2016年(nian)四季度債(zhai)市(shi)調整以(yi)來,信用債(zhai)的取(qu)消(xiao)(xiao)和(he)推(tui)遲(chi)(chi)發(fa)(fa)行始終(zhong)維持在較高(gao)水平,從取(qu)消(xiao)(xiao)和(he)推(tui)遲(chi)(chi)發(fa)(fa)行主(zhu)體的資(zi)(zi)(zi)(zi)(zi)質看,2017年(nian)上半年(nian)前主(zhu)要是(shi)以(yi)高(gao)等(deng)級發(fa)(fa)行人(ren)為主(zhu),主(zhu)要是(shi)為了規避債(zhai)券融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)成本的上升,而(er)選擇(ze)了貸款(kuan)或其他方(fang)式(shi)的融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)。而(er)此后中低(di)等(deng)級發(fa)(fa)行人(ren)逐漸增多,這類(lei)主(zhu)體本身能(neng)夠貸款(kuan)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)的能(neng)力就有(you)限(xian),取(qu)消(xiao)(xiao)和(he)推(tui)遲(chi)(chi)發(fa)(fa)行也(ye)跟市(shi)場對其需求偏(pian)弱有(you)關。取(qu)消(xiao)(xiao)和(he)推(tui)遲(chi)(chi)發(fa)(fa)行主(zhu)體的資(zi)(zi)(zi)(zi)(zi)質下沉,已經(jing)在反映企(qi)業(ye)融(rong)(rong)資(zi)(zi)(zi)(zi)(zi)難(nan)度上升,流動(dong)性壓(ya)力加大。(張勤峰 整理(li))