证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
8期
4~12
,共null页
债券市场 市场监管 市场分层 透明度
債券市場 市場鑑管 市場分層 透明度
채권시장 시장감관 시장분층 투명도
bond market, market surveillance, market segmentation, market transparency
银行间市场屡禁不止的违法违规现象说明了制度设计缺陷必然引发债券市场多样化的利益交换向利益输送转变。而制度设计的核心是市场透明度与市场分层之间的平衡。欧美债券市场在发展中找到了自身的平衡点，美国市场相对扁平和高度透明，欧盟市场高度分层和透明度低。我国债券市场则是高度扁平却极不透明，且没有相应监察、行政和执法监管体系。因此，我国债券市场的问题，不是丙类户问题，而是市场定位及监管隔裂、监管套利等制度的整体设计问题。为此，本文提出了相应的政策建议。
銀行間市場屢禁不止的違法違規現象說明瞭製度設計缺陷必然引髮債券市場多樣化的利益交換嚮利益輸送轉變。而製度設計的覈心是市場透明度與市場分層之間的平衡。歐美債券市場在髮展中找到瞭自身的平衡點，美國市場相對扁平和高度透明，歐盟市場高度分層和透明度低。我國債券市場則是高度扁平卻極不透明，且沒有相應鑑察、行政和執法鑑管體繫。因此，我國債券市場的問題，不是丙類戶問題，而是市場定位及鑑管隔裂、鑑管套利等製度的整體設計問題。為此，本文提齣瞭相應的政策建議。
은행간시장루금불지적위법위규현상설명료제도설계결함필연인발채권시장다양화적이익교환향이익수송전변。이제도설계적핵심시시장투명도여시장분층지간적평형。구미채권시장재발전중조도료자신적평형점，미국시장상대편평화고도투명，구맹시장고도분층화투명도저。아국채권시장칙시고도편평각겁불투명，차몰유상응감찰、행정화집법감관체계。인차，아국채권시장적문제，불시병류호문제，이시시장정위급감관격렬、감관투리등제도적정체설계문제。위차，본문제출료상응적정책건의。
The repeated illegal phenomenon in inter-bank market illustrates the defects of system design, which inevitably leadsto the change among bond market from interests exchange to profit transformation. The core of system design is to balance markettransparency and market segmentation. The U.S. and European bond markets have established their balance points. Namely,the U.S. market is relatively flat with high transparency, while the EU market is highly stratified with low transparency. Underno corresponding supervision, administration and enforcement system, China bond market is highly flat without transparency.Therefore, the problem of China bond market is not from the Class C security account, but from the overall design issues, such asmarket positioning, regulatory split and regulatory arbitrage. To this end, we present a four-step policy recommendation.
