Study On China's National Debt Futures Business

China's national debt futures business was first sponsored by Shanghai Stock Exchange on December 28,1992 and failed on May 17,1995 because it was not provided with good factors and had repeated disturbances. Today after 8 years, the investors ask more and more to renew China's national debt futures business under the new situation of China's economic system reform especially the financial system reform and being a new member of WTO which has already been discussed by the policy-making body and provides a new research topic for China's learning circle. Under Professor Bangchi Liu's meticulous guidance, the thesis,entitled "Study on China National Debt Futures Business", theoretically explores and discusses within its power some important and practical problems in renewing China's national debt futures business.The thesis is composed of six chapters with about 120,000 words.The first chapter is the preface which explains the reason and meaning of choosing the title, research method and structure arrangement, which foreshadows the study of the whole thesis.The second chapter introduces the basic theory of national debt futures business including its concept and feature, gives a brief account of the contract content, studies its price-making, illustrates its three basic functions and introduces its market organization structure and basic operation. The third chapter discusses the basic situation and recent developing trend of national debt futures business in the developed countries such as America, Britain, Japan,Germany and France from which we get some inspirations in developing China's national debt futures business.The fourth chapter looks back the whole process of the starting, development and failure of China's national debt futures business,introduces its transaction system and meaning and analyses the direct and indirect reasons of China's national debt futures failure.The fifth chapter analyses the necessity and feasibility of renewing China's national debt futures business under the new situation of China's financial system reform and especially being a new member of WTO.The sixth chapter puts forward proposals to renew China's national debt futures business including to perfect national debt spot market further, to design reasonable national debt futures contract, to enhance the government supervision and management, to build up the industry association and independent settlement company, to strengthen the exchange and broker company's management, to cultivate the transaction main body and staff and to spread national debt futures' knowledge.Sticking all along to the research method of combining theory and practice, practical and normal analysis, qualitative and quantitative analysis and crosswise and longwise contrast analysis and the principles of drawing the merits of the ancient and the western in the course of studying the whole thesis, the author discusses the theoretical and practical problems in a new angle of view and puts forward a series of new viewpoints as follows:1. The author gets some inspirations from the successful experiences of the developed countries such as America, Britain, Japan,Germany and France, namely, to put emphasis on cultivating and perfecting the spot market, to design scientific and rational contract, to enhance the risk management, to perfect information announcement system, to develop body-investors largely, to emphasize the construction of laws and regulations in the futures market.2. The author analyses the indirect reasons of China's national debt futures business failure. At present, some scholars act "327 disturbance" as the failure reason, but the author thinks it is only the direct reason and some indirect reasons should be found out such as the undeveloped national debt market, the interest rate changing according to the market, the uncompleted system reform, the want of laws and regulations, supervision disorder, no symmetry information...