CAJ | 학술논문

随着我国金融体制改革进程的不断深入，利率市场化成为当前亟待解决的重难点问题。当前，国债期货重新推出条件成熟，国债期货的推出不仅有助于发现基准利率，更有助于规避利率风险，时我国利率市场化改革多有裨益。通过对国债期货仿真交易时期合约功能发挥的实证研究，发现国债期货与现货价格存在均衡关系，且初步表现出一定的风险规避功能。
수착아국금융체제개혁진정적불단심입，리솔시장화성위당전극대해결적중난점문제。당전，국채기화중신추출조건성숙，국채기화적추출불부유조우발현기준리솔，경유조우규피리솔풍험，시아국리솔시장화개혁다유비익。통과대국채기화방진교역시기합약공능발휘적실증연구，발현국채기화여현화개격존재균형관계，차초보표현출일정적풍험규피공능。
With the deeply development of China＇ s financial system reform process, the marketization of interest rate is of big issue and with difficulties. Currently, China has basically obtained the factors of setting up a treasury bond future market, which can creatively pose a point of view and effectively manage the risk of interest rate, so it can improve the present benchmark system of interest rate. In addition, based on an empirical study of CSI treasury bond futures function effect , we find that it exists the stable cointegration relation between treasury bond futures price and spot price, and the CSI treasury bond futures preliminary shows Riskaversion function.