market， and the Secured Overnight Financing Rate （SOFR）， formed based on the repo market with high daily trading volume and liquidity， has gradually replaced the London Interbank Offered Rate （LIBOR） as the market benchmark interest rate． Domestically， the scale of bond repo and bond lending transactions has been increasing year by year， with improvements in trading infrastructure and innovations in products， marking a period of rapid development． Open market reverse repo is the main tool for central bank monetary policy operations， and the 7-day repo rate （DR007） with interest rate bonds as collateral by deposit-taking institutions in the interbank market is regarded as the major money market benchmark interest rate．
Efficient collateral management is a crucial driver for the development of the bond financing market． In the bond financing business， the core mechanism for risk mitigation is to use the bond as collateral． As the market expands in scale and product types become more diverse， the market needs for collateral have evolved from simple collateralized financing to refined， multi-dimensional management across the entire lifecycle． A full set of services， including valuation， daily mark-to-market， automatic replenishment and refund， and default disposal， provided by professional collateral managers， have become the core support for the safe and efficient operation of the bond financing business． In recent years， amid complexity of market risks， escalating regulatory requirements and deepening regional cooperation， the valuation volatility and risk assessment of pledged bonds have become more challenging． Financial institutions have shown greater demands for cross-market connectivity， cross-regional cooperation and cross-asset integration of collateral． Especially in businesses such as tri-party repo and centralized bond lending， the automatic selection and pledge of collateral provided by a central securities depository （CSD） according to unified business rules or predetermined parameter rules， along with other ongoing management services， can maximize efficiency， reduce costs， and control risks．
Efforts are needed to further improve the collateral management service to support the high-quality development of the bond financing market． It is suggested accelerate the launch of tri-party repo， develop centralized bond lending， and leverage the professional advantages of CSDs to enhance the diversity of bond financing products． It is also necessary to integrate into the global financial market， and promote cross-border connectivity， as well as multi-tiered， multi-channel cross-border collaboration， of financial market infrastructure （FMI）， to facilitate cross-border use of collateral． Efforts can be made to embrace digital and green transformation． Some research achievements of China’s FMI in blockchain-based digital bonds and green bonds are at the the international forefront， and the green collateral business launched in recent years is well received by the market． In the future， it is possible to explore the use of blockchain， cloud computing and other technologies in collateral management， promote the digital transformation of collateral management platforms， and further improve the green collateral management platform to provide investors with more diversified choices．
