全球范圍內鎖定高收益

????未來幾年，債券投資者可能會發(fā)現最好的回報來自新興債券市場——雖然并不是沒有風險。為什么？因為它們能夠提供大量的投資機會，從新創(chuàng)公司和成熟企業(yè)的高速成長中獲利。麥肯錫全球研究院的數據顯示，新興市場的公司債和證券化資產總額占到GDP的7%，遠低于歐洲和美國分別的34%和108%。新興市場企業(yè)需要借入資金來建設機場、鐵路和工廠。

????當然，風險是這些公司很多都是根據寬松的會計準則在經營（這是含蓄點的說法），而且業(yè)務所在國的政局也不是太穩(wěn)定。在中國，專家們擔心債務泡沫。多年來中國企業(yè)一直在大興土木，借錢修建辦公樓、住宅樓、鋼鐵廠和汽車制造廠。中國經濟增速放緩可能會導致債務泡沫破滅。雖然這么說，但謹慎而有耐心的投資者如果想獲得比投資美國、歐洲和日本公司債更高的固定收益回報，或許可以考慮投資新興市場，受益于更具活力的新興經濟增長。

Searching the globe for high yields

????In coming years bond investors might well find the best returns in emerging debt markets -- albeit not without some risk. Why? Opportunities to tap into the growth of both new and established companies will abound. The total value of corporate bonds and securitized assets amounts to 7% of GDP in emerging markets, compared with 34% in Europe and 108% in the U.S., according to the McKinsey Global Institute. Corporations in the developing world will need to borrow to keep building airports, railroads, and factories.

????The risk, of course, is that many of these companies operate under liberal accounting rules -- to put it mildly -- and do business in nations that are politically unstable. In China experts fear a debt bubble. Companies there have been on a building spree, borrowing money to build office and residential towers, steel mills, and car factories. A slowdown in the Chinese economy could make this debt bubble burst. That said, cautious and patient investors looking for a higher fixed-income return than can currently be found by investing in corporate bonds in the U.S., Europe, and Japan might tap into the more vital growth of the world's emerging markets.