我国国债市场流动性的现状分析与对策  

Analysis of the Status Quo of the Liquidity of Treasury Bonds Market in China and Its Countermeasures

作　　者：莫紫霄 MO Zi-xiao(Rongzhi College,Chongqing Technology and Business University,Chongqing 401320,China)

机构地区：[1]重庆工商大学融智学院,重庆401320

出　　处：《重庆工商大学学报（社会科学版）》2019年第2期13-21,共9页Journal of Chongqing Technology and Business University：Social Science Edition

基　　金：重庆市社会科学规划项目(2016BS012)

摘　　要：充分的流动性是国债市场有效运行的基本前提。随着近年来我国国债预发行制度的试行,国债期货的上市,少有文献专门对新环境下的流动性进行检验和研究。本文先从理论上界定流动性的概念、分析其维度特征和测度指标的设计思路,然后在此基础上设计测度流动性的三维指标和弹性指标,检验我国国债市场流动性,并采用非参数检验的方法检验相关性。通过实证研究得出我国交易所市场流动性明显不足,银行间市场上做市商对流动性敏感度不高的结论。最后本文基于实证分析结果从多个视角提出完善流动性的政策建议。Sufficient liquidity is the basic premise of effective operation of the treasury bonds market.In recent years,with the implementation of the pre issuance system of treasury bonds and the treasury bonds futures,there are few literatures studying the testing of liquidity with the new environment background.Firstly,from the theory,this paper defines the concept of the liquidity,analyzes the design strategy for the dimension characteristics and the measurement index,then,on this basis,designs three dimensional indexes and elastic indexes to measure the liquidity of the treasury bonds market in China,and after that,uses the non-parametric method to test the correlation.Through empirical study,we conclude that the liquidity of the treasury bonds market in China is obviously insufficient,and the market maker′s sensitivity to liquidity is not high in the inter-bank market.Finally,based on the results of empirical analysis,this paper puts forward some policy recommendations to improve the liquidity.

关 键 词：国债 流动性 国债市场 

分 类 号：F812.5[经济管理—财政学]