中文摘要：

流动性是信用债券市场投资者和监管者高度关注的问题。从债权终止风险的视角出发,本文分析了投资者在投资期限习惯和信用品质偏好上的差异而产生的债券估值差异。可以发现,在配置型和交易型投资者并存的信用债券市场上,流动性水平与投资者异质性有关。提高配置型投资者比例、提高两类投资者间的异质性、降低同类投资者间的异质性能改善市场流动性。因此,培育合理的投资者结构对促进信用债券市场流动性建设具有重要意义。

英文摘要：

Liquidity is one of the most important issues in debenture bond market. Based on claim termination risk, we introduce liquidity risk and investor heterogeneity to explain the difference between different investors. We distinguish between the allocation investors and speculation investors by investment horizon and credit quality preference difference, and find liquidity in debenture bond market is closely related with the heterogeneity. It shows that the more allocation investors, the greater difference between the two types investors or less between speculation investors, the better the debenture market liquidity. Thus, it is important for the liquidity of debenture bond market to reasonably promote the diversification of investors.