本文選題：國(guó)債期貨　切入點(diǎn)：“3·27”事件　出處：《上海外國(guó)語(yǔ)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：國(guó)債期貨是指在的交易所事先確定買入和賣出價(jià)格，并在將來(lái)某個(gè)時(shí)間點(diǎn)進(jìn)行錢券交割的國(guó)債衍生交易方式。國(guó)債期貨屬于金融期貨的范疇，是一種高級(jí)的金融衍生工具。它的產(chǎn)生是在1970年代美國(guó)金融市場(chǎng)紊亂的背景下，為滿足投資者規(guī)避利率風(fēng)險(xiǎn)而孕育而生。 我國(guó)的國(guó)債期貨交易始于1992年12月28日，然后2年半后就叫停。近年來(lái)，我國(guó)國(guó)民經(jīng)濟(jì)持續(xù)穩(wěn)定增長(zhǎng)，金融體系日益完善，利率市場(chǎng)進(jìn)程加快，，國(guó)債現(xiàn)貨市場(chǎng)蓬勃發(fā)展。與此同時(shí)，監(jiān)管體系和法律法規(guī)也不斷完善，特別是股指期貨交易成功推出一年后，重啟國(guó)債期貨的呼聲愈發(fā)強(qiáng)烈。 本論文從導(dǎo)致國(guó)債期貨被叫停的“3·27”國(guó)債事件入手，剖析國(guó)債期貨應(yīng)該具備的各方面因素，通過(guò)量化對(duì)比國(guó)外成功發(fā)展國(guó)債期貨的條件，對(duì)目前中國(guó)是否應(yīng)當(dāng)重啟國(guó)債期貨進(jìn)行研判。認(rèn)為重啟國(guó)債期貨有助于管理和防范利率風(fēng)險(xiǎn)、有助于完善金融市場(chǎng)體系、有助于推進(jìn)利率市場(chǎng)化、有助于促進(jìn)金融衍生品市場(chǎng)的發(fā)展。近年來(lái)利率市場(chǎng)化的進(jìn)程加快、投資者的日趨成熟和國(guó)際國(guó)內(nèi)成熟市場(chǎng)的經(jīng)驗(yàn)借鑒，成了重啟國(guó)債期貨的最有力保障。本文還對(duì)國(guó)債期貨重啟之后的風(fēng)險(xiǎn)防范提出對(duì)策建議。
[Abstract]:Treasury bond futures refer to the derivative trading method of treasury bonds that determine the buying and selling prices in advance and deliver money bonds at some point in the future. Treasury bond futures belong to the category of financial futures. It is a kind of advanced financial derivative instrument. It was born in the background of American financial market disorder in 1970s to satisfy investors to avoid interest rate risk. Futures trading in China's treasury bonds began in December 28th 1992, then stopped two and a half years later. In recent years, China's national economy has continued to grow steadily, the financial system has become increasingly perfect, and the process of the interest rate market has been speeding up. The spot bond market is booming. At the same time, the regulatory system and laws and regulations are constantly improving, especially after the successful launch of stock index futures a year, the call to restart Treasury futures is growing stronger. This paper begins with the "3.27" national debt event, which led to the termination of national debt futures, analyzes the various factors that national debt futures should have, and compares the conditions for the successful development of national debt futures abroad. Whether China should restart treasury bond futures at present is considered to be helpful to the management and prevention of interest rate risks, to improving the financial market system, and to promoting the marketization of interest rates. It is helpful to promote the development of financial derivatives market. In recent years, the process of interest rate marketization has been accelerated, investors have become more mature, and the experience of international and domestic mature markets has been used for reference. It has become the most powerful guarantee for restarting the treasury bond futures. This paper also puts forward the countermeasures and suggestions for the risk prevention after the restarting of the treasury bond futures.
【學(xué)位授予單位】：上海外國(guó)語(yǔ)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5

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