国债衍生品设计新思路——国债本息拆离运作机制构建  

An Analysis of the Running Course of Treasury STRIPS

作　　者：刘少波 张霖[1] 

机构地区：[1]暨南大学,广东广州510632

出　　处：《财贸研究》2004年第1期65-69,共5页Finance and Trade Research

摘　　要：国债本息拆离是一种既能满足交易者效用 ,又能改善国债期限结构、减轻偿债压力 ,而且增强债券市场流动性的国债衍生品的设计方式。本文初步探讨了发展国债本息拆离的必要性、可行性及其运作机制 ,并针对我国国情 ,提出了相应的政策建议。Treasury STRIPS is a kind of ramification of treasury bonds.It can meet the bargainer's needs, improve the structure of the repaying period, and alleviate the repaying pressure. What's more, it can also boost the treasury bonds market and increase its liquidity so as to optimize the collocation of the resources. This paper focused on the necessity and feasibility of treasury STRIPS and its running course. And as far as China is concerned, some reasonable suggestions are posed to lead to the right way of development of Treasury STRIPS.

关 键 词：国债衍生品 国债本息拆离 运作机制 国债市场 证券公司 美国 中国 

分 类 号：F832.5[经济管理—金融学]