我国债券银行间市场与交易所市场的分割性与差异性研究
发布时间：2018-07-21 20:58
【摘要】：自从1997年建立银行间债券市场以来,我国债券市场得到了迅速的发展,已形成了以场外交易(银行间市场)为主和场内交易(交易所市场)为辅债券市场体系。但是,通过与西方发达国家相比较,我国债券市场总体规模还是比较小,2011年末我国债券托管余额占GDP的比重不到一半,仅是47%左右。远远不及美国的235%以及日本的181%。与此同时,我国债券品种结构的不合理,国债、央行票据和政策性金融债几个债券种在发行规模中比重仍旧偏高,公司债券和金融创新类债券占比较低,比重不到1/5,这与西方发达国家同类债券占比超过2/3的比例相比也有较大差距。 经过二十多年的发展,我国固定收益市场从无到有、从小到大,品种日益丰富,规模也不断扩大,与之相关的法律、法规还有基础设施建设也与之日趋完善。近期关于“十二五”所提出的“完善资本结构、加快债券市场改革发展”的相关要求,促使债券市场加快转变旧观念,迅速推进债券发展。2011年,股债发行的审核分离和公司债审批大幅提速、发行创业板私募债等一系列举措,推动了交易所债市的发展。根据统计显示,去年,公司债募集资金总额为1262亿元人民币,相较2010年的603亿元,已然翻了一番。在一方面债券市场飞速发展具有极大的潜在需求,另一方面要是在制度、市场行为规范和监管上不加快步法进行改革,那么继续更大规模地如此大力推动债券市场的发展必然蕴藏很大风险,甚至可能是系统性风险。 目前,由于中国的债券市场分割为银行间市场与交易所市场,“前者的债券托管余额占整个市场97%以上,交易所债市不足3%。”一位资深券商人士介绍,交易所债市主要是基金公司参与,缺少了大部分商业银行的参与,一直是交易所债券市场固定收益市场难以做大的原因。2011年年底,我国债券发行规模和托管余额分别达到7.8万亿元和22.1万亿元人民币,分别比1997年年末增长了36倍和45倍之多。与此同时,由于长期以来受到观念与体制等多方面的束缚,我国固定收益市场尤其是企业债券发展相较滞后,并在发行、交易、托管等重要环节上存在分割情况出现。本文通过对样本09百联债的流动性、收益率以及波动性在不同市场的差异研究,证明由于两市场不同规则以及体系的区别导致市场中普遍存在投机性、套利行为等不成熟的债券市场的表现。 所以我们认为,我国债券市场发展如今的首要问题是统一固定收益市场的监管、托管结算体系,想要实现我国债券市场的长足发展,必须要从建立统一的跨市场的托管结算体系改革入手,在打通交易所和银行间两个市场,以实现债券在两个市场间自由流动,共同促进两个市场的飞速健康的发展。
[Abstract]:Since the establishment of the interbank bond market in 1997, the bond market of our country has developed rapidly, and has formed the bond market system which is mainly over-the-counter (interbank market) and supplemented by in-exchange (exchange market). However, compared with the western developed countries, the overall scale of China's bond market is still relatively small. At the end of 2011, the balance of bond custody in our country accounted for less than half of GDP, which is only about 47%. It is far less than the 235% in the United States and 181% in Japan. At the same time, the irrational variety structure of bonds in our country, treasury bonds, central bank bills and policy-related financial bonds still have a high proportion in the issuing scale, while corporate bonds and financial innovation bonds account for a relatively low proportion. Less than a fifth of the total, compared with more than two thirds of similar debt in Western developed countries. After more than 20 years of development, the fixed income market in China has grown from nothing, from small to large, increasingly rich in variety, expanding in scale, and the related laws, regulations and infrastructure construction have also become more and more perfect. The recent requirement of "perfecting the capital structure and speeding up the reform and development of the bond market" put forward by the 12th Five-Year Plan will prompt the bond market to speed up the transformation of old ideas and promote the development of bonds. In 2011, The separation of stock issuance and approval of corporate bonds accelerated sharply, and a series of measures, such as the issuance of private equity debt on the gem, contributed to the development of the exchange bond market. Corporate debt raised a total of 126.2 billion yuan last year, up from 60.3 billion yuan in 2010, according to statistics. On the one hand, the rapid development of the bond market has great potential demand, on the other hand, if the system, market behavior and regulation do not accelerate the pace of reform, So continuing to push the bond market so aggressively on a larger scale is bound to be risky, and possibly systemic. At present, because China's bond market is divided into the interbank market and the exchange market, "the former has more than 97 percent of the total market, and the exchange bond market is less than 3 percent." A senior brokerage person said that the exchange bond market was dominated by fund companies, and the absence of most commercial banks had been the reason why the fixed-income market in the exchange bond market was difficult to expand. At the end of 2011, The issuance scale and the balance of bonds in China reached 7.8 trillion yuan and 22.1 trillion yuan respectively, 36 times and 45 times higher than at the end of 1997 respectively. At the same time, for a long time, the fixed income market, especially the corporate bonds, has lagged behind due to the constraints of concept and system, and there is division in the important links such as issuance, transaction, custody and so on. This paper studies the differences of liquidity, return rate and volatility in different markets of the sample 09100 bonds, and proves that the different rules and systems of the two markets lead to the widespread speculative nature in the market. The performance of immature bond markets such as arbitrage. Therefore, we think that the most important issue in the development of our bond market today is to unify the supervision of the fixed income market, the custody and settlement system, and to realize the substantial development of the bond market in our country. In order to realize the free flow of bonds between the two markets and promote the rapid and healthy development of the two markets, we must start with the reform of the unified inter-market custodian settlement system and open up the two markets between the exchanges and the banks.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
本文编号：2136835
[Abstract]:Since the establishment of the interbank bond market in 1997, the bond market of our country has developed rapidly, and has formed the bond market system which is mainly over-the-counter (interbank market) and supplemented by in-exchange (exchange market). However, compared with the western developed countries, the overall scale of China's bond market is still relatively small. At the end of 2011, the balance of bond custody in our country accounted for less than half of GDP, which is only about 47%. It is far less than the 235% in the United States and 181% in Japan. At the same time, the irrational variety structure of bonds in our country, treasury bonds, central bank bills and policy-related financial bonds still have a high proportion in the issuing scale, while corporate bonds and financial innovation bonds account for a relatively low proportion. Less than a fifth of the total, compared with more than two thirds of similar debt in Western developed countries. After more than 20 years of development, the fixed income market in China has grown from nothing, from small to large, increasingly rich in variety, expanding in scale, and the related laws, regulations and infrastructure construction have also become more and more perfect. The recent requirement of "perfecting the capital structure and speeding up the reform and development of the bond market" put forward by the 12th Five-Year Plan will prompt the bond market to speed up the transformation of old ideas and promote the development of bonds. In 2011, The separation of stock issuance and approval of corporate bonds accelerated sharply, and a series of measures, such as the issuance of private equity debt on the gem, contributed to the development of the exchange bond market. Corporate debt raised a total of 126.2 billion yuan last year, up from 60.3 billion yuan in 2010, according to statistics. On the one hand, the rapid development of the bond market has great potential demand, on the other hand, if the system, market behavior and regulation do not accelerate the pace of reform, So continuing to push the bond market so aggressively on a larger scale is bound to be risky, and possibly systemic. At present, because China's bond market is divided into the interbank market and the exchange market, "the former has more than 97 percent of the total market, and the exchange bond market is less than 3 percent." A senior brokerage person said that the exchange bond market was dominated by fund companies, and the absence of most commercial banks had been the reason why the fixed-income market in the exchange bond market was difficult to expand. At the end of 2011, The issuance scale and the balance of bonds in China reached 7.8 trillion yuan and 22.1 trillion yuan respectively, 36 times and 45 times higher than at the end of 1997 respectively. At the same time, for a long time, the fixed income market, especially the corporate bonds, has lagged behind due to the constraints of concept and system, and there is division in the important links such as issuance, transaction, custody and so on. This paper studies the differences of liquidity, return rate and volatility in different markets of the sample 09100 bonds, and proves that the different rules and systems of the two markets lead to the widespread speculative nature in the market. The performance of immature bond markets such as arbitrage. Therefore, we think that the most important issue in the development of our bond market today is to unify the supervision of the fixed income market, the custody and settlement system, and to realize the substantial development of the bond market in our country. In order to realize the free flow of bonds between the two markets and promote the rapid and healthy development of the two markets, we must start with the reform of the unified inter-market custodian settlement system and open up the two markets between the exchanges and the banks.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
【引证文献】
相关硕士学位论文 前3条
1 张岩;银行间债券市场与交易所债券市场的比较研究[D];新疆财经大学;2015年
2 董博琳;宏观因素对银行间债券市场和交易所债券市场的影响分析[D];复旦大学;2014年
3 杨慧;银行间与交易所市场企业债流动性比较研究[D];苏州大学;2014年
，本文编号：2136835
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2136835.html
最近更新
教材专著
