我国银行间债券市场流动性问题探讨

发布时间：2018-01-31 04:12

本文关键词： 银行间债券市场流动性换手率做市商　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：1997年初，为了提高社会的融资效率和资本市场的运行效率，银行间债券市场由此而产生，并在十多年的发展之后成为债券市场当中最重要的交易场所。从宏观角度讲，是中央银行通过发行国债来实施财政政策的重要场所，也是人民银行通过发行央票等公开市场操作来实施货币政策的重要渠道；从微观角度讲，日益丰富的券种为机构和个人投资者进行筹资和资产配置等提供了重要场所。流动性的高低决定了银行间债市的运行水平和对金融市场的贡献程度。我国的银行间债券市场自成立以来，随着市场和制度和参与者等的不断改革、丰富和优化，，其流动性已经得到了不断提高，但总体相比发达国家的债券市场流动性仍然偏低。本文的核心结构内容包括如下几个部分：一是流动性相关理论的阐述。主要围绕交易成本、资本循环、利率期限和流动性偏好理论阐述，为下文的开展做好理论铺垫。二是我国银行间债券市场的阐释分析。通过对我国银行间债市发展历程的阐述，从中总结和比较出其发展的现状。三是我国银行间债市流动性的指标论证和数据分析。结合具体的数据和指标（包括现券规模深度换手率等指标）通过描述性统计对债券市场现状加以分析解释。四是分析银行间债券市场流动性总体发生改变的原因。结合现券相关指标的分析结果，详尽明细的阐述我国银行间债券市场自从成立到2013年间流动性得以普遍提升的根源。五是提出政策性建议。结合银行间债市的现状，从不同角度对进一步提高我国银行间债市流动性提出了政策性建议。
[Abstract]:In early 1997, in order to improve the social financing efficiency and the efficiency of the capital market, the inter-bank bond market emerged. After more than ten years of development, it has become the most important trading place in the bond market. From a macro point of view, it is an important place for the central bank to issue treasury bonds to implement fiscal policies. It is also an important channel for the people's Bank of China to carry out monetary policy by issuing central bills and other open market operations. From a microscopic point of view. The growing variety of securities provides an important place for institutional and individual investors to raise funds and allocate assets. The level of liquidity determines the level of operation of the inter-bank bond market and its contribution to the financial market. Since the establishment of the bond market. With the constant reform of market, system and participants, the liquidity of the bond market has been improved, but compared with the developed countries, the liquidity of the bond market is still on the low side. The core structure of this article consists of the following parts: The first is the elaboration of liquidity theory, which mainly focuses on transaction cost, capital circulation, interest rate maturity and liquidity preference theory, which lays the groundwork for the following development. The second is the interpretation and analysis of the interbank bond market in China, which summarizes and compares the present situation of the development of the interbank bond market through the elaboration of the development course of the interbank bond market in China. Third, the index demonstration and data analysis of the liquidity of interbank bond market in China. This paper analyzes and explains the present situation of bond market through descriptive statistics. The fourth is to analyze the reasons for the overall change of the liquidity of the interbank bond market. The causes of the general increase in liquidity between the inception of China's interbank bond market and 2013 are described in detail. The fifth is to put forward policy recommendations, and to further improve the liquidity of interbank bond market from different angles, combined with the current situation of the inter-bank bond market, and put forward some policy recommendations to further improve the liquidity of the inter-bank bond market in China.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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