我国银行间债券市场创新管理研究

发布时间：2018-06-03 01:14

本文选题：银行间债券市场 + 创新管理　；参考：《南京理工大学》2014年博士论文

【摘要】：本文以银行间债券市场开发和管理为研究对象,结合宏观经济分析,并在金融市场微观结构理论的基础上从制度、产品、交易构件以及监管的角度研究我国银行间债券市场创新管理问题。不但分析银行间债券市场发展中的“经济”问题,而且重点研究了银行间债券市场创新过程中的“管理”问题。这种研究思路在把握银行间债券市场发展大方向的同时,通过对交易主体、交易机制、市场规则、产品开发和监督管理等方面创新内容的研究,为提高市场效率加快创新发展提供了理论依据和实践建议。同时,本文将金融市场微观结构理论与债券市场发展理论相结合,希望能为我国银行间债券市场的发展路径以及多层次资本市场建设提供另一种创新思路。本文着力于通过金融理论分析和实证检验解决以下六个问题：1、通过经济理论模型分析我国银行间债券市场创新的现实和潜在需求,以及资本市场上监管部门、发行人、投资者等不同主体对银行间债券市场产品创新的需求和供给现状,揭示目前我国银行间债券市场创新不足的状况,并实证检验了我国银行间债券市场与经济发展之间的相关性。2、分析我国银行间债券市场绩效的现状,研究了不同衡量方法计算的流动性指标,通过换手率检验了流动性的现状,分析了我国银行间债券市场的绩效水平及其影响因素,并提出提高我国银行间债券市场流动性的具体措施。3、通过对国外债券市场创新发展历程的案例分析,研究、提炼成熟资本市场国家和新兴资本市场国家中债券市场创新的做法和经验,并在此基础上针对我国现状提出符合我国银行间债券市场特点的创新发展路径。4、从供需特性、风险特性以及流动特性三个角度,分析与其他类型金融创新产品(主要是股票和债券类产品)相比,银行间债券市场创新产品的主要特性,以及我国银行间债券市场创新管理的一般框架。5、通过对银行间债券市场产品创新的特性和产品发展趋势分析,基于金融市场微观结构理论从制度建设、产品开发、交易构件设计等方面对我国银行间债券市场的创新进行论述并提出具体实施办法。6、提出我国银行间债券市场债券产品创新发展方向以及风险监管措施。通过上述问题的研究,本文认为我国银行间债券市场创新十分必要而且迫切,提出了我国银行间债券市场创新管理的一般框架,既要进行产品工具创新,又要进行市场制度创新。分别以政府、投资者与发行人的角度,从产品的发行制度和交易制度、做市商制度、信息披露制度、市场监管制度、产品利率定价制度等宏观方面以及从发债主体、机构投资者培育、交易品种和交易构件等微观方面探讨了创新的内容和建议。
[Abstract]:This paper takes the development and management of interbank bond market as the research object, combines the macroeconomic analysis, and on the basis of the financial market microstructure theory, from the system, the product, This paper studies the innovation management of interbank bond market in China from the perspective of transaction component and supervision. This paper not only analyzes the "economy" in the development of the interbank bond market, but also focuses on the "management" in the innovation process of the interbank bond market. While grasping the general direction of the development of the interbank bond market, this research train of thought, through the research on the main body of the transaction, the trading mechanism, the market rules, the product development and the supervision and management, etc. It provides theoretical basis and practical suggestions for improving market efficiency and speeding up innovation and development. At the same time, this paper combines the microstructure theory of financial market with the development theory of bond market, hoping to provide another innovative way for the development of interbank bond market and the construction of multi-level capital market in China. This paper focuses on solving the following six problems: 1 through financial theoretical analysis and empirical test, analyzes the real and potential demand for innovation in China's interbank bond market through the economic theory model, as well as regulators and issuers in the capital market. The demand for and supply of product innovation in interbank bond market by investors and other different subjects reveals the current situation of insufficient innovation in interbank bond market in China. The paper tests the correlation between interbank bond market and economic development, analyzes the current situation of interbank bond market performance, studies the liquidity index calculated by different measurement methods, and tests the liquidity status through turnover rate. This paper analyzes the performance level of China's interbank bond market and its influencing factors, and puts forward concrete measures to improve the liquidity of China's interbank bond market. Abstract the practice and experience of bond market innovation in mature capital market countries and emerging capital market countries, and on the basis of this, put forward the innovative development path .4in accordance with the characteristics of China's interbank bond market, from the characteristics of supply and demand, This paper analyzes the main characteristics of innovative products in interbank bond market compared with other types of financial innovation products (mainly stock and bond products). And the general framework of innovation management of interbank bond market in China. Through the analysis of the characteristics of product innovation and the trend of product development in interbank bond market, based on the theory of financial market microstructure, from the system construction, product development, This paper discusses the innovation of interbank bond market in our country from the aspects of transaction component design and puts forward the concrete implementation measures. 6. It also puts forward the direction of innovation and development of bond products in interbank bond market in China and the risk supervision measures. Through the research of the above problems, this paper thinks that the innovation of interbank bond market in China is very necessary and urgent, and puts forward the general framework of innovation management of interbank bond market in our country. It is necessary to innovate the market system. From the point of view of the government, investors and issuers, from the macro aspects of the product issuing system and trading system, market maker system, information disclosure system, market supervision system, product interest rate pricing system and so on, as well as from the main issuer of bonds, The contents and suggestions of innovation are discussed in the aspects of institutional investor cultivation, trading variety and trading component.
【学位授予单位】：南京理工大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51

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