| In this essay the development and innovation of China's bond market is studied by analyzing the market's current status and existing problems with the application of western economic and financial theories.The financial structure and finance deepening theory, financial innovation theory, Information Economics are significant for this essay. The concrete route and the direction, and the formulation of the bond market's development is searched for and determined in this essay according to the financial structure's evolution law. How to accelerate the present development in the bond market through financial innovation, how to determine the direction of innovation in the bond market, how to avoid the possible risk effectively while advancing the bond market innovation are all the issues to be studied in this essay with the application of the western financial innovation theory. The development of Information Economics in recent years has produced significant influence to the Economics itself. Because of the information's importance for the capital market and the bond market, Information Economics become the indispensable content to study the capital market and the bond market. In China's research field there are lots of achievements on studying financial issues with the application of the finance deepening theory, financial innovation theory and Information Economics theory such as Wang Zhaoxing's China's Financial Structure, The History of International Finance chief edited by Chen Daisun and Ni Yiling, Zhang Weiying's Gaming Theory and Information Economics, The Introduction of the capital market chief edited by Li Yang and Wang Guogang, etc. All of these have played a very important role in this essay.This essay has four parts and its main content and conclusion are as follows:l.Part One, Introduction. In this part, bond characteristic and bond market structure are analyzed, the international trend of the securitization is preliminarily discussed, the main theory, document and theory achievements is commented, the structure and conclusion of this essay is briefly explained.2.Part Two, Chapter 1. In Chapter One, the developing history of China's bond market is briefly reviewed. And the main issues in developing China's bond market are put forward. The conclusion is that China's bond market has great potential growth according to the financial structure's evolution feature.3.Part Three, Chapter2 - 7. The government bond market is the main focus in Chapter 2 -3.With the relation between the macroeconomic and government bond operation, the interactive impact between the government bond operation and the fiscal and monetary policy as clues, the coordination among government bond policy, fiscal policy and monetary policy is extensively studied, how to build a government bond integrate market, the significance of the government bond as a financial asset to the financial institutions, enterprises, individuals, the relation between the government bond yield with the market interest rate structure and how to accelerate the interest rate liberalization to set up and consummate the government bond market, etc. is emphasized in these chapters. It is put forward that government bond and its policy should berealized from the perspective of the macroeconomic control. The method could be introduced in our country to set up a limit on the outstanding bond. Financial institutions including the central bank should be allowed to hold the government bond and the government bond investment fund should be developed in order to increase the capacity of government bond market. In the Chapter 4, finance bond is studied, With the comparison to the other bonds, the development course of finance bond market in our country has been briefly reviewed, the issuer and the issuing method have been concretely analyzed, and the perspective of the finance bond market in our country has been put forward. To develop the finance bond market, the following should be done: First, to continually supports the issuance of finance bond...
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