国债期限结构为何刚性难调——基于中国债券市场制度约束的分析  

Why it is hard to tune the maturity structure of treasury bonds

作　　者：陈建奇[1] 张原[2] 

机构地区：[1]北京大学中国经济研究中心,北京100871 [2]浙江大学经济学院,杭州310027

出　　处：《证券市场导报》2010年第1期18-23,共6页Securities Market Herald

摘　　要：中国虽然从国债年度额度审批制度转变到国债余额管理制度,但是国债期限结构创新的制度约束仍然存在。研究表明国债余额管理制度没有解决长期国债短期化的制度供给问题,财政国库现金管理制度缺位是国债期限结构创新的制度供给约束;现行汇率制度制约着央行对短期国债的需求,央行票据对短期国债出现了替代现象,这些构成了国债期限结构创新的需求制约因素。最后,本文提出国债期限结构创新的一些政策建议。The treasury bonds management in China has changed from the annual limit approval to the outstanding balance management. However, there are still some systemic constraints in the innovation of the maturity structure. The research indicated that the outstanding balance management does not solve the supply problem of short-termism in long-term treasury bonds, and the restriction in innovation was caused by the lack of the treasury cash management policies. It was also caused by the current foreign exchange policy and the notes of the central banks. In the last, we provide some recommendations for the innovation of the treasury bonds maturity structure

关 键 词：国债期限结构 国库现金管理制度 汇率制度 

分 类 号：F830.9[经济管理—金融学]