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

【摘要】：國債期貨是指在的交易所事先確定買入和賣出價格，并在將來某個時間點進(jìn)行錢券交割的國債衍生交易方式。國債期貨屬于金融期貨的范疇，是一種高級的金融衍生工具。它的產(chǎn)生是在1970年代美國金融市場紊亂的背景下，為滿足投資者規(guī)避利率風(fēng)險而孕育而生。 我國的國債期貨交易始于1992年12月28日，然后2年半后就叫停。近年來，我國國民經(jīng)濟(jì)持續(xù)穩(wěn)定增長，金融體系日益完善，利率市場進(jìn)程加快，，國債現(xiàn)貨市場蓬勃發(fā)展。與此同時，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，重啟國債期貨的呼聲愈發(fā)強(qiáng)烈。 本論文從導(dǎo)致國債期貨被叫停的“3·27”國債事件入手，剖析國債期貨應(yīng)該具備的各方面因素，通過量化對比國外成功發(fā)展國債期貨的條件，對目前中國是否應(yīng)當(dāng)重啟國債期貨進(jìn)行研判。認(rèn)為重啟國債期貨有助于管理和防范利率風(fēng)險、有助于完善金融市場體系、有助于推進(jìn)利率市場化、有助于促進(jìn)金融衍生品市場的發(fā)展。近年來利率市場化的進(jìn)程加快、投資者的日趨成熟和國際國內(nèi)成熟市場的經(jīng)驗借鑒，成了重啟國債期貨的最有力保障。本文還對國債期貨重啟之后的風(fēng)險防范提出對策建議。
[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】：上海外國語大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5

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