关于推进现代国债市场建设的几点思考  

Promoting the Modernization of Government Bond Market Framework in New Era of China

作　　者：娄洪[1] 韦士歌[1] Lou Hong;Wei Shige

机构地区：[1]财政部国库司

出　　处：《财政研究》2018年第6期84-88,共5页Public Finance Research

摘　　要：本文运用实证分析和比较研究方法,围绕完善国债市场机制这一角度,坚持问题导向,指出我国国债市场存在的主要问题,并就推进现代国债市场建设提出建议。首先,借鉴市场经济国家做法经验,明确指出国债在金融市场上具有公共产品地位,扮演核心市场功能。其次,结合我国经济进入高质量发展阶段,着重指出我国国债市场存在国债结构不优、市场效率不高、宏观功能不足等问题。最后,明确我国国债市场发展定位及要求,并提出树立国债公共产品理念,定量优化国债结构,矫正市场扭曲效应,建立央行买卖国债操作机制,以及国债持有大户应当买卖国债期货等意见建议。Focusing on improving the mechanism in China＇s government bond market, this paper uses empirical and comparative research methods to identify major problems in China＇s government bond market and put forward some proposals. Firstly, based on experiences of major market economies, it should be specified that government bond is a public good in financial markets and serves core market functions. Secondly, as China＇s economy steps into the stage of high-quality growth, attention should be paid to such problems with China＇s government bond market as deficient structure, inefficient operation and weakness in supporting macroeconomic policies. Thirdly, this paper defines orientation and requirements for China＇s government bond market development, recommends that Government Bond should be treated as public goods and its structure should be quantitatively improved to correct market distortions, and proposes that the central bank can introduce buy-and-sell government bond mechanism in its open market operations, and major bond holders should participate in bond futures market.

关 键 词：现代国债市场 公共产品 核心地位 

分 类 号：F812.5[经济管理—财政学]