债券市场区域融资环境指数（不周山指数）

       债券市场区域融资环境指数（不周山指数）是一种衡量债券市场不同区域融资环境、发行人融资难易性、区域债券业务整体合规性的一种综合性指标。微观上体现为非市场化发行指数，包括一级市场发行扭曲指数与二级市场异常交易指数，主要衡量债券发行、交易中的异常现象，识别债券非市场化发行、操纵市场价格、对倒虚假成交、利益输送等不良行为；宏观上体现为区域金融指数，包括区域行为指数和区域资金指数，主要衡量区域内的业务整体合规性与资金流转合规性，也可衡量区域内的融资困难程度。        债券市场区域融资环境指数（不周山指数）是近年来债券市场出现的一种重要性新型信用风险识别指标与业务合规指标，底层数据采自金融市场业务行为研究，属于行为金融范畴，填补了国内的空白，当前已经登录wind、choice等金融数据终端。

The Regional Financing Environment Index of the Bond Market (Buzhoushan Index) is a comprehensive indicator that measures the financing environment of different regions in the bond market, the financing accessibility of issuers, and the overall compliance of regional bond businesses. At the micro level, it is embodied as the Non-marketized Issuance Index, which includes the Primary Market Issuance Distortion Index and the Secondary Market Abnormal Trading Index. This indicator mainly detects abnormal phenomena in bond issuance and trading, and identifies malpractices such as non-marketized bond issuance, market price manipulation, wash trading (fake transactions), and benefit tunneling. At the macro level, it is embodied as the Regional Financial Index, which consists of the Regional Behavior Index and the Regional Capital Index. It primarily measures the overall business compliance and capital flow compliance within a region, and can also evaluate the degree of financing difficulties in the region.

The Regional Financing Environment Index of the Bond Market (Buzhoushan Index) is an important new credit risk identification indicator and business compliance indicator that has emerged in China's bond market in recent years. Its underlying data is sourced from research on financial market business behaviors, falling within the scope of behavioral finance, and it fills a domestic gap in this field. Currently, it has been incorporated into financial data terminals such as Wind and Choice.