英文_OECD_2025年亚洲资本市场报告_167页_4mb

Asia Capital Markets Report 2025 Summary

Core Content

The OECD Asia Capital Markets Report 2025 provides an in-depth analysis of the development and challenges of capital markets across Asia. It outlines key trends in public equity, corporate debt, sustainable bonds, and AI innovation facilitators, while emphasizing the need for policy improvements to enhance market efficiency and support innovation and growth.

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Main Points

1. Asia's Role in Global Capital Markets

• Asia has emerged as a major driver of global economic growth over the past two decades, fueled by industrialisation, technological advancement, and integration into global markets.
• The region now accounts for nearly 30% of global GDP and is a significant player in global financial markets.
• Capital markets have helped diversify funding sources beyond traditional bank lending, supporting entrepreneurship and innovation.

2. Equity Market Developments

• The number of listed companies in Asia has nearly doubled over 25 years, reaching ~29,000 in 2024, while it has declined in Europe and the U.S.
• Asia holds 55% of the world's listed companies and 27% of global market capitalisation.
• Equity markets have evolved to include growth-oriented and small company segments, but regulatory complexity and limited retail investor engagement remain barriers.
• Pension funds play a limited role, and institutional investor participation is still developing.

3. Corporate Debt Markets

• Corporate debt markets in Asia have grown significantly, reaching USD 13.9 trillion in 2024, or nearly 25% of global corporate debt.
• Bank loans dominate corporate debt financing, accounting for ~86%, while debt securities make up only 14% on average.
• China is the largest issuer of corporate bonds, contributing over 75% of total issuance in the region.
• Credit rating coverage is limited for smaller firms, and foreign investor participation remains low in many Asian markets.

4. Sustainable Bonds

• Sustainable bond issuance in Asia has grown rapidly, with green bonds dominating the market.
• International standards are widely adopted, but concerns about transparency and greenwashing persist.
• Second-party opinions and sustainability-linked bonds are becoming more common, offering a way to align financing with ESG goals.
• The yield spread between conventional and sustainable bonds is narrowing, indicating growing market acceptance.

5. AI Innovation Facilitators

• AI innovation facilitators, such as sandboxes and hubs, are playing an increasing role in fostering AI-driven innovation.
• Venture capital and M&A activity in AI-related sectors have surged in Asia.
• Data centres and AI infrastructure are expanding, particularly in Southeast Asia.
• These facilitators offer opportunities for innovation and entrepreneurship, but also face challenges such as regulatory fragmentation and limited access to capital.

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Key Policy Considerations

• Streamlined listing procedures and proportionate regulatory frameworks are essential for small and growth companies.
• Broadening the investor base, especially through retail participation, can enhance market depth and liquidity.
• Alignment with international standards is crucial for improving regulatory enforcement and market credibility.
• Credit guarantees and targeted risk assessment systems can help smaller firms access debt markets.
• Support for early-stage funding and removal of regulatory barriers are necessary to foster private equity development.
• Emerging technologies like AI can improve market efficiency and connect entrepreneurs with investors.
• Corporate governance reforms and ownership restructuring are needed to boost investor confidence and market transparency.

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Conclusion

The report highlights that while Asia's capital markets have made significant strides in recent years, development remains uneven across the region. Policy reforms, regulatory harmonisation, and technological innovation are key to addressing the financing gaps and governance challenges that hinder the growth of businesses and the overall competitiveness of the region.