An Empirical Research on the Informational Efficiency of China's Enterprise Bonds and Corporate Bonds
比较了中国企业债券和公司债券在历史价格、无风险利率、宏观经济、公司基本面及利息支付方面的信息效率，发现两者整体效率较低，但公司债券优于企业债券，表明公司债券改革取得成效，但企业债券市场仍存在套利机会。
This paper investigates and compares the informational efficiency of enterprise bond and corporate bond from the aspects of historical price,risk-free rate,macroeconomic condition,corporate fundamentals,and interest payment.It is found that the informational efficiency of both bonds as a whole is relatively low.Specifically, it is very low in terms of historical price,risk-free rate,and interest payment,but relatively high in terms of corporate fundamentals,and undecided on macroeconomic condition.When consider it separately, however,the informational efficiency of China's corporate bonds is better than that of enterprise bonds overwhelmingly. These results suggest that the financial reform on corporate bonds in China has achieved success. Nevertheless,investors should pay attention to that there still remains substantial arbitrage opportunities in China's enterprise bond market.