2011年以来，金融脱媒逐渐露出端倪，而在2012年这一趋势愈发明显。

Since 2011,Financial disintermediation happen gradually,In 2012, this trend is increasingly obvious.

　　首先，微观融资改善，资金面紧中有松。过去11个月的社会融资总规模为14.15万亿，比去年同期多出2.6万亿，同比增幅高达22%，表明资金面整体上并不算紧。

First of all,Micro financing to improve,Financing area in tight with loose.In the past 11 months of social financing total scale for 14.15 trillion,Than the same period last year more than 2.6 trillion,The year-on-year growth rate as high as 22%,Show that, on the whole, the financing side isn't tight.

　　其次，传统的过于依赖银行体系的格局正在弱化。债券融资使得发行人和投资人得以直接沟通票面利率，资金的供求各方可以更有效地形成均衡价格，不断推动利率市场化的进程。再者，固定收益市场在权益市场持续低迷的这几年获得了良好的发展机遇。最后，信用债的显著增长带来了新的趋势性变化。随着金融脱媒的不断深化，信用债的迅猛增长必然对市场产生一定影响，带来新的趋势性变量。

secondly,The traditional reliance on bank system structure is weakening.Bond financing that issue and investors to direct communication coupon rate,Capital supply and demand parties can more effectively form equilibrium price,Continue to promote the process of interest rate marketization.moreover,Fixed income market downturn in the equity market for this years won the good development opportunity.finally,Credit debt growth brings new trend change.With the deepening of financial disintermediation,Credit debt growth will impact on the market,Bring new trend variable.

　　随着金融脱媒的深入，将对债券投资带来明显的趋势性影响。概括来看，主要是三方面：第一，收益率区间将收窄，债券市场中长期有望稳步向上。对于未来收益率波动的区间，笔者倾向于认为该区间将缓慢收窄，利率的中枢将呈现缓慢下降的中期趋势，债券市场具备中长期稳步向上的空间，投资债市及相关产品收益稳健，风险可控。第二，在金融脱媒的格局下，未来不同信用级别债券的利差可能会明显扩大。间接融资模式下，银行体系完全承担了信用风险，最终供需方是隔离的。在金融脱媒的格局下，信用风险最终还是由投资者来承担的，现有的信用利差缺乏足够的保护，在真实信用违约事件暴露之后，一个合理的信用利差的分布最终会得到修复。第三，金融脱媒给予债市投资更大的空间和灵活性。拥有丰富经验的投资团队、专业的信用分析能力、优秀的产品设计理念以及良好的交易能力和风控机制的基金公司，无疑将获得更大的发展机遇。

With the deepening of the financial disintermediation,Bonds investment will bring obvious trend influence.Generalization to see,Mainly three aspects:The first,Rate of return interval will narrow,The bond market is expected to be long-term steady upward.For the future rate of return fluctuation interval,The author tend to believe that the narrow between will slow,Interest rates on central will slow down the middle of the trend,Bond markets have long-term steady upward space,Investment income stable bond market and related products,Risks are controllable.The second,In the financial disintermediation of pattern,The different credit ratings bond spreads may be significantly increased.Indirect financing mode,The bank system fully accepted credit risk,Finally the demand and supply of party is isolated.In the financial disintermediation of pattern,Credit risk ultimately investors to bear,The existing credit spreads the lack of adequate protection,In the real credit default event after exposure,A reasonable credit spread distribution will eventually get repair.The third,Financial disintermediation give bond investment more space and flexibility.Have rich experience of investment team/Professional credit analysis ability/The outstanding product design concept and good ability to bargain and wind control mechanism of the fund company,No doubt will get more opportunities for development.