【作者】 李英霞；

【导师】 孙健；

【作者基本信息】 中国海洋大学 ， 金融学， 2003， 硕士

【摘要】 现代意义上的中国国债市场从1981年国家恢复发行国债开始起步，历经20年的发展，经历了实物券柜台市场为代表的不成熟的场外国债市场主导、上海证券交易所为代表的场内国债市场主导到银行间债券市场为代表的成熟场外债券市场主导的三个阶段的发展过程。近五年来，我国国债市场进入了一个前所未有的健康发展时期，尤其是银行间债券市场取得了有目共睹的巨大成就，在完善中央银行货币政策操作体系与传导机制、促进积极财政政策的实施、扩大政策性银行的资金来源、改善商业银行资产结构等方面发挥了重要的作用。 国债市场是中央银行开展公开市场操作和各类金融机构进行流动资金管理以及各类投资者投资债券的重要场所，也是支持国家经济发展的重要动力。但随着我国经济的快速发展，金融市场已今非昔比，中国成为了世贸组织的成员，中国资本市场要走向国际化，利率的市场化是大势所趋，在此前提下，我国国债市场还存在着很多不足，越来越阻碍着国债市场的进一步发展，本文结合世界发达国家的先进经验，剖析了我国国债市场存在的一些问题如：流动性有待改善、国债期限结构不合理、无法形成科学合理的益率曲线、交易所市场与银行间市场割裂等，为解决这些问题，本文建议应发展做市商制度以提高市场流动性；实施国债余额管理，发行短期国债及长期国债，改善国债期限结构，以形成科学合理的收益率曲线；发展债券衍生金融创新工具如国债期货交易、开放式回购等，为投资者提供避险工具等等。希望能为我国国债市场发展有所帮助，使我国的国债市场能更好地为国民经济做出贡献。更多还原

【Abstract】 Modern Chinese Treasury bond market has been initiated in 1981. In past twenty years its development has experienced three stages: 1. immature over the counter market for voucher-form treasury bond 2. Shanghai exchange treasury bond market 3. mature over the counter interbank Treasury bond market. In last five years, Chinese Treasury bond market has entered into a very healthy development times. Particularly it has gained great achievement in interbank market. It also plays a significant role in following aspects: 1. operation and transmission system of money policy for center bank 2. implementation of proactive fiscal policy 3. expansion of money supplying source for political bank 4. improving structure for commercial bank.Treasury bond market not only provides place for Center Bank developing public market operation, financial institutions managing working capital and investor participating bond market, but also create engine for economic development. Financial market has developed very fast in along with the economic development. Recently China has joined WTO, Chinese capital market must be internationalized, same as interest rate should go to market as well. Under this circumstance, our Treasury bond market exits lots of shortfalls which impede further development for this market. In this essay, combining with the experience in developing country’ s experience, it analyses some challenges which confronted Chinese bond market, such as liquidity in the interbank market has yet to be improved, duration in bond products are yet to be rational, a sound yield curve is yet to be take shape, the separation between exchange and interbank yet to be broken. In order to solving above issues, this essay suggests that it should develop market maker system to increase market liquidity; manage balanced treasury bond; issue short and long term treasury bond in proportion to improve duration and yield curve; develop bond derivative products such as future trading, open style repurchasement, so it can provides tools for risk protection. Hope this essay not only helps development in our Treasury bond market, but also makes contribution in our economic development.更多还原