制度经济学视角下国债二级市场流动性探究  

On the Liquidity of the Treasury Bonds' Secondary Market in the Perspective of Institutional Economics

作　　者：徐涛[1] 

机构地区：[1]安徽大学经济学院,安徽合肥230039

出　　处：《广东石油化工学院学报》2014年第1期86-90,共5页Journal of Guangdong University of Petrochemical Technology

摘　　要：具有高流动性的国债二级市场,是资本市场中稳健的基石。当前我国国债二级市场中的主要问题依然是市场流动性偏弱。而制约国债市场流动性的制度性影响因素主要是产品设计和市场微观结构,具体表现为银行间债券市场和交易所债券市场的分割,国债交易品种的缺乏,国债交易机制的不完善等。此文以制度经济学的角度给出了国债二级市场流动性偏弱这一问题的制度性解释,将国债二级市场置于制度变迁的过程中进行了讨论,并在制度性的框架之内,提出了解决流动性问题的合理建议。The secondary market of treasure bonds with high liquidity is the steady foundation of a strong capital market .The main problem of China’s national debt in the secondary market remains weak in the liquidity which is resulted from both the microstructure of a market and the design of bonds’ products .Segmentation between the inter -bank bonds’ and exchange bonds’ market ,lack of government bonds’ trading varieties ,imperfect trading mechanism are the specific characters .Based on a view of the institutional economics ,this paper pro-vides a kind of institutional explanation on weak liquidity in the secondary market ,discusses the bonds’ secondary market which is limited in the process of system variance ,and puts forward relevant proposals within the institutional framework .

关 键 词：国债 二级市场 流动性 制度 制度变迁 

分 类 号：F812.5[经济管理—财政学]