重启我国国债期货交易可行性探究

发布时间：2018-03-18 10:23

本文选题：国债期货　切入点：“3·27”事件　出处：《上海外国语大学》2013年硕士论文　论文类型：学位论文

【摘要】：国债期货是指在的交易所事先确定买入和卖出价格，并在将来某个时间点进行钱券交割的国债衍生交易方式。国债期货属于金融期货的范畴，是一种高级的金融衍生工具。它的产生是在1970年代美国金融市场紊乱的背景下，为满足投资者规避利率风险而孕育而生。我国的国债期货交易始于1992年12月28日，然后2年半后就叫停。近年来，我国国民经济持续稳定增长，金融体系日益完善，利率市场进程加快，，国债现货市场蓬勃发展。与此同时，监管体系和法律法规也不断完善，特别是股指期货交易成功推出一年后，重启国债期货的呼声愈发强烈。本论文从导致国债期货被叫停的“3·27”国债事件入手，剖析国债期货应该具备的各方面因素，通过量化对比国外成功发展国债期货的条件，对目前中国是否应当重启国债期货进行研判。认为重启国债期货有助于管理和防范利率风险、有助于完善金融市场体系、有助于推进利率市场化、有助于促进金融衍生品市场的发展。近年来利率市场化的进程加快、投资者的日趋成熟和国际国内成熟市场的经验借鉴，成了重启国债期货的最有力保障。本文还对国债期货重启之后的风险防范提出对策建议。
[Abstract]:Treasury bond futures refer to the derivative trading method of treasury bonds that determine the buying and selling prices in advance and deliver money bonds at some point in the future. Treasury bond futures belong to the category of financial futures. It is a kind of advanced financial derivative instrument. It was born in the background of American financial market disorder in 1970s to satisfy investors to avoid interest rate risk. Futures trading in China's treasury bonds began in December 28th 1992, then stopped two and a half years later. In recent years, China's national economy has continued to grow steadily, the financial system has become increasingly perfect, and the process of the interest rate market has been speeding up. The spot bond market is booming. At the same time, the regulatory system and laws and regulations are constantly improving, especially after the successful launch of stock index futures a year, the call to restart Treasury futures is growing stronger. This paper begins with the "3.27" national debt event, which led to the termination of national debt futures, analyzes the various factors that national debt futures should have, and compares the conditions for the successful development of national debt futures abroad. Whether China should restart treasury bond futures at present is considered to be helpful to the management and prevention of interest rate risks, to improving the financial market system, and to promoting the marketization of interest rates. It is helpful to promote the development of financial derivatives market. In recent years, the process of interest rate marketization has been accelerated, investors have become more mature, and the experience of international and domestic mature markets has been used for reference. It has become the most powerful guarantee for restarting the treasury bond futures. This paper also puts forward the countermeasures and suggestions for the risk prevention after the restarting of the treasury bond futures.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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