关于加强我国银行间债券市场流动性的分析

发布时间：2018-03-05 00:35

本文选题：银行间债券市场　切入点：流动性　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：银行间债券市场是我国债券交易的主要场所，我们目前的债券交易在银行间债券市场进行的占全部债权交易的90％以上，因此，它也是我国金融体系的主要组成部分之一。作为市场流动性的生命力指标，不仅直接决定着银行间债券市场的生存，而且对整个国家，甚至全球经济的稳定至关重要。基于国内外众多学者关于债券市场流动性的理论研究成果，本文对我国银行间债券市场的流动性现状进行了全面地分析。然后通过将我国的流动性与债券市场发达的国家相比，证明我国银行间债券市场流动性较低，在此基础上提出影响我国银行间债券市场流动性的主要原因。最后，针对影响我国银行间债券市场流动性的主要原因，结合发达国家在提高债券市场流动性方面的成功经验，，提出了相关的政策建议。由于我国目前对银行间债券市场的流动性的定量研究不多，大多数据都截止在2008年之前，对国外发达国家的经验借鉴也少。因此，本文采用了2012年的最新数据对我国银行间债券市场的流动性指标进行了重新计算，直观的说明了我国银行间债券市场流动性的现状和原因。通过与西方发达国家相比较，充分说明我国债券市场流动不足的现状。此外，本文还通过最新数据说明了市场分割对银行间债券市场流动性的影响，这也是本文的创新之一。
[Abstract]:The interbank bond market is the main place for bond trading in China. At present, our bond trading accounts for more than 90% of all debt transactions in the interbank bond market. It is also one of the main components of our financial system. As a vital indicator of market liquidity, it not only directly determines the survival of the interbank bond market, but also affects the whole country. Even the stability of the global economy is crucial. Based on the theoretical research results of many scholars at home and abroad on the liquidity of the bond market, This paper makes a comprehensive analysis of the liquidity situation of China's interbank bond market, and proves that the liquidity of China's interbank bond market is relatively low by comparing the liquidity of our country with the developed countries of the bond market. Finally, aiming at the main reasons that affect the liquidity of China's interbank bond market, combining with the successful experience of developed countries in improving the liquidity of the bond market, the paper puts forward the main reasons that affect the liquidity of China's interbank bond market. Some relevant policy suggestions are put forward. Since there are few quantitative studies on the liquidity of the interbank bond market in China, most of the data are before 2008, and the experience of the developed countries is also less than that of the developed countries. This paper uses the latest data of 2012 to recalculate the liquidity index of China's interbank bond market, and intuitively explains the present situation and reasons of the liquidity of China's interbank bond market. In addition, through the latest data, this paper illustrates the influence of market segmentation on the liquidity of interbank bond market, which is one of the innovations of this paper.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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