银行间债券市场流动性问题和对策研究.pdfVIP

银行问债券市场流动性问题及对策研究 (5)纵观全局，流动性问题产生的影响有：对宏观经济的影响，不能为宏观经济发展提供有效的 信息，不利于社会资源的优化配置：对政府的影响，制约了积极财政政策的顺利实施．也限制了中央银 行公开市场业务的开展；对投资者时影响，加大了债券持有人的利率风险和流动性风险：对银行间债券 市场的影响．阻碍了银{亍间债券市场功能的发挥咀及市场的进一步发展。 (6)晟后，结合我国的经济现实，提出了一系列提高银行间债券市场流动性的基本构想：建立统 =’1E_--■^ 一的银行问债券市场；创新债券交易、偿还方式；健全中介机构：丰富债券品种：改善投资者结构和加 t 强银行间债券市场监管，防范债券交易风险等。I，∥、—一 关键词： 银行间债券市场j ／ ‘／4 ，7 航动性夕 实证分析j 、——————一 ， ～—— ． 耍童窒些I丈鲨蹩主堕苎 Study on the Problem of the Inter-bank Bond Market Mobility Fan Qiao—xi College ofEconomics and Management，Southwest Agricultural University,Chongqing，China 众BSTRACT Under modem economic conditions，ifbond is becoming one ofpowerful tools姆which government not only executes financial＆monetary policies but also manages macro--economics．it must rely on the low-cost， h；卧*efficiency and high-mobility bond market．In the umpty bond characteristic,the mobility is the core． Because capital is a lackthe mobili镑its value will be badly underestimate,indeed will is zero．However, the inter-bank bond market(IBBM)is the central part ofthe bond market／or 5 years．But its mobility problem is extruder and extruder．It赫舻t satisfy demand of the investor and baffle tile IBBM to develop．So it is necessary to have a hig／i mobility IBBM．And it is very significant for national financial system and bank interests． Combining bond market theories and mobility theories with Chinese IBBM status quo，this thesis，which aims at reinforcing the mobility of 1BBM，analyzes the IBBM mobility from the theoretic and demonstration and analyzes the reasons and influences of the IBBM mobility problem based upon the demonstrational analysis．This thesis tries to discuss how to construct∽especial IBBM in China．The body includes hereinafter part． (1)The thesis firstly focuses on the aim，significance,means and scope ofstudylng mobility problem． (2)The thesis analyzes introduces the connotation ofthe IBBM and the IBBM mobility．Based on these， in virtue ofthe dynamic programming model the thesis finds out the index ofscaling the mobility includin