关于完善国债市场建设的思考  

Thoughts on Perfecting the Construction of National Debt Market

作　　者：梁斯 Liang Si(Bank of China Research Institute,Beijing 100032,China)

机构地区：[1]中国银行总行研究院,北京100032

出　　处：《金融理论探索》2022年第2期48-55,共8页Exploration of Financial Theory

基　　金：国家社科基金“稳增长背景下我国利率传导机制改革和效果研究”(20BJY245);对外经济贸易大学中央高校基本科研业务费专项资金“疫情冲击背景下疏通货币政策传导机制发挥金融稳增长作用研究”(20YQ14)。

摘　　要：国债市场是金融市场的核心,对一国经济金融稳定发展具有重要作用。在经过多年建设后,我国国债市场已初步形成具有一定深度、收益率曲线基本连续、投资者结构相对多元的格局。但与我国的经济体量及发达国家国债市场情况相比,我国国债市场仍然存在规模较小、流通换手率低及收益率曲线不够连续等问题。建议“十四五”期间进一步扩大国债发行规模,优化国债发行期限,完善国债收益率曲线,继续加大国债市场开放力度,建立更加多元化的投资者结构。The national debt market is the core of the financial market and plays an important role in the stable economic and financial development of a country.After years of construction,China’s Treasury bond market has initially formed a pattern with certain depth,basically continuous yield curve and relatively diversified investor structure.However,compared with the size of China’s economy and the situation of the national debt market of developed countries,there are still some problems in China’s national debt market,such as small scale,low turnover rate of circulation and discontinuous yield curve.It is suggested that during the Fourteenth Five-Year Plan period,the scale of national debt issuance should be further expanded,the duration of national debt issuance should be optimized,the yield curve of national debt should be improved,the opening of national debt market should be further strengthened,and a more diversified investor structure should be established.

关 键 词：国债市场 利率期限结构 收益率曲线 持有结构 

分 类 号：F830[经济管理—金融学]