本文選題：銀行間債券市場 + 創(chuàng)新管理��； 參考：《南京理工大學》2014年博士論文

【摘要】：本文以銀行間債券市場開發(fā)和管理為研究對象,結合宏觀經(jīng)濟分析,并在金融市場微觀結構理論的基礎上從制度、產(chǎn)品、交易構件以及監(jiān)管的角度研究我國銀行間債券市場創(chuàng)新管理問題。不但分析銀行間債券市場發(fā)展中的“經(jīng)濟”問題,而且重點研究了銀行間債券市場創(chuàng)新過程中的“管理”問題。這種研究思路在把握銀行間債券市場發(fā)展大方向的同時,通過對交易主體、交易機制、市場規(guī)則、產(chǎn)品開發(fā)和監(jiān)督管理等方面創(chuàng)新內(nèi)容的研究,為提高市場效率加快創(chuàng)新發(fā)展提供了理論依據(jù)和實踐建議。同時,本文將金融市場微觀結構理論與債券市場發(fā)展理論相結合,希望能為我國銀行間債券市場的發(fā)展路徑以及多層次資本市場建設提供另一種創(chuàng)新思路。本文著力于通過金融理論分析和實證檢驗解決以下六個問題：1、通過經(jīng)濟理論模型分析我國銀行間債券市場創(chuàng)新的現(xiàn)實和潛在需求,以及資本市場上監(jiān)管部門、發(fā)行人、投資者等不同主體對銀行間債券市場產(chǎn)品創(chuàng)新的需求和供給現(xiàn)狀,揭示目前我國銀行間債券市場創(chuàng)新不足的狀況,并實證檢驗了我國銀行間債券市場與經(jīng)濟發(fā)展之間的相關性。2、分析我國銀行間債券市場績效的現(xiàn)狀,研究了不同衡量方法計算的流動性指標,通過換手率檢驗了流動性的現(xiàn)狀,分析了我國銀行間債券市場的績效水平及其影響因素,并提出提高我國銀行間債券市場流動性的具體措施。3、通過對國外債券市場創(chuàng)新發(fā)展歷程的案例分析,研究、提煉成熟資本市場國家和新興資本市場國家中債券市場創(chuàng)新的做法和經(jīng)驗,并在此基礎上針對我國現(xiàn)狀提出符合我國銀行間債券市場特點的創(chuàng)新發(fā)展路徑。4、從供需特性、風險特性以及流動特性三個角度,分析與其他類型金融創(chuàng)新產(chǎn)品(主要是股票和債券類產(chǎn)品)相比,銀行間債券市場創(chuàng)新產(chǎn)品的主要特性,以及我國銀行間債券市場創(chuàng)新管理的一般框架。5、通過對銀行間債券市場產(chǎn)品創(chuàng)新的特性和產(chǎn)品發(fā)展趨勢分析,基于金融市場微觀結構理論從制度建設、產(chǎn)品開發(fā)、交易構件設計等方面對我國銀行間債券市場的創(chuàng)新進行論述并提出具體實施辦法。6、提出我國銀行間債券市場債券產(chǎn)品創(chuàng)新發(fā)展方向以及風險監(jiān)管措施。通過上述問題的研究,本文認為我國銀行間債券市場創(chuàng)新十分必要而且迫切,提出了我國銀行間債券市場創(chuàng)新管理的一般框架,既要進行產(chǎn)品工具創(chuàng)新,又要進行市場制度創(chuàng)新。分別以政府、投資者與發(fā)行人的角度,從產(chǎn)品的發(fā)行制度和交易制度、做市商制度、信息披露制度、市場監(jiān)管制度、產(chǎn)品利率定價制度等宏觀方面以及從發(fā)債主體、機構投資者培育、交易品種和交易構件等微觀方面探討了創(chuàng)新的內(nèi)容和建議。
[Abstract]:This paper takes the development and management of interbank bond market as the research object, combines the macroeconomic analysis, and on the basis of the financial market microstructure theory, from the system, the product, This paper studies the innovation management of interbank bond market in China from the perspective of transaction component and supervision. This paper not only analyzes the "economy" in the development of the interbank bond market, but also focuses on the "management" in the innovation process of the interbank bond market. While grasping the general direction of the development of the interbank bond market, this research train of thought, through the research on the main body of the transaction, the trading mechanism, the market rules, the product development and the supervision and management, etc. It provides theoretical basis and practical suggestions for improving market efficiency and speeding up innovation and development. At the same time, this paper combines the microstructure theory of financial market with the development theory of bond market, hoping to provide another innovative way for the development of interbank bond market and the construction of multi-level capital market in China. This paper focuses on solving the following six problems: 1 through financial theoretical analysis and empirical test, analyzes the real and potential demand for innovation in China's interbank bond market through the economic theory model, as well as regulators and issuers in the capital market. The demand for and supply of product innovation in interbank bond market by investors and other different subjects reveals the current situation of insufficient innovation in interbank bond market in China. The paper tests the correlation between interbank bond market and economic development, analyzes the current situation of interbank bond market performance, studies the liquidity index calculated by different measurement methods, and tests the liquidity status through turnover rate. This paper analyzes the performance level of China's interbank bond market and its influencing factors, and puts forward concrete measures to improve the liquidity of China's interbank bond market. Abstract the practice and experience of bond market innovation in mature capital market countries and emerging capital market countries, and on the basis of this, put forward the innovative development path .4in accordance with the characteristics of China's interbank bond market, from the characteristics of supply and demand, This paper analyzes the main characteristics of innovative products in interbank bond market compared with other types of financial innovation products (mainly stock and bond products). And the general framework of innovation management of interbank bond market in China. Through the analysis of the characteristics of product innovation and the trend of product development in interbank bond market, based on the theory of financial market microstructure, from the system construction, product development, This paper discusses the innovation of interbank bond market in our country from the aspects of transaction component design and puts forward the concrete implementation measures. 6. It also puts forward the direction of innovation and development of bond products in interbank bond market in China and the risk supervision measures. Through the research of the above problems, this paper thinks that the innovation of interbank bond market in China is very necessary and urgent, and puts forward the general framework of innovation management of interbank bond market in our country. It is necessary to innovate the market system. From the point of view of the government, investors and issuers, from the macro aspects of the product issuing system and trading system, market maker system, information disclosure system, market supervision system, product interest rate pricing system and so on, as well as from the main issuer of bonds, The contents and suggestions of innovation are discussed in the aspects of institutional investor cultivation, trading variety and trading component.
【學位授予單位】：南京理工大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F832.51

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