發(fā)布時(shí)間：2018-08-17 12:39

【摘要】：1981年我國(guó)恢復(fù)國(guó)債發(fā)行,1988年我國(guó)國(guó)債流通市場(chǎng)開始建立。此后,國(guó)債發(fā)行量與國(guó)債交易量都在不斷擴(kuò)大。國(guó)債市場(chǎng)要取得長(zhǎng)足的發(fā)展與其兩個(gè)子市場(chǎng)的成熟與完善有著密切的聯(lián)系,國(guó)債市場(chǎng)的發(fā)展離不開發(fā)行市場(chǎng),更依賴于流通市場(chǎng)。隨著近年來(lái)我國(guó)國(guó)債發(fā)行規(guī)模的日益擴(kuò)大,國(guó)債流通市場(chǎng)在國(guó)債市場(chǎng)上扮演著越來(lái)越重要的角色。一個(gè)高效、市場(chǎng)化的國(guó)債發(fā)行市場(chǎng)的建立及國(guó)債市場(chǎng)功能的實(shí)現(xiàn)都要依托一個(gè)高度完善與發(fā)達(dá)的國(guó)債流通市場(chǎng)。 我國(guó)國(guó)債流通市場(chǎng)建立是始于1988年國(guó)務(wù)院批準(zhǔn)沈陽(yáng)、上海、廣州、深圳、武漢、重慶、哈爾濱7個(gè)城市辦理個(gè)人認(rèn)購(gòu)部分國(guó)庫(kù)券的轉(zhuǎn)讓業(yè)務(wù)。經(jīng)過(guò)二十多年的探索及其發(fā)展,我國(guó)國(guó)債流通市場(chǎng)取得了許多成效,交易主體不斷豐富,交易制度不斷創(chuàng)新,投資者結(jié)構(gòu)不斷合理等。但同時(shí)也存在一些比較突出的問(wèn)題：國(guó)債二級(jí)市場(chǎng)仍處于分割的狀態(tài)、流動(dòng)性不足、投資者機(jī)構(gòu)不合理、信息不透明以及監(jiān)管不力等等,這些問(wèn)題都嚴(yán)重制約我國(guó)國(guó)債流通市場(chǎng)的發(fā)展,也束縛了國(guó)債市場(chǎng)的成熟與完善。 本文正是立足于我國(guó)國(guó)債流通市場(chǎng)上存在的這些突出問(wèn)題,通過(guò)回顧我國(guó)國(guó)債流通市場(chǎng)的發(fā)展歷程,并對(duì)這些問(wèn)題產(chǎn)生的歷史背景及現(xiàn)實(shí)原因進(jìn)行深入的剖析,在分析了產(chǎn)生的原因之后,再借鑒發(fā)達(dá)國(guó)家建設(shè)國(guó)債流通市場(chǎng)的成功經(jīng)驗(yàn),最后結(jié)合我國(guó)的具體情況提出完善我國(guó)國(guó)債流通市場(chǎng)建設(shè)切實(shí)可行的政策建議,本文作者希望通過(guò)此研究能對(duì)我國(guó)國(guó)債流通市場(chǎng)的發(fā)展提供現(xiàn)實(shí)的建議。 文章首先指明了我國(guó)國(guó)債流通市場(chǎng)產(chǎn)生的背景,緊接著闡述了研究我國(guó)債流通市場(chǎng)的現(xiàn)實(shí)意義與理論價(jià)值,本章重點(diǎn)在于梳理國(guó)內(nèi)外關(guān)于國(guó)債流通市場(chǎng)的研究成果,而著重是對(duì)學(xué)者關(guān)于我國(guó)國(guó)債流通市場(chǎng)存在的問(wèn)題進(jìn)行綜述,以發(fā)現(xiàn)現(xiàn)有研究中存在的不足,從而成為本文的切入點(diǎn)。 第二章首先介紹了我國(guó)國(guó)債流通市場(chǎng)的流動(dòng)性理論,對(duì)國(guó)債流通市場(chǎng)流動(dòng)性的衡量指標(biāo)進(jìn)行簡(jiǎn)單的描述。其中主要是介紹國(guó)債流通市場(chǎng)流動(dòng)性的四維屬性,即速度、緊度、深度及彈性。同時(shí),從公開信息及私人信息兩方面對(duì)國(guó)債流通市場(chǎng)的信息傳導(dǎo)機(jī)制進(jìn)行了介紹。 第三章首先回顧了我國(guó)國(guó)債流通市場(chǎng)發(fā)展的歷史背景及格局,我國(guó)國(guó)債流通市場(chǎng)經(jīng)歷了四個(gè)發(fā)展階段：分別是1988-1993年實(shí)物柜臺(tái)市場(chǎng)占主導(dǎo)地位階段；1994-1996年交易所國(guó)債市場(chǎng)占主導(dǎo)地位階段；1997-2001年銀行間國(guó)債市場(chǎng)的新興的階段以及2002年以來(lái)我國(guó)國(guó)債交易所市場(chǎng)與銀行間國(guó)債市場(chǎng)融合的階段。當(dāng)前,我國(guó)國(guó)債流通市場(chǎng)的最主要的格局是交易所國(guó)債市場(chǎng)、柜臺(tái)國(guó)債市場(chǎng)及銀行間國(guó)債市場(chǎng)三足鼎立,各市場(chǎng)彼此割裂；第二節(jié)闡述了我國(guó)國(guó)債流通市場(chǎng)取得的成就；第三節(jié)提出了制約現(xiàn)階段我國(guó)國(guó)債流通市場(chǎng)發(fā)展的突出問(wèn)題,即國(guó)債流通市場(chǎng)仍處于分割的狀態(tài)、流動(dòng)性不足、投資者機(jī)構(gòu)不合理、信息不透明以及監(jiān)管不力,接著對(duì)產(chǎn)生的原因進(jìn)行深入的剖析。 第四章重點(diǎn)對(duì)國(guó)債流通市場(chǎng)流動(dòng)性不足的原因進(jìn)行分析,從深度、寬度兩方面進(jìn)行實(shí)證分析。此外,還通過(guò)對(duì)比分析得出我國(guó)國(guó)債流通市場(chǎng)的流動(dòng)性近年來(lái)雖然得到了改善,但與發(fā)達(dá)國(guó)家及其部分亞洲地區(qū)相比,差距依然很明顯。章節(jié)最后從制度經(jīng)濟(jì)學(xué)的視角分析導(dǎo)致我國(guó)國(guó)債流通市場(chǎng)流動(dòng)性不足的制度因素,在研究視角上進(jìn)行創(chuàng)新。 第五章以美國(guó)、日本、英國(guó)及加拿大為例,研究這幾個(gè)國(guó)家國(guó)債流通市場(chǎng)建設(shè)的成功經(jīng)驗(yàn),經(jīng)究發(fā)現(xiàn)這些發(fā)達(dá)國(guó)家國(guó)債流通市場(chǎng)的主要優(yōu)勢(shì)在于完善的國(guó)債場(chǎng)外市場(chǎng),合理的投資者機(jī)構(gòu),健全的做市商制度以及完善的監(jiān)管機(jī)制這幾個(gè)方面。 文章最后主要是針對(duì)我國(guó)國(guó)債流通市場(chǎng)存在的現(xiàn)實(shí)問(wèn)題,在學(xué)習(xí)美國(guó)、日本、英國(guó)及加拿大的成功經(jīng)驗(yàn)后,結(jié)合我國(guó)的實(shí)際情況,提出完善我國(guó)國(guó)債二級(jí)市場(chǎng)建設(shè)的政策建議。具體包括：建立統(tǒng)一的國(guó)債流通市場(chǎng),發(fā)展國(guó)債場(chǎng)外市場(chǎng),大力培育機(jī)構(gòu)投資者,提高國(guó)債流通市場(chǎng)的信息透明度及加強(qiáng)國(guó)債流通市場(chǎng)的監(jiān)管。
[Abstract]:In 1981, China resumed the issuance of Treasury bonds, and the circulation market of treasury bonds was established in 1988. Since then, the issuance of treasury bonds and the trading volume of treasury bonds have been constantly expanding. The development of the Treasury bond market is closely related to the maturity and perfection of its two sub-markets. The development of the Treasury bond market can not be separated from the issuance market, but depends With the expansion of the issuing scale of national debt in recent years, the circulation market of national debt plays an increasingly important role in the national debt market.
The establishment of China's treasury bond circulation market began in 1988 with the approval of the State Council of Shenyang, Shanghai, Guangzhou, Shenzhen, Wuhan, Chongqing and Harbin for the transfer of individual subscriptions to some Treasury bonds. However, there are still some outstanding problems: the secondary market of national debt is still in the state of division, lack of liquidity, unreasonable investor institutions, opaque information and weak supervision, etc. These problems have seriously restricted the development of the circulation market of national debt and restrained the national debt market. Maturity and perfection.
Based on these outstanding problems in the circulation market of our national debt, this paper reviews the development course of the circulation market of our national debt, and makes a thorough analysis of the historical background and realistic causes of these problems. After analyzing the causes, it draws lessons from the successful experience of the developed countries in constructing the circulation market of national debt. Finally, according to the specific situation of our country, the author puts forward some feasible policy suggestions to improve the construction of our national debt circulation market. The author hopes that this study can provide practical suggestions for the development of our national debt circulation market.
This paper first points out the background of the emergence of China's bond circulation market, and then expounds the practical significance and theoretical value of the study of China's bond circulation market. This chapter focuses on combing the domestic and foreign research results on the bond circulation market, and focuses on the scholars on the problems of China's bond circulation market to find out. The shortcomings of the existing research, thus becoming the starting point of this article.
Chapter 2 first introduces the liquidity theory of China's treasury bond circulation market and briefly describes the liquidity measurement index of China's treasury bond circulation market. The information transmission mechanism is introduced.
The third chapter first reviews the historical background and pattern of the development of China's treasury bond circulation market. China's treasury bond circulation market has gone through four stages: the dominant stage of the physical counter market from 1988 to 1993; the dominant stage of the exchange treasury bond market from 1994 to 1996; and the emerging inter-bank treasury bond market from 1997 to 2001. At present, the most important pattern of our country's national debt circulation market is the exchange national debt market, the over-the-counter national debt market and the inter-bank national debt market are tripartite, and the markets are separated from each other. Section 2 expounds the achievements of our country's national debt circulation market. The third section puts forward the prominent problems that restrict the development of China's treasury bond circulation market at this stage, that is, the Treasury bond circulation market is still in a state of segmentation, insufficient liquidity, unreasonable investor institutions, opaque information and weak supervision, and then analyzes the causes of the occurrence.
Chapter 4 focuses on the analysis of the reasons for the insufficient liquidity in the Treasury bond circulation market, and makes an empirical analysis from the depth and breadth. In addition, through the comparative analysis, it is concluded that although the liquidity of the Treasury bond circulation market in China has been improved in recent years, the gap between the developed countries and some Asian regions is still obvious. Then, from the perspective of institutional economics, this paper analyzes the institutional factors that lead to the insufficient liquidity in the circulation market of our national debt, and makes innovations in the research perspective.
The fifth chapter takes the United States, Japan, Britain and Canada as examples to study the successful experience of these countries in the construction of treasury bond circulation market. It is found that the main advantages of these developed countries'treasury bond circulation market lie in the perfect off-market treasury bond market, reasonable investor institutions, sound market maker system and perfect supervision mechanism. Noodles.
In the end, the article mainly aims at the realistic problems existing in China's treasury bond circulation market, and after studying the successful experience of the United States, Japan, Britain and Canada, and combining with the actual situation of our country, puts forward some policy suggestions to improve the construction of the secondary market of our country's Treasury bond. We should foster institutional investors, improve the transparency of information in the Treasury bond market and strengthen the supervision of the Treasury bond market.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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