CAJ | 학술논문

我国股票市场与政府债券市场在市场功能方面存在关联性。实证检验表明：上证交易所和深证交易所的股票交易对深证交易所政府债券现货交易有最大影响，其他情况则不一；两所政府债券交易对股票交易冲击新息的响应是不同的，同时两所股票交易冲击新息对政府债券交易预测误差的贡献度也是不相同的；两所股票交易是上证交易所政府债券现货交易的Granger原因。因此，为充分发挥交易所的市场功能，一方面要健全交易所股票交易机制，另一方面要大力发展交易所政府债券市场。
아국고표시장여정부채권시장재시장공능방면존재관련성。실증검험표명：상증교역소화심증교역소적고표교역대심증교역소정부채권현화교역유최대영향，기타정황칙불일；량소정부채권교역대고표교역충격신식적향응시불동적，동시량소고표교역충격신식대정부채권교역예측오차적공헌도야시불상동적；량소고표교역시상증교역소정부채권현화교역적Granger원인。인차，위충분발휘교역소적시장공능，일방면요건전교역소고표교역궤제，령일방면요대력발전교역소정부채권시장。
China＇s stock market and government bond market associated in the functioning of markets. The empirical test shows： the Shanghai Stock impact on the Shenzhen Stock Exchange Exchange and Shenzhen Stock Exchange government bond spot transactions, not stock trading have a significant one of the other cases; the response of the two government bond trading on the stock exchange impact of new interest trading is the Granger cause of the Shanghai stock Exchange government bond spot trading give full play to the function of the exchange market, on the is different; two stock Therefore, in order to one hand, improve the exchange trading mechanism, on the other hand we should vigorously develop the exchange of government bonds market.