以机制创新提升我国债券市场开放效率  

To Promote the Efficiency of the Opening Up of China's Bond Market through Systematic Innovations

作　　者：边卫红[1] 郝毅 

机构地区：[1]中国银行国际金融研究所 [2]中国银行博士后科研工作站、中国人民大学博士后科研流动站

出　　处：《中国货币市场》2019年第3期21-24,共4页China Money

摘　　要：健全的国债收益率曲线是金融市场定价的基础性指标,是构建数量型货币政策的重要工具。该文分析了债券市场开放对健全国债收益率的影响。研究发现,国债期货市场发展滞后、做市商环境不完善、我国债券市场基础设施尚需优化等是制约我国债券市场开放效果的重要因素。随后,文章从完善国债期货市场、改进做市商制度、推进债券市场基础设施互联互通等方面,就完善债券市场开放配套机制提出政策建议。A sound government bond yield curve provides a benchmark indicator for financial market pricing and is an important tool for quantitative monetary policy.This paper analyzes the impact of the bond market opening up on the government bond yields.It discovers that the underdevelopment of the treasury bond futures,the imperfect environment for marketmaking,and the deficiency of China’s bond market infrastructure have been important factors restricting the effect of China's bond market opening up.Subsequently,the paper proposes policy recommendations on developing the treasury bond futures market,improving the market-making system,and promoting the infrastructure connectivity in the bond market,aiming to improve the supporting mechanisms for the opening up of the bond market.

关 键 词：市场开放 国债券 机制创新 国债收益率曲线 国债期货市场 做市商制度 效率 货币政策 

分 类 号：F832.48[经济管理—金融学]