完善我国国债期货市场的管理问题研究

发布时间：2018-07-13 07:38

【摘要】：国债期货是一种高级的金融衍生工具，，它产生于1970年代的美国金融市场絮乱背景下。1992年12月，我国也开始了国债期货的交易，当时的国债期货发展明显提高了国债的流动性，活跃了金融市场。但是到1995年，由于一系列的问题堆积导致了327国债事件，历时两年半的国债期货交易被叫停。近年来，我国的金融体制改革取得了重大的进展，期货的规范化程度也有多提高，恢复国债期货交易的条件也逐步成熟。2012年2月13日，我国开始了国债期货的模拟仿真交易，恢复国债期货交易的呼声也越来越强烈。但是，目前我国国债期货的管理体制还不尽完善。本论文从我国国债期货被叫停的事件入手，分析了发达国家国债期货的成功经验，并由此探讨了我国现阶段恢复国债期货交易仍面临的问题，最后针对这些问题此提出了三点建议：第一，完善我国国债现货市场管理体制，为国债期货的重启做好保证。第二，提高我国国债期货市场的风控管理，从制度方面做好国债期货交易的风险防范。其中包括国债期货市场的风险管理以及金融机构自身对国债期货的风险管理。第三，在设计国债期货的交易规则时，应该按照期限分类设置国债期货品种，并采取交割月任一个营业日交割的方式。
[Abstract]:Treasury bond futures are a kind of advanced financial derivatives, which emerged in the background of the turmoil in the US financial market in the 1970s. In December 1992, China also started trading treasury bonds futures. At that time, the development of treasury bond futures significantly enhanced the liquidity of treasury bonds. The financial markets were enlivened. By 1995, however, two and a half-year-long trading of Treasury futures had been halted because of a series of problems that led to the 327-bond event. In recent years, great progress has been made in the reform of China's financial system, the degree of standardization of futures has also been improved, and the conditions for resuming treasury bond futures trading have gradually matured. On February 13, 2012, China began to simulate the trading of treasury bonds futures. The voice of resuming bond futures trading is also getting stronger and stronger. However, at present, China's treasury bond futures management system is not perfect. This paper starts with the event that the futures of our country's treasury bonds are stopped, analyzes the successful experiences of the developed countries' treasury bond futures, and probes into the problems that our country still faces in resuming the futures trading of national debt at the present stage. Finally, three suggestions are put forward to solve these problems: first, improve the management system of the spot market of our country's treasury bonds, and guarantee the restarting of the treasury bond futures. Secondly, we should improve the management of national bond futures market, and do a good job in preventing the risk of treasury bond futures trading. It includes risk management of treasury bond futures market and risk management of treasury bond futures by financial institutions themselves. Third, when designing the trading rules of the treasury bond futures, we should set up the treasury bond futures varieties according to the term, and adopt the way of delivery on any business day of the delivery month.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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