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经合组织(OECD):2026年亚洲资本市场报告(中译版)(157页).pdf

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1、OECD Capital Market SeriesAsia Capital Markets Report 2026OECD Capital Market SeriesAsia Capital Markets Report2026This work is issued under the responsibility of the Secretary-General of the OECD,and does not necessarily reflect theofficial views of OECD Member countries.This document,as well as an

2、y data and map included herein,are without prejudice to the status of or sovereignty overany territory,to the delimitation of international frontiers and boundaries and to the name of any territory,city or area.Note by the Republic of TrkiyeThe information in this document with reference to“Cyprus”r

3、elates to the southern part of the Island.There is no singleauthority representing both Turkish and Greek Cypriot people on the Island.Trkiye recognises the Turkish Republic ofNorthern Cyprus(TRNC).Until a lasting and equitable solution is found within the context of the United Nations,Trkiyeshall p

4、reserve its position concerning the“Cyprus issue”.Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Trkiye.Theinformation in this document relates to the area under the effect

5、ive control of the Government of the Republic of Cyprus.Kosovo*:This designation is without prejudice to positions on status,and is in line with United Nations Security CouncilResolution 1244/99 and the Advisory Opinion of the International Court of Justice on Kosovos declaration ofindependence.Plea

6、se cite this publication as:OECD(2026),Asia Capital Markets Report 2026,OECD Capital Market Series,OECD Publishing,Paris,https:/doi.org/10.1787/08f87bed-en.ISBN 978-92-64-33713-8(print)ISBN 978-92-64-71082-5(PDF)ISBN 978-92-64-67860-6(HTML)OECD Capital Market SeriesISSN 3006-5801(online)Photo credit

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1. **亚洲资本市场受外部冲击影响**:2025-2026年贸易政策不确定性(如美国关税)和中东地缘政治紧张局势加剧市场波动,股权和债券市场波动率上升,信用利差扩大。 2. **融资活动分化**:2025年亚洲资本市场融资3.3万亿美元(占全球39%),但IPO活动同比下降11%,转而依赖增发(+55%)和企业债券发行;主权债券发行创新高(4.1万亿美元)。 3. **估值与投资者结构问题**:近40%的亚洲上市公司市净率低于1,机构投资者持股比例(21%)低于全球平均水平(47%),被动投资占比升至70%。 4. **风险与政策挑战**:企业债务中40%需在未来三年再融资,地缘冲突推高通胀压力;加密资产交易激增(+69%),但需加强监管与国际协作。
亚洲资本市场如何应对贸易政策不确定性? 亚洲股市估值为何普遍偏低? 加密资产在亚洲的发展面临哪些挑战?
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