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A2 noun #7,000 le plus courant 9 min de lecture

债券

zhàiquàn Top 7,000

Entraîne-toi Exemples Notes et astuces 债券 en 30 secondes

Explication 债券 in your Level:

At the A1 level, you don't need to know the complex details of finance. Think of **债券 (zhàiquàn)** simply as a 'money paper'. It is a piece of paper (or a digital record) that says a big company or the government borrowed money from you and promises to pay it back later with a little bit extra. You can remember it as '债' (debt) and '券' (ticket). It's like a very formal 'IOU'. At this stage, just recognize that it's related to money and banks. You might see it in a simple sentence like 'I have a bond' (我有债券). It is a noun. Don't worry about the 'interest rates' or 'market fluctuations' yet. Just know it is a safe way for people to keep their money and get a small reward for waiting.

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At the A2 level, you should understand that **债券** is a specific type of investment. You should be able to distinguish it from 'cash' (现金) or 'buying things'. You will use it when talking about simple financial plans. For example, 'Investing in bonds is very safe' (投资债券很安全). You should learn the basic verb 'to buy' (买) or 'to invest' (投资) with this word. You might also encounter '国债' (guózhài), which means 'government bond'. This is a common word in China because many people buy them. You should know that a bond is a 'debt certificate'. If you lend money to a bank or the government, they give you a 债券. It is more formal than a simple loan between friends.

At the B1 level, you can start using **债券** in more detailed discussions about the economy or personal finance. You should understand the difference between 债券 (bonds) and 股票 (stocks). You can describe why someone might choose one over the other: 'Bonds have lower risk' (债券风险较低). You should also be familiar with common phrases like '债券市场' (bond market) and '发行债券' (to issue bonds). You can talk about the 'term' of the bond, such as 'long-term' (长期) or 'short-term' (短期). At this level, you might read simple news articles about the government issuing bonds to build new high-speed trains. You should be able to explain that a bondholder is a creditor, not an owner.

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At the B2 level, you should be comfortable using **债券** in professional or academic contexts. You can discuss 'interest rates' (利率) and how they affect 'bond prices' (债券价格). You should know terms like '收益率' (yield) and '违约' (default). You can participate in a debate about the pros and cons of corporate bonds (公司债券) versus government bonds (国债). You should also understand compound words like '可转换债券' (convertible bonds) and '信用评级' (credit rating). Your ability to use 债券 should extend to describing market trends, such as 'The bond market is currently very volatile' (债券市场目前波动很大). You should understand the nuances of how bonds are used by corporations to raise capital without giving up equity.

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At the C1 level, you are expected to use **债券** with the precision of a native speaker or a finance professional. You can discuss complex topics like 'bond duration' (久期), 'convexity' (凸性), and 'arbitrage' (套利) involving bonds. You should be able to read and summarize detailed financial reports from the People's Bank of China regarding 'monetary policy transmission through the bond market'. You understand the legal implications of 债券 contracts and can discuss 'seniority of debt' (债务优先权). You can use the word in sophisticated metaphors or in-depth economic analyses. You are familiar with different types of bonds like 'junk bonds' (垃圾债券), 'zero-coupon bonds' (零息债券), and 'inflation-indexed bonds' (通胀挂钩债券).

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At the C2 level, your mastery of **债券** is complete. You can navigate high-level negotiations involving bond restructuring or international bond issuance (like Panda bonds or Dim Sum bonds). You understand the historical development of the Chinese bond market and its integration into global indexes (like the Bloomberg Barclays Global Aggregate). You can critique government fiscal policies related to 债券 issuance and its impact on long-term national debt sustainability. You can use the term in any register, from highly technical legal documents to philosophical discussions about the nature of debt in modern society. You can effortlessly switch between the economic, legal, and social dimensions of 债券 in both spoken and written Chinese.

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Entraîne-toi Exemples Notes et astuces

债券 en 30 secondes

债券 (zhàiquàn) means 'bond' in a financial context, representing a formal debt agreement.
It consists of '债' (debt) and '券' (certificate), literally a debt certificate.
Used by governments and corporations to raise money from the public or investors.
Considered a safer, fixed-income investment compared to the volatile stock market.

The term 债券 (zhàiquàn) is a fundamental concept in the world of finance, representing a formal contract of debt. At its core, it is a financial instrument where an investor lends money to an entity (typically a government or a corporation) for a defined period at a fixed or variable interest rate. In Chinese, the word is composed of two characters: 债 (zhài) meaning 'debt' or 'loan', and 券 (quàn) meaning 'certificate', 'ticket', or 'coupon'. Together, they literally translate to a 'debt certificate'. This word is used extensively in banking, investment discussions, and economic news reports.

Government Bonds (国债 - guózhài): These are issued by national governments to fund public spending. They are often considered the safest form of 债券 because they are backed by the taxing power of the state. Investors use them as a benchmark for low-risk returns.
Corporate Bonds (公司债券 - gōngsī zhàiquàn): Issued by companies to raise capital for expansion, research, or operations. These usually offer higher interest rates than government bonds to compensate for the higher risk of default. In Chinese business contexts, discussing 债券 issuance is a sign of a company's maturity and creditworthiness.
Convertible Bonds (可转换债券 - kě zhuǎnhuàn zhàiquàn): A hybrid security that can be converted into a predetermined amount of the company's equity at certain times. This is a common topic in advanced Chinese financial analysis.

Understanding 债券 is crucial for anyone looking to navigate the Chinese financial market. Unlike 股票 (gǔpiào - stocks), which represent ownership, 债券 represents a creditor relationship. When you buy a 债券, you are not an owner; you are a lender. This distinction is vital in legal and financial dialogues. The term appears frequently in headlines like 'China issues new treasury bonds' (中国发行新国债) or 'The bond market is fluctuating' (债券市场正在波动).

“投资债券通常比投资股票风险更低，收益也更稳定。”

Translation: Investing in bonds is usually lower risk and provides more stable returns than investing in stocks.

Historically, the concept of 债券 has evolved from simple IOUs to complex financial derivatives. In modern China, the 债券 market is one of the largest in the world, playing a pivotal role in the country's infrastructure development and monetary policy. When the central bank adjusts interest rates, the price of existing 债券 typically moves in the opposite direction, a phenomenon taught early in Chinese economics courses. Whether you are reading a financial report or talking to a bank manager in Shanghai, the word 债券 will be the cornerstone of your conversation regarding fixed-income assets. It represents the promise of repayment and the trust between the borrower and the lender.

Using 债券 correctly requires understanding its role as a noun and the specific verbs that typically accompany it. In formal financial Chinese, 'issuing' a bond is expressed as 发行 (fāxíng). For example, 'The government issued 10 billion yuan in bonds' would be '政府发行了100亿元债券'. Conversely, the act of buying or investing in them uses verbs like 购买 (gòumǎi) or 投资 (tóuzī).

Verb + 债券 (Actions): 1. 发行债券 (Issue bonds): The primary action taken by debtors.
2. 持有债券 (Hold bonds): Referring to the status of an investor.
3. 赎回债券 (Redeem bonds): When the issuer pays back the principal before or at maturity.

“由于利率下降，许多投资者转向购买债券以寻求安全感。”

Translation: Due to falling interest rates, many investors turned to buying bonds to seek security.

When describing the characteristics of a 债券, you often use adjectives related to time and risk. A 'long-term bond' is 长期债券 (chángqī zhàiquàn), while a 'high-yield' (often junk) bond is 高收益债券 (gāo shōuyì zhàiquàn). If you are discussing the market performance, you might say 'The bond market is bullish' (债券市场牛市) or 'bearish' (熊市). Note that in Chinese, the word 债券 can act as a modifier for other nouns, such as 债券基金 (zhàiquàn jījīn) meaning 'bond fund'.

In a professional setting, you might hear phrases like '债券违约' (zhàiquàn wéiyuē), which means 'bond default'. This is a serious term used when an issuer cannot make interest or principal payments. On the positive side, '债券到期' (zhàiquàn dàoqī) refers to the bond reaching its maturity date. Mastery of these collocations allows a learner to move from simple A2-level sentences to complex financial analysis. Remember that 债券 is almost always treated as a formal noun; you wouldn't use it in casual slang, but it is essential for any discussion involving personal finance, retirement planning, or macroeconomics in a Chinese-speaking environment.

The word 债券 is ubiquitous in specific environments. While you might not hear it at a grocery store, you will encounter it daily if you engage with Chinese media or professional circles. The most common place is on CCTV-2 (the Finance Channel) or other business news outlets like Caixin or Sina Finance. News anchors frequently report on the 'yields of 10-year treasury bonds' (十年期国债收益率), which is a key indicator of the health of the Chinese economy.

“今日债券市场表现平稳，投资者关注央行的下一步动作。”

Translation: Today the bond market performed steadily; investors are watching the central bank's next move.

If you visit a Chinese bank like ICBC (中国工商银行) or Bank of China, you will see digital displays or brochures promoting 'Savings Bonds' (储蓄国债). Bank tellers often suggest 债券-based wealth management products (理财产品) to customers looking for alternatives to low-interest savings accounts. In these contexts, 债券 is synonymous with stability and 'preservation of capital' (保本).

In the Workplace: In a corporate finance department or an accounting firm, you will hear discussions about 'issuing bonds to raise funds' (通过发行债券筹集资金). CFOs weigh the costs of 债券 versus equity financing.
In Academic Settings: Economics students in China spend entire semesters studying 'Bond Valuation' (债券估值) and 'Credit Rating' (信用评级). Textbooks are filled with the word 债券.

Furthermore, in the era of mobile finance, apps like Alipay (支付宝) and WeChat Pay have investment sections where users can buy 债券基金 (bond funds) with just a few taps. Here, the word is presented alongside graphs showing 'Net Value' (净值) and 'Seven-day Annualized Yield' (七日年化收益率). Even casual investors in China are becoming increasingly familiar with 债券 as they diversify their portfolios away from just real estate or volatile stocks. Thus, while it is a technical term, its reach extends from the high towers of Lujiazui in Shanghai to the smartphone of a young professional in Chengdu.

For English speakers learning Chinese, the most frequent mistake is confusing 债券 (zhàiquàn) with 股票 (gǔpiào). While both are investment vehicles, they represent fundamentally different legal claims. A 债券 is a debt (you are a creditor), whereas a 股票 is equity (you are an owner). Mixing these up in a business meeting can lead to significant misunderstandings regarding risk and return expectations.

Another common error is the pronunciation and writing of the character 券 (quàn). Many students mistakenly pronounce it as 'juàn' because it looks similar to characters like '卷' (juǎn). It is important to remember the 'q' sound. Writing-wise, don't confuse 债 (zhài) with 借 (jiè). While both relate to borrowing, 债 is the noun for debt, and 借 is the verb for the act of borrowing or lending.

Misusing 'Loan' (贷款) for 'Bond' (债券): A 'loan' (贷款 - dàikuǎn) is typically a private agreement between a bank and a borrower. A 'bond' (债券) is a tradable security sold to the public or institutional investors. You 'apply' for a loan, but you 'issue' a bond.
Confusing 'Interest' (利息) and 'Yield' (收益率): While related, 债券 have a fixed 'coupon rate' (票面利率), but the 'yield' (收益率) changes based on the market price. Using these terms interchangeably is a sign of an amateur speaker.

Finally, watch out for the measure words. As mentioned before, using the wrong measure word can make your Chinese sound unnatural. While '个' is a safe fallback for many nouns, using '张' (zhāng) for a single bond certificate or '只' (zhī) for a specific bond issue (e.g., 这只债券) shows a much higher level of fluency and professional polish.

To truly master the vocabulary of Chinese finance, you must understand how 债券 relates to its synonyms and near-synonyms. While 债券 is the broad, technical term for any bond, there are more specific words used depending on the issuer or the nature of the debt.

国债 (guózhài) vs. 债券 (zhàiquàn): '国债' is specifically a 'National Bond' or 'Treasury Bond'. If you are talking about the government's debt specifically, use 国债. Use 债券 as the general category that includes both government and corporate debt.
欠条 (qiàntiáo) vs. 债券 (zhàiquàn): An '欠条' is an informal IOU or a debt note between individuals. You would never use 债券 for a casual $50 loan between friends. 债券 implies a formal, regulated financial instrument.
证券 (zhèngquàn) vs. 债券 (zhàiquàn): This is a very common point of confusion. '证券' (Securities) is a broad umbrella term that includes 债券 (bonds), 股票 (stocks), and 基金 (funds). All 债券 are 证券, but not all 证券 are 债券.

Term	Focus	Risk Level
债券 (Bond)	Fixed Income	Low to Medium
股票 (Stock)	Equity/Growth	High
存款 (Deposit)	Savings	Very Low

In some contexts, you might hear the word 债票 (zhàipiào), which is an older or more literal term for the physical bond paper, but it is rarely used in modern finance compared to 债券. Another related term is 票据 (piàojù), which refers to bills or notes (like commercial paper). While 债券 are usually long-term, 票据 are typically short-term. Understanding these nuances will help you choose the right word for the right financial context, ensuring you sound like a sophisticated speaker of Chinese.

How Formal Is It?

Le savais-tu ?

In ancient China, '券' were physically broken in half. The debtor kept one half and the creditor the other. To verify the debt, the two halves had to match perfectly, which is why '券' still carries the meaning of a ticket or certificate today.

Guide de prononciation

UK /ˈzhài.quàn/

US /ˈdʒaɪ.tʃwɛn/

The stress is equal on both syllables, but the tones (fourth tone on both) make them sharp and falling.

Rime avec

快 (kuài) 外 (wài) 败 (bài) 劝 (quàn) 券 (quàn) 件 (jiàn) 面 (miàn) 练 (liàn)

Erreurs fréquentes

Pronouncing 'quàn' as 'juàn' (like the word for 'volume').
Using the wrong tone for 'zhài' (making it sound like 'zhāi' or 'zhǎi').
Confusing 'quàn' with 'guàn' (like in 'guànjūn' - champion).
Failing to aspirate the 'q' in 'quàn'.
Pronouncing 'zh' as a soft 'sh' instead of a hard 'j' sound.

Niveau de difficulté

Lecture 3/5

The characters are somewhat complex but appear frequently in news.

Écriture 4/5

Writing '债券' correctly requires attention to the strokes in '券'.

Expression orale 2/5

Easy to say once you master the 'q' sound.

Écoute 3/5

Can be confused with '证券' (securities) if not careful.

Quoi apprendre ensuite

Prérequis

钱银行买借公司

Apprends ensuite

股票利息利率投资收益

Avancé

衍生品杠杆流动性违约风险久期

Grammaire à connaître

Measure Word '张' (zhāng)

我买了两张债券。

Measure Word '只' (zhī)

这只债券的收益不错。

The '把' construction with financial assets

他把债券卖了。

Comparative '比' (bǐ)

债券比股票稳健。

Conditional '如果...就...' (rúguǒ...jiù...)

如果利率降了，债券价格就会涨。

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Exemples par niveau

这是我的债券。

This is my bond.

Simple Subject + Verb + Object structure.

他买了一个债券。

He bought a bond.

Using '一个' as a generic measure word.

债券很安全。

Bonds are very safe.

Subject + Adjective (with '很').

我不买债券。

I don't buy bonds.

Negative sentence using '不'.

银行有债券。

The bank has bonds.

Simple existence sentence.

债券是什么？

What is a bond?

Basic question structure.

爸爸喜欢债券。

Dad likes bonds.

Subject + Emotion Verb + Object.

这个债券很贵。

This bond is very expensive.

Using '这个' as a demonstrative.

我想买一些政府债券。

I want to buy some government bonds.

Using '一些' (some) and '政府' (government) as a modifier.

投资债券的风险比较低。

The risk of investing in bonds is relatively low.

Using '投资...的风险' as a complex subject.

他在银行工作，卖债券。

He works at a bank and sells bonds.

Serial verb construction.

这张债券明年到期。

This bond expires next year.

Using the specific measure word '张' and the verb '到期'.

你觉得债券比股票好吗？

Do you think bonds are better than stocks?

Comparison structure using '比'.

我的爷爷有很多国债。

My grandfather has many national bonds.

'国债' is a specific type of '债券'.

债券的利息虽然少，但是稳定。

Although the interest on bonds is low, it is stable.

Conjunction pair '虽然...但是...'.

我们需要通过债券筹款。

We need to raise money through bonds.

Using '通过' (through/by means of).

公司决定发行新债券来扩大规模。

The company decided to issue new bonds to expand its scale.

Using '决定' (decide) and '发行' (issue).

债券市场的波动影响了投资者的信心。

Fluctuations in the bond market affected investor confidence.

Subject is a complex noun phrase.

长期债券通常提供更高的利率。

Long-term bonds usually offer higher interest rates.

Adjective '长期' modifying '债券'.

如果利率上升，债券价格通常会下降。

If interest rates rise, bond prices usually fall.

Conditional '如果...就/会...' sentence.

他把所有的积蓄都投进了债券基金。

He put all his savings into a bond fund.

The '把' construction for disposal.

这种债券的信用评级非常高。

The credit rating of this bond is very high.

Using '信用评级' (credit rating).

由于经济不景气，很多人选择购买债券。

Due to the poor economy, many people choose to buy bonds.

Using '由于' (due to) to show cause.

你可以随时在二级市场买卖债券。

You can buy and sell bonds at any time in the secondary market.

Using '随时' (any time) and '二级市场' (secondary market).

企业通过发行债券来优化债务结构。

Enterprises optimize their debt structure by issuing bonds.

Using '优化' (optimize) and '债务结构' (debt structure).

该债券的收益率已经超过了银行存款。

The yield of this bond has already exceeded bank deposits.

Using '收益率' (yield) and '超过' (exceed).

投资者需要警惕债券违约的风险。

Investors need to be wary of the risk of bond default.

Using '警惕' (be wary of) and '违约' (default).

这种可转换债券可以在未来换成公司的股票。

This convertible bond can be exchanged for company stock in the future.

Using '可转换' (convertible).

央行通过公开市场操作买入债券以增加流动性。

The central bank buys bonds through open market operations to increase liquidity.

Technical financial terminology '公开市场操作'.

债券的票面利率是固定的，但市场利率在变。

The coupon rate of the bond is fixed, but market rates change.

Contrasting '票面利率' and '市场利率'.

考虑到通胀因素，实际债券收益可能并不高。

Considering inflation factors, actual bond returns may not be high.

Using '考虑到' (considering) as an introductory phrase.

该机构专门从事债券承销业务。

The institution specializes in bond underwriting business.

Using '从事' (engage in) and '承销' (underwrite).

在量化宽松政策下，大量资金涌入债券市场。

Under quantitative easing policies, massive funds flooded into the bond market.

Using '量化宽松' (QE) and '涌入' (flood into).

信用违约掉期可以作为对冲债券风险的工具。

Credit Default Swaps (CDS) can serve as a tool to hedge bond risks.

Advanced term '信用违约掉期' (CDS) and '对冲' (hedge).

债券的久期衡量了其对利率变化的敏感程度。

The duration of a bond measures its sensitivity to interest rate changes.

Using '久期' (duration) and '敏感程度' (sensitivity level).

地方政府专项债券是基础设施建设的重要资金来源。

Special local government bonds are an important source of funding for infrastructure construction.

Using '专项债券' (special bonds) and '基础设施' (infrastructure).

该债券因其优异的流动性而备受机构投资者青睐。

The bond is highly favored by institutional investors due to its excellent liquidity.

Using '备受...青睐' (to be highly favored by).

由于存在流动性溢价，某些债券的收益率异常高。

Due to the existence of a liquidity premium, some bonds have unusually high yields.

Using '流动性溢价' (liquidity premium).

我们需要重新评估该组合中高收益债券的比重。

We need to re-evaluate the proportion of high-yield bonds in the portfolio.

Using '高收益债券' (high-yield/junk bonds) and '比重' (proportion).

债券契约中包含了许多保护债权人利益的条款。

The bond covenant contains many clauses to protect the interests of creditors.

Using '债券契约' (bond covenant) and '条款' (clauses).

在全球宏观经济失衡的背景下，债券市场扮演了避风港的角色。

In the context of global macroeconomic imbalances, the bond market has played the role of a safe haven.

Using '宏观经济失衡' and '避风港' (safe haven) metaphorically.

收益率曲线倒挂通常被视为经济衰退的先行指标。

An inverted yield curve is usually seen as a leading indicator of an economic recession.

Highly technical term '收益率曲线倒挂' (inverted yield curve).

主权债务危机爆发后，该国债券遭到大幅抛售。

After the sovereign debt crisis broke out, the country's bonds were subjected to massive sell-offs.

Using '主权债务危机' and '抛售' (sell-off).

债券市场的深度和广度是衡量金融中心竞争力的关键。

The depth and breadth of the bond market are key to measuring the competitiveness of a financial center.

Using '深度和广度' (depth and breadth) abstractly.

离岸人民币债券市场的蓬勃发展助力了人民币国际化进程。

The vigorous development of the offshore RMB bond market has aided the process of RMB internationalization.

Using '离岸' (offshore) and '蓬勃发展' (vigorous development).

通过信用增进机制，中小企业也能成功发行债券。

Through credit enhancement mechanisms, small and medium-sized enterprises can also successfully issue bonds.

Using '信用增进机制' (credit enhancement mechanism).

在资产配置中，债券起到平衡风险和对冲股市波动的关键作用。

In asset allocation, bonds play a key role in balancing risk and hedging against stock market volatility.

Using '资产配置' (asset allocation) and '对冲' (hedge).

该笔债券的发行采用了簿记建档的方式进行定价。

The pricing of this bond issue was conducted using the book-building method.

Extremely technical term '簿记建档' (book-building).

Collocations courantes

发行债券

购买债券

债券市场

债券收益率

政府债券

公司债券

债券评级

债券违约

持有债券

债券到期

Phrases Courantes

长期债券

— Bonds with a long maturity period, typically over 10 years.

长期债券受利率变动影响较大。

短期债券

— Bonds that mature in a short time, usually within a year.

短期债券的流动性通常更好。

可转债

— Short for '可转换公司债券' (Convertible Bonds).

可转债在市场上非常受欢迎。

垃圾债券

— High-risk, high-reward bonds with low credit ratings.

他不建议新手投资垃圾债券。

零息债券

— Bonds that don't pay interest but are sold at a discount.

零息债券的收益来自差价。

通胀挂钩债券

— Bonds whose principal is adjusted for inflation.

这种债券可以对冲通胀风险。

贴现债券

— Discount bonds sold for less than face value.

贴现债券在到期时按面值兑付。

信用债券

— Bonds backed only by the credit of the issuer.

信用债券没有抵押物。

抵押债券

— Bonds backed by specific assets or collateral.

抵押债券的安全性相对较高。

记账式债券

— Book-entry bonds (electronic records rather than paper).

现在的国债大多是记账式债券。

Souvent confondu avec

债券 vs 证券 (zhèngquàn)

Securities. This is the category; 债券 is a specific type of security.

债券 vs 贷款 (dàikuǎn)

Loan. Loans are private; bonds are public, tradable securities.

债券 vs 股票 (gǔpiào)

Stock. Stocks are equity; bonds are debt.

Expressions idiomatiques

"债台高筑"

— To be heavily in debt (literally: debt building high).

这家公司发行了太多债券，现在债台高筑。

Literary/Common

"一纸空文"

— A mere scrap of paper; a useless document (used if a bond defaults).

如果公司破产，这些债券就成了一纸空文。

Metaphorical

"稳扎稳打"

— To go steadily and strike surely (often used to describe bond investing strategies).

投资债券属于稳扎稳打的理财方式。

Idiomatic

"利上加利"

— Interest on interest (compound interest).

长期持有债券可以实现利上加利。

Common

"风险自担"

— To bear the risk oneself (common in bond prospectuses).

投资债券需谨慎，风险自担。

Legal/Formal

"旱涝保收"

— Guaranteed income regardless of conditions (often used for government bonds).

国债被认为是旱涝保收的投资。

Figurative

"信守承诺"

— To keep one's promise (the core spirit of a bond).

发行债券的企业必须信守承诺，按时付息。

Moral/Formal

"资不抵债"

— Insolvent; liabilities exceed assets.

如果企业资不抵债，债券持有人可能会蒙受损失。

Technical/Formal

"物极必反"

— Things turn into their opposites when they reach the extreme (used for bond market bubbles).

债券价格涨得太高，物极必反，可能会大跌。

Philosophical

"未雨绸缪"

— To save for a rainy day (using bonds for retirement).

购买债券是未雨绸缪的好方法。

Common

Facile à confondre

债券 vs 借据

Both involve debt.

借据 is an informal IOU between individuals; 债券 is a formal, tradable financial instrument.

他给我写了一张借据，而不是债券。

债券 vs 存单

Both are safe investments.

存单 is a certificate of deposit from a bank; 债券 is a debt security issued by various entities.

大额存单和国债都很安全。

债券 vs 票据

Both are tradable debt.

票据 is usually short-term (like commercial paper); 债券 is usually long-term.

公司发行了短期票据和长期债券。

债券 vs 债权

Sounds similar.

债权 is the legal *right* to collect debt; 债券 is the *instrument* itself.

购买债券后，你就拥有了债权。

债券 vs 期权

Both end in '券'.

期权 (Options) are derivatives giving the right to buy/sell; 债券 is a debt instrument.

期权的风险比债券高得多。

Structures de phrases

我想买[Type]债券。

我想买政府债券。

虽然[A], 但是债券[B]。

虽然利息低，但是债券很安全。

通过发行债券来[Verb]。

通过发行债券来筹集资金。

[Factor]导致了债券市场的[Trend]。

通胀预期导致了债券市场的下跌。

在...背景下，债券扮演了...的角色。

在全球危机的背景下，债券扮演了避风港的角色。

[Item]被视为[Category]。

债券被视为固定收益资产。

与其买股票，不如买债券。

这张债券什么时候到期？

Famille de mots

Noms

债务 (debt)

债权 (creditor's rights)

债主 (creditor)

国债 (national bond)

公司债 (corporate bond)

Verbes

欠债 (to owe debt)

还债 (to pay back debt)

发债 (to issue debt)

讨债 (to demand debt repayment)

Adjectifs

负债累累 (heavily in debt)

高收益 (high yield)

固定收益 (fixed income)

Apparenté

股票 (stock)

基金 (fund)

利息 (interest)

利率 (interest rate)

金融 (finance)

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Comment l'utiliser

frequency

High in financial news, low in general street conversation.

Erreurs courantes

Pronouncing 'quàn' as 'juàn'. → quàn
The character '券' always uses the 'q' sound in this context.
Using '债券' for a personal loan. → 借条 / 欠条
债券 is for formal financial markets, not for lending $20 to a friend.
Confusing 债券 with 股票. → 债券 (Bond), 股票 (Stock)
One is debt, the other is ownership. They are different assets.
Saying '我有一个债券' instead of '我有一张债券'. → 我有一张债券
While '个' is understood, '张' is the correct measure word for certificates.
Confusing '利息' with '收益率'. → 利息 (Interest), 收益率 (Yield)
Interest is the set payment; yield is the total return relative to price.

Astuces

Learn the components

Focus on '债' (debt) and '券' (ticket). If you see '券', it's almost always a certificate or voucher (like a coupon - 优惠券).

The 'Q' sound

The 'q' in 'quàn' is like the 'ch' in 'cheese' but with more air. Practice saying 'chee-wan'.

Formal contexts

Always use 债券 in business writing. In casual speech, people might just say '国债' if they mean government bonds.

Contrast with stocks

Always keep 债券 (bonds) and 股票 (stocks) together in your mind as a pair of opposites in risk/reward.

News keywords

When listening to news, look for '发行' or '利率' right before or after 债券.

Character recognition

Don't confuse '券' (quàn) with '卷' (juǎn - roll). The bottom part '力' is the key differentiator.

Safe Haven

Remember the term '避风港' (safe haven) often describes the 债券 market during economic storms.

Verb pairing

Master the verb '发行' (to issue). It's the most professional way to describe the creation of bonds.

Generational gap

In China, older people love '国债', while younger people often prefer '债券基金'.

The IOU Ticket

Think of it as a 'Debt Ticket'. It's a ticket that represents someone's debt to you.

Mémorise-le

Moyen mnémotechnique

Imagine a **Person** (亻) with a **Responsibility** (责) holding a **Ticket** (券) to get their money back. That ticket is a **债券**.

Association visuelle

Picture a gold-bordered certificate with a 'Debt' stamp on it being traded in a bank.

Word Web

Finance Investment Security Debt Interest Government Corporation Maturity

Défi

Try to explain the difference between a 债券 and a 股票 to a friend using only Chinese for the financial terms.

Origine du mot

The term '债券' is a modern compound. '债' (zhài) has the 'person' radical (亻) and '责' (responsibility/debt), indicating a person's obligation. '券' (quàn) originally referred to a wooden or bamboo tally split in half to record a contract.

Sens originel : A certificate of debt obligation between two parties.

Sino-Tibetan (Chinese characters).

Contexte culturel

Avoid discussing sensitive topics like 'local government debt' (地方债) in highly political contexts, as it is a complex economic issue.

In the US/UK, bonds are often seen as 'boring' investments for retirees, whereas in China, they are actively sought after by all ages for wealth preservation.

China's massive holdings of US Treasury Bonds (美国国债). The 'Panda Bond' market (foreign entities issuing bonds in RMB). War bonds (战争债券) in historical films.

Pratique dans la vie réelle

Contextes réels

Banking

我要买国债
债券收益率是多少？
什么时候到期？
有没有风险？

News

债券市场大跌
央行发行票据
信用评级下调
地方债规模扩大

Investment

配置债券资产
对冲股市风险
高收益债组合
债券基金定投

Business Meeting

发行公司债券
筹集建设资金
降低融资成本
债务重组方案

Academic

债券估值模型
有效市场假说
利率期限结构
信用风险溢价

Amorces de conversation

"你最近有关注债券市场吗？ (Have you been following the bond market lately?)"

"你觉得买国债比存银行划算吗？ (Do you think buying treasury bonds is better than saving in a bank?)"

"你们公司有发行过债券吗？ (Has your company ever issued bonds?)"

"为什么现在很多人都在讨论债券违约？ (Why is everyone talking about bond defaults now?)"

"你投资组合里债券的比例是多少？ (What is the percentage of bonds in your investment portfolio?)"

Sujets d'écriture

写一写你对投资债券的看法，你觉得它适合年轻人吗？ (Write about your views on bond investing; do you think it's suitable for young people?)

描述一次你购买理财产品或债券的经历。 (Describe an experience of buying a wealth management product or a bond.)

如果政府发行为期50年的债券，你会买吗？为什么？ (If the government issued 50-year bonds, would you buy them? Why?)

讨论一下债券和股票在风险管理中的不同作用。 (Discuss the different roles of bonds and stocks in risk management.)

想象你是公司的财务总监，你会选择发行债券还是股票来筹钱？ (Imagine you are a CFO; would you choose to issue bonds or stocks to raise money?)

Questions fréquentes

10 questions

债券 is the general term for all bonds, including corporate and government. 国债 specifically refers to national government bonds. All 国债 are 债券, but not all 债券 are 国债.

You say '债券收益率' (zhàiquàn shōuyìlǜ). This is a common term in financial news.

Generally, yes, especially 国债 (government bonds) which are backed by the state. Corporate bonds (公司债券) carry more risk depending on the company's credit rating.

The most common measure word for a physical bond is '张' (zhāng). For a specific issue or type, you might use '只' (zhī).

Yes, many Chinese apps like Alipay and WeChat Pay allow you to buy '债券基金' (bond funds) or even '储蓄国债' (savings bonds) directly.

This is called '债券违约' (zhàiquàn wéiyuē). It means the issuer cannot pay interest or principal, which is a major risk for investors.

Because 债券 are usually '稳健' (stable) and provide '固定收益' (fixed income), making them less risky than 股票.

It's short for '可转换债券' (convertible bonds), which can be turned into company shares at a later date.

It depends. Interest on 国债 is often tax-free for individuals, but corporate bond interest might be taxed.

The term is '债券市场' (zhàiquàn shìchǎng), often shortened to '债市' (zhàishì).

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