我国国债市场流动性研究

国债市场是经济运行中的重要组成部份，其流动性是国债市场效率高低的重要标志。我国国债市场被人为地分割为二个市场和三个托管清算体系，严重阻碍了国债市场的流动。通过运用买卖差价法和马丁指数的方法对我国国债市场的宽度和深度进行度量分析，进一步验证了我国国债市场流动性差的原因主要是市场分割、产品设计和参与者三方面因素。应采取统一国债市场，整合托管清算体系，增加债券的交易品种，完善交易者结构等措施，提高我国国债市场的流动性。

On Liquidity of Borld Market in china

Bond market is the vital component in economic operation.Its liquidity is an important mark for bond market to abandon the high and the low.China's bond market was divided into "two markets" and "three trusting and clearing systems",which hindered the circulation of bond market.The analysis on the width and depth of our bond market by bid-offer spread and martin index verified that the liquidity of our bond market was insufficient mainly due to market segmentation,product design and participants.Correspondingly,we should take some measures to increase the liquidity of our bond market,i.e.unifying bond market,integrating trusting and clearing systems,increasing the trading kinds of bond,and improving the structure of traders.