本文關(guān)鍵詞： 銀行間債券市場 流動性 換手率 做市商　出處：《暨南大學》2013年碩士論文　論文類型：學位論文

【摘要】：1997年初，為了提高社會的融資效率和資本市場的運行效率，銀行間債券市場由此而產(chǎn)生，并在十多年的發(fā)展之后成為債券市場當中最重要的交易場所。從宏觀角度講，是中央銀行通過發(fā)行國債來實施財政政策的重要場所，也是人民銀行通過發(fā)行央票等公開市場操作來實施貨幣政策的重要渠道；從微觀角度講，日益豐富的券種為機構(gòu)和個人投資者進行籌資和資產(chǎn)配置等提供了重要場所。流動性的高低決定了銀行間債市的運行水平和對金融市場的貢獻程度。我國的銀行間債券市場自成立以來，隨著市場和制度和參與者等的不斷改革、豐富和優(yōu)化，，其流動性已經(jīng)得到了不斷提高，但總體相比發(fā)達國家的債券市場流動性仍然偏低。 本文的核心結(jié)構(gòu)內(nèi)容包括如下幾個部分： 一是流動性相關(guān)理論的闡述。主要圍繞交易成本、資本循環(huán)、利率期限和流動性偏好理論闡述，為下文的開展做好理論鋪墊。 二是我國銀行間債券市場的闡釋分析。通過對我國銀行間債市發(fā)展歷程的闡述，從中總結(jié)和比較出其發(fā)展的現(xiàn)狀。 三是我國銀行間債市流動性的指標論證和數(shù)據(jù)分析。結(jié)合具體的數(shù)據(jù)和指標（包括現(xiàn)券規(guī)模深度換手率等指標）通過描述性統(tǒng)計對債券市場現(xiàn)狀加以分析解釋。 四是分析銀行間債券市場流動性總體發(fā)生改變的原因。結(jié)合現(xiàn)券相關(guān)指標的分析結(jié)果，詳盡明細的闡述我國銀行間債券市場自從成立到2013年間流動性得以普遍提升的根源。 五是提出政策性建議。結(jié)合銀行間債市的現(xiàn)狀，從不同角度對進一步提高我國銀行間債市流動性提出了政策性建議。
[Abstract]:In early 1997, in order to improve the social financing efficiency and the efficiency of the capital market, the inter-bank bond market emerged. After more than ten years of development, it has become the most important trading place in the bond market. From a macro point of view, it is an important place for the central bank to issue treasury bonds to implement fiscal policies. It is also an important channel for the people's Bank of China to carry out monetary policy by issuing central bills and other open market operations. From a microscopic point of view. The growing variety of securities provides an important place for institutional and individual investors to raise funds and allocate assets. The level of liquidity determines the level of operation of the inter-bank bond market and its contribution to the financial market. Since the establishment of the bond market. With the constant reform of market, system and participants, the liquidity of the bond market has been improved, but compared with the developed countries, the liquidity of the bond market is still on the low side. The core structure of this article consists of the following parts: The first is the elaboration of liquidity theory, which mainly focuses on transaction cost, capital circulation, interest rate maturity and liquidity preference theory, which lays the groundwork for the following development. The second is the interpretation and analysis of the interbank bond market in China, which summarizes and compares the present situation of the development of the interbank bond market through the elaboration of the development course of the interbank bond market in China. Third, the index demonstration and data analysis of the liquidity of interbank bond market in China. This paper analyzes and explains the present situation of bond market through descriptive statistics. The fourth is to analyze the reasons for the overall change of the liquidity of the interbank bond market. The causes of the general increase in liquidity between the inception of China's interbank bond market and 2013 are described in detail. The fifth is to put forward policy recommendations, and to further improve the liquidity of interbank bond market from different angles, combined with the current situation of the inter-bank bond market, and put forward some policy recommendations to further improve the liquidity of the inter-bank bond market in China.
【學位授予單位】：暨南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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