论我国国债流通市场的发展及完善

发布时间：2018-08-17 12:39

【摘要】：1981年我国恢复国债发行,1988年我国国债流通市场开始建立。此后,国债发行量与国债交易量都在不断扩大。国债市场要取得长足的发展与其两个子市场的成熟与完善有着密切的联系,国债市场的发展离不开发行市场,更依赖于流通市场。随着近年来我国国债发行规模的日益扩大,国债流通市场在国债市场上扮演着越来越重要的角色。一个高效、市场化的国债发行市场的建立及国债市场功能的实现都要依托一个高度完善与发达的国债流通市场。我国国债流通市场建立是始于1988年国务院批准沈阳、上海、广州、深圳、武汉、重庆、哈尔滨7个城市办理个人认购部分国库券的转让业务。经过二十多年的探索及其发展,我国国债流通市场取得了许多成效,交易主体不断丰富,交易制度不断创新,投资者结构不断合理等。但同时也存在一些比较突出的问题：国债二级市场仍处于分割的状态、流动性不足、投资者机构不合理、信息不透明以及监管不力等等,这些问题都严重制约我国国债流通市场的发展,也束缚了国债市场的成熟与完善。本文正是立足于我国国债流通市场上存在的这些突出问题,通过回顾我国国债流通市场的发展历程,并对这些问题产生的历史背景及现实原因进行深入的剖析,在分析了产生的原因之后,再借鉴发达国家建设国债流通市场的成功经验,最后结合我国的具体情况提出完善我国国债流通市场建设切实可行的政策建议,本文作者希望通过此研究能对我国国债流通市场的发展提供现实的建议。文章首先指明了我国国债流通市场产生的背景,紧接着阐述了研究我国债流通市场的现实意义与理论价值,本章重点在于梳理国内外关于国债流通市场的研究成果,而着重是对学者关于我国国债流通市场存在的问题进行综述,以发现现有研究中存在的不足,从而成为本文的切入点。第二章首先介绍了我国国债流通市场的流动性理论,对国债流通市场流动性的衡量指标进行简单的描述。其中主要是介绍国债流通市场流动性的四维属性,即速度、紧度、深度及弹性。同时,从公开信息及私人信息两方面对国债流通市场的信息传导机制进行了介绍。第三章首先回顾了我国国债流通市场发展的历史背景及格局,我国国债流通市场经历了四个发展阶段：分别是1988-1993年实物柜台市场占主导地位阶段；1994-1996年交易所国债市场占主导地位阶段；1997-2001年银行间国债市场的新兴的阶段以及2002年以来我国国债交易所市场与银行间国债市场融合的阶段。当前,我国国债流通市场的最主要的格局是交易所国债市场、柜台国债市场及银行间国债市场三足鼎立,各市场彼此割裂；第二节阐述了我国国债流通市场取得的成就；第三节提出了制约现阶段我国国债流通市场发展的突出问题,即国债流通市场仍处于分割的状态、流动性不足、投资者机构不合理、信息不透明以及监管不力,接着对产生的原因进行深入的剖析。第四章重点对国债流通市场流动性不足的原因进行分析,从深度、宽度两方面进行实证分析。此外,还通过对比分析得出我国国债流通市场的流动性近年来虽然得到了改善,但与发达国家及其部分亚洲地区相比,差距依然很明显。章节最后从制度经济学的视角分析导致我国国债流通市场流动性不足的制度因素,在研究视角上进行创新。第五章以美国、日本、英国及加拿大为例,研究这几个国家国债流通市场建设的成功经验,经究发现这些发达国家国债流通市场的主要优势在于完善的国债场外市场,合理的投资者机构,健全的做市商制度以及完善的监管机制这几个方面。文章最后主要是针对我国国债流通市场存在的现实问题,在学习美国、日本、英国及加拿大的成功经验后,结合我国的实际情况,提出完善我国国债二级市场建设的政策建议。具体包括：建立统一的国债流通市场,发展国债场外市场,大力培育机构投资者,提高国债流通市场的信息透明度及加强国债流通市场的监管。
[Abstract]:In 1981, China resumed the issuance of Treasury bonds, and the circulation market of treasury bonds was established in 1988. Since then, the issuance of treasury bonds and the trading volume of treasury bonds have been constantly expanding. The development of the Treasury bond market is closely related to the maturity and perfection of its two sub-markets. The development of the Treasury bond market can not be separated from the issuance market, but depends With the expansion of the issuing scale of national debt in recent years, the circulation market of national debt plays an increasingly important role in the national debt market.
The establishment of China's treasury bond circulation market began in 1988 with the approval of the State Council of Shenyang, Shanghai, Guangzhou, Shenzhen, Wuhan, Chongqing and Harbin for the transfer of individual subscriptions to some Treasury bonds. However, there are still some outstanding problems: the secondary market of national debt is still in the state of division, lack of liquidity, unreasonable investor institutions, opaque information and weak supervision, etc. These problems have seriously restricted the development of the circulation market of national debt and restrained the national debt market. Maturity and perfection.
Based on these outstanding problems in the circulation market of our national debt, this paper reviews the development course of the circulation market of our national debt, and makes a thorough analysis of the historical background and realistic causes of these problems. After analyzing the causes, it draws lessons from the successful experience of the developed countries in constructing the circulation market of national debt. Finally, according to the specific situation of our country, the author puts forward some feasible policy suggestions to improve the construction of our national debt circulation market. The author hopes that this study can provide practical suggestions for the development of our national debt circulation market.
This paper first points out the background of the emergence of China's bond circulation market, and then expounds the practical significance and theoretical value of the study of China's bond circulation market. This chapter focuses on combing the domestic and foreign research results on the bond circulation market, and focuses on the scholars on the problems of China's bond circulation market to find out. The shortcomings of the existing research, thus becoming the starting point of this article.
Chapter 2 first introduces the liquidity theory of China's treasury bond circulation market and briefly describes the liquidity measurement index of China's treasury bond circulation market. The information transmission mechanism is introduced.
The third chapter first reviews the historical background and pattern of the development of China's treasury bond circulation market. China's treasury bond circulation market has gone through four stages: the dominant stage of the physical counter market from 1988 to 1993; the dominant stage of the exchange treasury bond market from 1994 to 1996; and the emerging inter-bank treasury bond market from 1997 to 2001. At present, the most important pattern of our country's national debt circulation market is the exchange national debt market, the over-the-counter national debt market and the inter-bank national debt market are tripartite, and the markets are separated from each other. Section 2 expounds the achievements of our country's national debt circulation market. The third section puts forward the prominent problems that restrict the development of China's treasury bond circulation market at this stage, that is, the Treasury bond circulation market is still in a state of segmentation, insufficient liquidity, unreasonable investor institutions, opaque information and weak supervision, and then analyzes the causes of the occurrence.
Chapter 4 focuses on the analysis of the reasons for the insufficient liquidity in the Treasury bond circulation market, and makes an empirical analysis from the depth and breadth. In addition, through the comparative analysis, it is concluded that although the liquidity of the Treasury bond circulation market in China has been improved in recent years, the gap between the developed countries and some Asian regions is still obvious. Then, from the perspective of institutional economics, this paper analyzes the institutional factors that lead to the insufficient liquidity in the circulation market of our national debt, and makes innovations in the research perspective.
The fifth chapter takes the United States, Japan, Britain and Canada as examples to study the successful experience of these countries in the construction of treasury bond circulation market. It is found that the main advantages of these developed countries'treasury bond circulation market lie in the perfect off-market treasury bond market, reasonable investor institutions, sound market maker system and perfect supervision mechanism. Noodles.
In the end, the article mainly aims at the realistic problems existing in China's treasury bond circulation market, and after studying the successful experience of the United States, Japan, Britain and Canada, and combining with the actual situation of our country, puts forward some policy suggestions to improve the construction of the secondary market of our country's Treasury bond. We should foster institutional investors, improve the transparency of information in the Treasury bond market and strengthen the supervision of the Treasury bond market.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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