我国国债期货市场发展研究

发布时间：2018-01-24 05:47

本文关键词： 国债期货利率市场化现货市场仿真交易合约　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：2011年初我国国债期货市场重新开启，并推出了国债期货仿真交易的试点工作，使得国债期货也重新受到瞩目。本文从国债期货及期货市场概念出发，立足于国债期货的基本功能，结合海外国债期货市场的发展现状及国内国债期货试点与教训，深入讨论国债期货与我国利率市场化互动关系及国债现货市场与期货市场之间的相互影响，并通过对国债期货仿真交易合约功能发挥的实证研究，，提出完善国债期货功能发挥促进利率市场化进程的对策建议。本文在论述过程中，试图通过各种图表数据深刻的说明了国债期货与我国利率市场化互动关系及国债现货市场与期货市场之间的相互影响。其中对于国债期货仿真交易合约功能发挥的实证研究是本文的创新点，意在通过对国债期货合约的价格发现功能和风险规避功能的研究，可以将此次国债期货仿真交易重新推出的意义量化，以使得本文的结论更具有信服力。
[Abstract]:In early 2011, China's treasury bond futures market was reopened, and the pilot work of treasury bond futures simulation trading was launched, which made treasury bond futures get attention again. This paper starts from the concept of treasury bond futures and futures market. Based on the basic function of treasury bond futures, combined with the development of overseas treasury bond futures market and domestic treasury bond futures pilot and lessons. The interactive relationship between treasury bond futures and China's interest rate marketization and the interaction between spot market and futures market are discussed in depth, and the empirical research on the function of treasury bond futures simulation trading contract is also discussed. The paper puts forward some countermeasures and suggestions to improve the function of treasury bond futures to promote the process of interest rate marketization. This paper discusses the process. This paper attempts to illustrate the interactive relationship between treasury bond futures and interest rate marketization and the interaction between spot market and futures market through various chart data. Among them, the function of simulating trading contract of treasury bond futures is brought into play. Empirical research is the innovation of this paper. Through the research on the function of price discovery and risk aversion of treasury bond futures contract, the significance of this paper can be quantified to make the conclusion of this paper more convincing.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F812.5

【参考文献】