亚洲债券市场发展中的问题与对策研究

发布时间：2018-01-03 14:06

本文关键词：亚洲债券市场发展中的问题与对策研究　出处：《云南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：在世界经济全球化和区域经济一体化的背景下，区域金融合作的进程也日益加快，亚洲债券市场作为该地区最有可能在短期内取得实质性进展的金融合作项目，一直是各国关注的焦点，并且已在相关领域取得了一定的成果。但这些成果或被束之高阁，或是停滞不前，总之并没有促进亚洲债券市场的迅速发展。本文试图在前人研究的基础上深入分析亚洲债券市场在发展过程中存在的问题和困难，并针对这些问题给出明确的对策建议，从而进一步推动亚洲金融合作，促进亚洲经济发展。本文在现有研究的基础上，重新界定了亚洲债券市场的概念，认为其是基于“10+3”框架下的债券市场。亚洲债券市场不仅有优化资源配置、促进金融合作等重要意义，其发展还具备充分的理论依据和基础，包括债券市场功能理论、债券市场规模理论、“双重错配”理论、欧元区债券市场成功论等，因此，亚洲债券市场的建立和发展是时代的产物和现实的需求。但是，亚洲债券市场在货币互换、亚洲债券基金和基础设施建设等方面取得的成绩并没有转化成该市场发展的内在推动力，，其问题主要表现在亚洲地区国别差异较大、基础设施不健全、亚洲债券缺乏合理的计值货币三个方面，其中最后一个方面的问题是最重要也是最主要的问题。针对其中最主要的问题——计值货币的选择问题，文章进行了一定的实证研究。在众多选择方案中，先采用定性分析的方法通过比较美元、日元、人民币及一篮子货币计值等方案，最终确定计值货币的最佳方案，即以一篮子货币计值；然后进行定量分析，在比较欧洲货币单位的组成公式及IMF的份额分配公式之后认为IMF的份额分配公式更适合被借鉴用于亚洲债券计值货币篮子的组成公式，文章通过该公式量化了该货币篮子的具体构成，求得10+3各国货币在货币篮子中所占的比率；最后根据这个比率分配结果确定了篮子货币对各国货币的初始转换比率。另外，针对亚洲债券市场发展中其他几个方面的问题，本文认为应当首先发展各国国内债券市场，然后逐渐改善金融结构、协调经济政策、发行国际债券，从而推动一篮子货币计值方案的实施；并且需要建立完整的信息披露制度和完善的法律保障制度，逐步整合基础设施，统一会计标准。本文试图深入探讨以下两个方面并尝试着有所突破：第一，由于现有文献在研究时对亚洲债券市场的地域概念相对模糊，本文针对这一现象对亚洲债券市场的概念从地域上作了重新界定。第二，在对亚洲债券一篮子货币计值进行定量分析时，对所采纳的公式的初始权重分配进行了修正，结果发现修正后的公式更适合于亚洲地区的实际情况；根据该公式的计算结果，文章又进一步细化了篮子货币对各国货币初始汇率转换的办法。
[Abstract]:In the world of economic globalization and regional economic integration under the background of regional financial cooperation process is accelerated, the Asian bond market as the region most likely made substantial progress in the short term financial cooperation projects, has been the focus in the world, and has made certain achievements in the related fields. But these achievements or be on the shelf, or in short is not stagnant, and promote the rapid development of the Asian bond market. This paper attempts to analyze the Asian bond market in the development process of the existing problems and difficulties on the basis of previous studies, countermeasures and suggestions to solve these problems are clear, so as to further promote the Asian financial cooperation, promote the economic development of Asia.
In this paper, on the basis of existing research, redefines the concept of Asian bond market, which is based on the "10+3" under the framework of the bond market. The Asian bond market not only has important significance to optimize the allocation of resources, promote financial cooperation, its development also has sufficient theoretical basis and basic theory, including the function of bond market. The bond market scale theory, "double mismatch" theory, the euro bond market success theory, therefore, the establishment and development of the Asian bond market is the product of the times and the needs of the reality. However, the Asian bond market in currency swaps, made the Asian Bond Fund and infrastructure construction achievements did not translate into the internal driving force for the development of the market, the main problem of the country in the Asian region is different, the infrastructure is not perfect, the lack of a reasonable value of Asian Bond three currency, one of the most The latter question is the most important and the most important.
In value choosing monetary problems one of the most important, the paper did some empirical research. Among the many options, first using the method of qualitative analysis by comparing the dollar, yen, RMB and a basket of currency value scheme, ultimately determine the best solution value of currency, with a basket of currencies value; and then the quantitative analysis, after the quota formula composition formula is the European currency unit and IMF that the quota formula of IMF is more suitable for being used in Asian Bond denominated currency basket composition formula, through the formula to quantify the specific composition of the basket, the ratio of 10+3 is obtained for the currency in the basket of currencies; finally, according to the ratio of the basket of currencies to initial currency conversion ratio. In addition, the Asian bond market development Other aspects of the problem, this paper thinks that we should develop domestic bond market first, then gradually improve the financial structure, economic policy coordination, the issue of international bonds, thus promoting a basket currency scheme; and the need to establish a complete information disclosure system and perfect the legal safeguard system, the gradual integration of infrastructure, unified accounting standard.
This article tries to discuss the following two aspects and tries to breakthrough: first, because of the existing literature in the study of the geographical concept of the Asian bond market is relatively vague, according to the concept of this phenomenon to the Asian bond market from the region were redefined. In second, the Asian bond to a basket of currency value quantitatively during the analysis, the initial weight distribution of adopted formula was modified, the results found that the actual situation the modified formula is more suitable for the Asian region; according to the calculation results of the formula, the article also further refine the approach of monetary currency basket initial exchange rate conversion.

【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F831.51;F833

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