我國債券銀行間市場與交易所市場的分割性與差異性研究
發(fā)布時間：2018-07-21 20:58
【摘要】：自從1997年建立銀行間債券市場以來,我國債券市場得到了迅速的發(fā)展,已形成了以場外交易(銀行間市場)為主和場內(nèi)交易(交易所市場)為輔債券市場體系。但是,通過與西方發(fā)達國家相比較,我國債券市場總體規(guī)模還是比較小,2011年末我國債券托管余額占GDP的比重不到一半,僅是47%左右。遠遠不及美國的235%以及日本的181%。與此同時,我國債券品種結(jié)構(gòu)的不合理,國債、央行票據(jù)和政策性金融債幾個債券種在發(fā)行規(guī)模中比重仍舊偏高,公司債券和金融創(chuàng)新類債券占比較低,比重不到1/5,這與西方發(fā)達國家同類債券占比超過2/3的比例相比也有較大差距。 經(jīng)過二十多年的發(fā)展,我國固定收益市場從無到有、從小到大,品種日益豐富,規(guī)模也不斷擴大,與之相關(guān)的法律、法規(guī)還有基礎(chǔ)設(shè)施建設(shè)也與之日趨完善。近期關(guān)于“十二五”所提出的“完善資本結(jié)構(gòu)、加快債券市場改革發(fā)展”的相關(guān)要求,促使債券市場加快轉(zhuǎn)變舊觀念,迅速推進債券發(fā)展。2011年,股債發(fā)行的審核分離和公司債審批大幅提速、發(fā)行創(chuàng)業(yè)板私募債等一系列舉措,推動了交易所債市的發(fā)展。根據(jù)統(tǒng)計顯示,去年,公司債募集資金總額為1262億元人民幣,相較2010年的603億元,已然翻了一番。在一方面?zhèn)袌鲲w速發(fā)展具有極大的潛在需求,另一方面要是在制度、市場行為規(guī)范和監(jiān)管上不加快步法進行改革,那么繼續(xù)更大規(guī)模地如此大力推動債券市場的發(fā)展必然蘊藏很大風(fēng)險,甚至可能是系統(tǒng)性風(fēng)險。 目前,由于中國的債券市場分割為銀行間市場與交易所市場,“前者的債券托管余額占整個市場97%以上,交易所債市不足3%�！币晃毁Y深券商人士介紹,交易所債市主要是基金公司參與,缺少了大部分商業(yè)銀行的參與,一直是交易所債券市場固定收益市場難以做大的原因。2011年年底,我國債券發(fā)行規(guī)模和托管余額分別達到7.8萬億元和22.1萬億元人民幣,分別比1997年年末增長了36倍和45倍之多。與此同時,由于長期以來受到觀念與體制等多方面的束縛,我國固定收益市場尤其是企業(yè)債券發(fā)展相較滯后,并在發(fā)行、交易、托管等重要環(huán)節(jié)上存在分割情況出現(xiàn)。本文通過對樣本09百聯(lián)債的流動性、收益率以及波動性在不同市場的差異研究,證明由于兩市場不同規(guī)則以及體系的區(qū)別導(dǎo)致市場中普遍存在投機性、套利行為等不成熟的債券市場的表現(xiàn)。 所以我們認為,我國債券市場發(fā)展如今的首要問題是統(tǒng)一固定收益市場的監(jiān)管、托管結(jié)算體系,想要實現(xiàn)我國債券市場的長足發(fā)展,必須要從建立統(tǒng)一的跨市場的托管結(jié)算體系改革入手,在打通交易所和銀行間兩個市場,以實現(xiàn)債券在兩個市場間自由流動,共同促進兩個市場的飛速健康的發(fā)展。
[Abstract]:Since the establishment of the interbank bond market in 1997, the bond market of our country has developed rapidly, and has formed the bond market system which is mainly over-the-counter (interbank market) and supplemented by in-exchange (exchange market). However, compared with the western developed countries, the overall scale of China's bond market is still relatively small. At the end of 2011, the balance of bond custody in our country accounted for less than half of GDP, which is only about 47%. It is far less than the 235% in the United States and 181% in Japan. At the same time, the irrational variety structure of bonds in our country, treasury bonds, central bank bills and policy-related financial bonds still have a high proportion in the issuing scale, while corporate bonds and financial innovation bonds account for a relatively low proportion. Less than a fifth of the total, compared with more than two thirds of similar debt in Western developed countries. After more than 20 years of development, the fixed income market in China has grown from nothing, from small to large, increasingly rich in variety, expanding in scale, and the related laws, regulations and infrastructure construction have also become more and more perfect. The recent requirement of "perfecting the capital structure and speeding up the reform and development of the bond market" put forward by the 12th Five-Year Plan will prompt the bond market to speed up the transformation of old ideas and promote the development of bonds. In 2011, The separation of stock issuance and approval of corporate bonds accelerated sharply, and a series of measures, such as the issuance of private equity debt on the gem, contributed to the development of the exchange bond market. Corporate debt raised a total of 126.2 billion yuan last year, up from 60.3 billion yuan in 2010, according to statistics. On the one hand, the rapid development of the bond market has great potential demand, on the other hand, if the system, market behavior and regulation do not accelerate the pace of reform, So continuing to push the bond market so aggressively on a larger scale is bound to be risky, and possibly systemic. At present, because China's bond market is divided into the interbank market and the exchange market, "the former has more than 97 percent of the total market, and the exchange bond market is less than 3 percent." A senior brokerage person said that the exchange bond market was dominated by fund companies, and the absence of most commercial banks had been the reason why the fixed-income market in the exchange bond market was difficult to expand. At the end of 2011, The issuance scale and the balance of bonds in China reached 7.8 trillion yuan and 22.1 trillion yuan respectively, 36 times and 45 times higher than at the end of 1997 respectively. At the same time, for a long time, the fixed income market, especially the corporate bonds, has lagged behind due to the constraints of concept and system, and there is division in the important links such as issuance, transaction, custody and so on. This paper studies the differences of liquidity, return rate and volatility in different markets of the sample 09100 bonds, and proves that the different rules and systems of the two markets lead to the widespread speculative nature in the market. The performance of immature bond markets such as arbitrage. Therefore, we think that the most important issue in the development of our bond market today is to unify the supervision of the fixed income market, the custody and settlement system, and to realize the substantial development of the bond market in our country. In order to realize the free flow of bonds between the two markets and promote the rapid and healthy development of the two markets, we must start with the reform of the unified inter-market custodian settlement system and open up the two markets between the exchanges and the banks.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
本文編號：2136835
[Abstract]:Since the establishment of the interbank bond market in 1997, the bond market of our country has developed rapidly, and has formed the bond market system which is mainly over-the-counter (interbank market) and supplemented by in-exchange (exchange market). However, compared with the western developed countries, the overall scale of China's bond market is still relatively small. At the end of 2011, the balance of bond custody in our country accounted for less than half of GDP, which is only about 47%. It is far less than the 235% in the United States and 181% in Japan. At the same time, the irrational variety structure of bonds in our country, treasury bonds, central bank bills and policy-related financial bonds still have a high proportion in the issuing scale, while corporate bonds and financial innovation bonds account for a relatively low proportion. Less than a fifth of the total, compared with more than two thirds of similar debt in Western developed countries. After more than 20 years of development, the fixed income market in China has grown from nothing, from small to large, increasingly rich in variety, expanding in scale, and the related laws, regulations and infrastructure construction have also become more and more perfect. The recent requirement of "perfecting the capital structure and speeding up the reform and development of the bond market" put forward by the 12th Five-Year Plan will prompt the bond market to speed up the transformation of old ideas and promote the development of bonds. In 2011, The separation of stock issuance and approval of corporate bonds accelerated sharply, and a series of measures, such as the issuance of private equity debt on the gem, contributed to the development of the exchange bond market. Corporate debt raised a total of 126.2 billion yuan last year, up from 60.3 billion yuan in 2010, according to statistics. On the one hand, the rapid development of the bond market has great potential demand, on the other hand, if the system, market behavior and regulation do not accelerate the pace of reform, So continuing to push the bond market so aggressively on a larger scale is bound to be risky, and possibly systemic. At present, because China's bond market is divided into the interbank market and the exchange market, "the former has more than 97 percent of the total market, and the exchange bond market is less than 3 percent." A senior brokerage person said that the exchange bond market was dominated by fund companies, and the absence of most commercial banks had been the reason why the fixed-income market in the exchange bond market was difficult to expand. At the end of 2011, The issuance scale and the balance of bonds in China reached 7.8 trillion yuan and 22.1 trillion yuan respectively, 36 times and 45 times higher than at the end of 1997 respectively. At the same time, for a long time, the fixed income market, especially the corporate bonds, has lagged behind due to the constraints of concept and system, and there is division in the important links such as issuance, transaction, custody and so on. This paper studies the differences of liquidity, return rate and volatility in different markets of the sample 09100 bonds, and proves that the different rules and systems of the two markets lead to the widespread speculative nature in the market. The performance of immature bond markets such as arbitrage. Therefore, we think that the most important issue in the development of our bond market today is to unify the supervision of the fixed income market, the custody and settlement system, and to realize the substantial development of the bond market in our country. In order to realize the free flow of bonds between the two markets and promote the rapid and healthy development of the two markets, we must start with the reform of the unified inter-market custodian settlement system and open up the two markets between the exchanges and the banks.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
【引證文獻】
相關(guān)碩士學(xué)位論文 前3條
1 張巖;銀行間債券市場與交易所債券市場的比較研究[D];新疆財經(jīng)大學(xué);2015年
2 董博琳;宏觀因素對銀行間債券市場和交易所債券市場的影響分析[D];復(fù)旦大學(xué);2014年
3 楊慧;銀行間與交易所市場企業(yè)債流動性比較研究[D];蘇州大學(xué);2014年
，本文編號：2136835
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