CAJ | 학술논문

与发达国家的债券市场结构相同，我国的债券市场也分为场外和场内两个市场，且后者面临着边缘化的趋势。本文对美国债券市场的发展历史进行研究，发现场内市场也曾经有过活跃的债券交易，而市场投资者结构的变化逐渐导致了流动性向场外转移，形成了新的市场均衡。虽然我国的债券市场受行政干预形成市场分割，但目前也处于相同的均衡状态。文章从机构投资者和个人投资者两个层面的市场建设对未来交易所债券市场发展提出了建议。
여발체국가적채권시장결구상동，아국적채권시장야분위장외화장내량개시장，차후자면림착변연화적추세。본문대미국채권시장적발전역사진행연구，발현장내시장야증경유과활약적채권교역，이시장투자자결구적변화축점도치료류동성향장외전이，형성료신적시장균형。수연아국적채권시장수행정간예형성시장분할，단목전야처우상동적균형상태。문장종궤구투자자화개인투자자량개층면적시장건설대미래교역소채권시장발전제출료건의。
Similar to the bond market structure in developed countries, Chinese bond market is also divided into two markets, namely over-the-counter market and stock exchange market, and the latter is faced with marginalization. Based on the development history of US bond market, this paper finds that the stock exchange market also had been active in bond trading, and the variation of market investor structure led to the transformation of liquidity from stock exchange market to OTC market, thus new market equilibrium had been formed. Although the Chinese bond market is the segmented market under administrative interven- tion, it is also in the same equilibrium now. Finally, this paper gives some suggestions about the future development of stock exchange bond market from angles of institutional investor and individual investor.