【摘要】：國債期貨是一種高級的金融衍生工具，，它產(chǎn)生于1970年代的美國金融市場絮亂背景下。1992年12月，我國也開始了國債期貨的交易，當(dāng)時的國債期貨發(fā)展明顯提高了國債的流動性，活躍了金融市場。但是到1995年，由于一系列的問題堆積導(dǎo)致了327國債事件，歷時兩年半的國債期貨交易被叫停。 近年來，我國的金融體制改革取得了重大的進(jìn)展，期貨的規(guī)范化程度也有多提高，恢復(fù)國債期貨交易的條件也逐步成熟。2012年2月13日，我國開始了國債期貨的模擬仿真交易，恢復(fù)國債期貨交易的呼聲也越來越強(qiáng)烈。但是，目前我國國債期貨的管理體制還不盡完善。本論文從我國國債期貨被叫停的事件入手，分析了發(fā)達(dá)國家國債期貨的成功經(jīng)驗(yàn)，并由此探討了我國現(xiàn)階段恢復(fù)國債期貨交易仍面臨的問題，最后針對這些問題此提出了三點(diǎn)建議：第一，完善我國國債現(xiàn)貨市場管理體制，為國債期貨的重啟做好保證。第二，提高我國國債期貨市場的風(fēng)控管理，從制度方面做好國債期貨交易的風(fēng)險防范。其中包括國債期貨市場的風(fēng)險管理以及金融機(jī)構(gòu)自身對國債期貨的風(fēng)險管理。第三，在設(shè)計(jì)國債期貨的交易規(guī)則時，應(yīng)該按照期限分類設(shè)置國債期貨品種，并采取交割月任一個營業(yè)日交割的方式。
[Abstract]:Treasury bond futures are a kind of advanced financial derivatives, which emerged in the background of the turmoil in the US financial market in the 1970s. In December 1992, China also started trading treasury bonds futures. At that time, the development of treasury bond futures significantly enhanced the liquidity of treasury bonds. The financial markets were enlivened. By 1995, however, two and a half-year-long trading of Treasury futures had been halted because of a series of problems that led to the 327-bond event. In recent years, great progress has been made in the reform of China's financial system, the degree of standardization of futures has also been improved, and the conditions for resuming treasury bond futures trading have gradually matured. On February 13, 2012, China began to simulate the trading of treasury bonds futures. The voice of resuming bond futures trading is also getting stronger and stronger. However, at present, China's treasury bond futures management system is not perfect. This paper starts with the event that the futures of our country's treasury bonds are stopped, analyzes the successful experiences of the developed countries' treasury bond futures, and probes into the problems that our country still faces in resuming the futures trading of national debt at the present stage. Finally, three suggestions are put forward to solve these problems: first, improve the management system of the spot market of our country's treasury bonds, and guarantee the restarting of the treasury bond futures. Secondly, we should improve the management of national bond futures market, and do a good job in preventing the risk of treasury bond futures trading. It includes risk management of treasury bond futures market and risk management of treasury bond futures by financial institutions themselves. Third, when designing the trading rules of the treasury bond futures, we should set up the treasury bond futures varieties according to the term, and adopt the way of delivery on any business day of the delivery month.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：2118652