国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2012年
2期
69~76
,共null页
国债 续发行制度 流动性 期限结构
國債 續髮行製度 流動性 期限結構
국채 속발행제도 류동성 기한결구
Government Bond; Reopening System; Liquidity; Maturity
与国外发达的政府债券市场相比,我国在通过续发行制度提高国债流动性、提高关键期限国债的市场地位、促进国债定价效率方面,还存在明显的不足。本文以意大利国债市场为分析对象,对其相关的续发行制度设计、国债期限安排、理论依据进行分析,指出我国国债市场存在流通期次过多、单期国债流通量过低的问题,并从国库现金管理、交易机制和投资者结构等方面,尝试为未来我国国债续发行制度框架提供有价值的建议。
與國外髮達的政府債券市場相比,我國在通過續髮行製度提高國債流動性、提高關鍵期限國債的市場地位、促進國債定價效率方麵,還存在明顯的不足。本文以意大利國債市場為分析對象,對其相關的續髮行製度設計、國債期限安排、理論依據進行分析,指齣我國國債市場存在流通期次過多、單期國債流通量過低的問題,併從國庫現金管理、交易機製和投資者結構等方麵,嘗試為未來我國國債續髮行製度框架提供有價值的建議。
여국외발체적정부채권시장상비,아국재통과속발행제도제고국채류동성、제고관건기한국채적시장지위、촉진국채정개효솔방면,환존재명현적불족。본문이의대리국채시장위분석대상,대기상관적속발행제도설계、국채기한안배、이론의거진행분석,지출아국국채시장존재류통기차과다、단기국채류통량과저적문제,병종국고현금관리、교역궤제화투자자결구등방면,상시위미래아국국채속발행제도광가제공유개치적건의。
Compared with the foreign developed government bond markets,the Chinese market still has some shortcomings with respect to increasing liquidity,enhancing the importance of benchmark bond,and improving the efficiency of price discovery.This paper analyzes the Italian government bond market,mainly focusing on the design of the reopening system,the maturity arrangement and the theoretical basis.It is found that the Chinese market has too many bonds with similar maturity,and each maturity has little liquidity.Finally,we give some advice for the future design of Chinese government bond reopening system,from the aspects of national treasury cash management,trading mechanism and investor structure.
