本文首先介绍了中国证券投资基金行业估值的历程以及现状，其次介绍了债券定
价的理论基础以及银行间市场债券估值体系。然后对交易所债券市场活跃度进行了分
析，引出了交易所市场不活跃债券估值的主要问题，最后提出了证券投资基金所持有
不活跃债券的估值解决方案，并选择了两只债券做了实例分析。

关键词：债券，估值，公允价值计量
ABSTRACT
This thesis is to identify the fair valuation methodology of illiquid exchange traded
bonds and to apply such fair valuation to such holdings of mutual funds.
The thesis is divided in five chapters. First, the historical and present situation of the
valuation business of mutual funds were introduced; second, the theoretical foundation of
bond pricing was described; third, the valuation system of inter-bank bond market and the
trading activity of bonds in stock exchange market were analyzed, which motivates the
valuation issues of illiquid traded bond in the stock-exchange market; forth, the solution of
such illiquid bonds in the mutual fund was proposed; finally, the empirical analysis was
offered.
KEY WORDS: Bond, valuation, fair value