当前我国债券市场存在的问题及对策

债券市场在经济发展中承担着重要的功能,但由于我国债券市场仍存在着发展相对滞后、结构不合理、流动性差等一系列问题,还不能适应经济发展的需要,因此,必须通过相关政策进行调整,才能更好地发挥债券市场的作用。     

流动性：亚洲债券市场的评价指标

自亚洲债券市场建立以来，亚洲债券市场的发展一直备受瞩目，其中流动性更是关注的重中之重。流动性是市场的评价指标。也是市场存活的生命力。本文通过对亚洲债券市场的流动性分析，得到分析流动性的要素——买卖价差。在亚洲债券的发展历程中，通过增加交易的多样性，降低交易成本，增加投资者，加强市场监管等措施，增加亚洲债券市场的流动性，使其高速平稳的发展。     

缺乏流动性的中国债券市场

债券市场的流动性是衡量债券市场完善程度的指标之一。我国的国债市场扩张的同时，其流动性却相当低。这给市场的参与者带来一定的风险。提高国债市场的流动性是我国金融体制改革的重要内容。     

可赎回债券的二叉树模型定价及应用

可赎回债券是我国主要的债券品种之一,近年来在我国有较快发展,但由于其期权的行使的复杂性以及我国证券市场制度的不完善性,对可赎回债券的定价成为研究的热点。本文采用拆分可赎回债券的方法,研究了二叉树为期权定价的一般过程,并结合我国可赎回债券及债券市场的特点,选取在我国银行间债券市场流动性较强的10只可赎回债券,通过建立二叉树模型为可赎回债券进行了定价实证分析。最后结果为我国可赎回债券的定价提供了重要参考。     

“钱荒”引发的监管风暴

本文就我国银行间债券市场6月份隔夜利率飙升引发“钱荒”的因素进行了多方面的分析。从资金供求关系的基本面来分析．这次流动性紧张主要是季节因素、外部因素和政策因素叠加的结果．同时也反映了中央银行管理思路和国家政策思路的重大变化．     

我国债券市场国际化的实证研究

近年来,随着我国金融对外开放步伐的加快以及国内债券市场的深入发展,我国债券市场国际化的趋势越来越明显。本文通过建立VAR模型,应用格兰杰因果检验、脉冲响应函数和方差分解方法,对我国债券市场与国际债券市场的联动性进行了实证分析。结果表明,我国债券市场与国际他国债券市场之间几乎不存在联动关系,我国债券市场的国际化程度仍然十分有限。     

东亚债券市场的新发展

债券市场发展滞后是东亚地区金融结构失衡的表现，是引发东南亚金融危机的重要原因之一。本文对金融危机后东亚各国(地区)债券市场新的发展情况进行了比较分析．以期为我国债券市场的发展提供一些启示。     

交易所债券市场发展的问题诊断及解决途径

经过30年的发展历程,我国债券市场形成了以银行间债券市场为主、交易所债券市场为辅的分割的市场结构。与发达国家债券市场和我国银行间债券市场相比,交易所债券市场存在市场规模小、产品种类少、产品同质化、政策限制等不利因素。未来交易所债券市场发展可从债券平台、市场参与、监管政策等三个方面形成合力,促进交易所债券市场的复兴。     

银行间债券市场对战略性新兴产业发展的金融支持研究

战略性新兴产业对我国经济的快速发展和经济结构转型具有重要意义。而战略性新兴产业的发展离不开银行间债券市场的金融支持。本文主要通过分析战略性新兴产业的发展特点以及与银行间债券市场的关系,探索银行间债券市场对战略性新兴产业的金融支持的可行路径。     

亚洲债券基金及其最新进展

本文分析了亚洲债券基金产生的必要性，认为发展亚洲债券市场是降低亚洲金融脆弱性的有效途径，一个高效、有深度和流动性良好的亚洲债券市场将成为亚洲金融体系稳定的重要基础。在此基础上进一步讨论亚洲债券基金的主要目标，对其存在的问题进行分析，并对亚洲债券基金的最新进展及其前景做一些评述.     

Motivation of Chinese commercial banks to issue green bonds: Financing costs or regulatory arbitrage?

This paper analyzes the reasons for the rapid increase in the scale of green bonds issued by Chinese commercial banks in recent years from the perspective of financing costs and regulatory arbitrage. Our empirical results show that the financing cost mechanism cannot explain this increase since the financing costs of green bonds are not lower than those of non-green financial bonds. Furthermore, commercial banks with low asset liquidity engage in regulatory arbitrage to take advantage of the convenience of green bond financing permission to supplement their liquidity. Our results imply that the regulatory arbitrage mechanism is a very important motivation for commercial banks to issue green bonds. To reduce this motivation and ensure the healthy and sustainable development of the green bond market, green ratings of projects should be linked with financing costs as a way to form a positive feedback incentivizing mechanism for green project financers.     

Corporate Governance and Corporate Bond Liquidity

Using a unique dataset of corporate bond trading information and corporate governance evaluation scores, this study examines the determinants of corporate bond market liquidity in Korea. In particular, this study explores whether corporate governance performance of a company influences liquidity of bonds issued by the company. The paper reports three important findings. First, the issue size and age of bond are important determinants of bond liquidity. Second, liquidity of corporate bonds is influenced by changes in macroeconomic conditions. Third, and most importantly, better corporate governance increases liquidity of corporate bonds. This result suggests that corporate governance is an important determinant of bond liquidity, as it lowers transaction costs by improving transparency and reducing asymmetry of information. This paper contributes to the literature by providing new evidence that corporate governance performance is an important determinant of liquidity in corporate bond markets.     

J-liquidity measure: The term structure of the liquidity premium in Japan

We interpret the yield spread between Japanese government-guaranteed bonds and government bonds as market liquidity, which we refer to as the J-liquidity measure. Our model-free approach not only provides the term structure of the liquidity premium, but also captures the impact of illiquidity events and the illiquidity condition of the Japanese fixed-income market. We empirically show that the long-term factor of the liquidity premium curve is driven by the volatility of the short-term rate. The liquidity measure is provided publicly for future applications.     

Rise and Fall of the First Financial Futures Market in China： The Case of Chinese Government Bond Futures

This paper studies the rise and fall of the first financial futures market in China. We compare the characteristics in the Chinese Government bond futures market with those in the US T-bond futures market. They differ in market design and structure, market governance, margin requirements, position limits, delivery process, and the way in which the settlement price is calculated. Furthermore, with a unique dataset, we show that prior to maturities of government bond futures, traders began to accumulate significant amounts of long positions for several selected contracts without the intention to offset, forcing short position holders to either purchase deliverable bonds or offset futures at highly inflated prices, causing higher market volatility and price disequilibrium in both spot and futures markets. Arbitrage opportunity arises and the market eventually collapses. The lessons learned from the suspension of the Chinese Government bond futures market offer an invaluable learning experience.     

The liquidity of the London capital markets, 1825–70†

This article examines the liquidity of the London capital markets in the decades following the liberalization of UK incorporation law. Using comprehensive stock and bond data, we calculate a measure of market liquidity for the period 1825–70. We find that stock market liquidity trended upwards but bond market liquidity did not increase over the sample period. Stock market liquidity during our sample period was partially influenced by the bond market, rather than fluctuations in economic output. In our analysis of the cross‐sectional determinants of individual stock liquidity, we find that firm size and the number of issued shares were important determinants of liquidity.  Finally, we find little evidence of an illiquidity premium, which is consistent with the view that investors did not price liquidity in this nascent market.     

Transforming Central Bank Liabilities into Government Debt: The Case of China

Where policy has substantially increased central bank assets, the corresponding liabilities present an opportunity to increase the breadth, depth and liquidity of the government bond market. In China's case, transformed illiquid central bank liabilities could double or triple the stock of government bonds. Central bank liabilities can be transformed into government bonds either through the government's purchase of foreign exchange reserves held by the central bank or by the government overfunding its borrowing requirement and depositing the proceeds in the central bank. The overfunding approach is preferred if, for financial stability reasons, it is judged prudent to leave the central bank with sufficient resources to serve itself as lender of last resort in foreign currency to the banking system. In the case of China, public debt consolidation could also contribute to further liberalizing the Chinese banking system, wider international use of the renminbi and more balanced holdings of key currency government bonds.     

中国国债研究综述

自从1981年我国恢复国债发行以来,国债市场在摸索中不断发展和完善,国债市场在金融市场中的地位日益重要,学术界对国债发行方式、国债适度规模、国债流动性等方面的讨论也日益增多。本文主要对国债发行、国债规模、国债流动性、国债收益率、国债风险、国债回购等6个问题进行研究的文献进行综述。     

浅析流动性过剩背景下的股市泡沫

流动性过剩已成为中国经济发展中的一个热点问题.文章分析了形成流动性过剩的国际和国内两个方面的原因.对于流动性过剩导致了中国股市繁荣的现状,文章提出了防范股市泡沫的措施.     

关于济钢非钢产业发展战略的研究

对证券市场流动性的研究 ,国外学术界涉及较深而国内尚属空白。本文首先对其内在涵义、基本特征进行界定与刻画 ;接着辨析了几对容易混淆的相关范畴 ,并阐释了流动性研究的理论意义 ;最后对其影响因素予以剖析 ,从中提炼出为我所用的对策建议。     

中国上市银行流动性风险综合评价研究——基于因子分析法的应用

文章从流动性储备、负债稳定性、期限结构错配程度、资本充足性、市场利率风险和盈利性六个维度选择12个流动性风险评价指标,基于因子分析法对中国上市银行2012年底的流动性风险进行综合评价。实证结论显示:同业负债成为新的银行流动性风险诱因;中长期贷款占比的下降有助于改善资产负债期限错配,降低流动性风险。现行的流动性风险监管指标难以全面反映银行流动性风险的实情,建议增加"同业负债比例"和"流动负债依存度"两个指标。