国债与企业债的风险差异是什么？

Core Viewpoint - The article discusses the significant differences in risk characteristics between government bonds and corporate bonds, emphasizing the importance of understanding these differences for investors [1][2][3]. Credit Risk - Government bonds are backed by the national credit and have no default risk, as per the revised Budget Law of 2025, while corporate bonds depend on the issuing company's financial health, exposing investors to credit risk [1][3]. Interest Rate Risk - Government bonds are considered risk-free and their price fluctuations are primarily influenced by overall market interest rates. In contrast, corporate bonds are affected by both market interest rates and credit spreads, leading to higher price volatility [2]. Liquidity Risk - Government bonds have high liquidity due to their broad investor base and active trading, allowing for quick transactions at reasonable prices. Corporate bonds, however, face higher liquidity risk, particularly those from lower-rated or smaller issuers, which may take longer to sell or require discounts [2][3]. Payment Assurance and Priority of Claims - Government bonds have unconditional payment responsibility from the state, ensuring stability. Corporate bondholders, however, are prioritized after equity holders in bankruptcy scenarios, risking partial or total loss of principal if the company's assets are insufficient [3]. Policy Risk - Government bonds are less affected by policy changes, which typically aim to stabilize the economy. Corporate bonds are more susceptible to industry-specific regulations and policies, which can directly impact the issuing companies' operational and repayment capabilities, increasing credit risk [3].