Font Size: a A A

Studies On Structure-Conduct-Performance Of China's Inter-bank Bond Market

Posted on:2006-06-30Degree:DoctorType:Dissertation
Country:ChinaCandidate:H T CaoFull Text:PDF
GTID:1119360155471007Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
SCP (Structure-Conduct-Performance) paradigm is an effective tool to analyze the manufacturer, according to the research results put forward firstly by Bain and Mason in Harvard University. Furthermore, it can also be applied in the analysis of financial market. From the perspective of commercial bank, this paper discusses the OTC (over-the-counter) bond market and interprets how to optimize China's inter-bank bond market with SCP paradigm.The main topic of this research is the IBBM (Inter-Bank Bond Market) participated by the financial institutions, except the OTC bond market in four state-owned commercial banks. According to the Compulsive Institutional Change theory and the Standard Debt Contract Theory.As to market structure, combined with the Entry Barrier Theory, there are some contractual characteristics of incomplete function in IBBM. According to there existed not only market and policy barriers but also high-social barriers in IBBM. The commercial banks are the dominant institutional investors as shown by the market concentration data. This IBBM structure leads to the resemblance of bidding and transaction behaviors. The above mentioned IBBM structure and conduct influence the market performance directly, which declines the IBBM's liquidity and makes money market character more obvious. From the empirical research, the Scope Economy of bond investment of the four state-owned commercial banks is more obvious, as compared with the stock commercial banks. The IBBM's policy function becomes evident.Based on the above analysis, the paper internalizes the experience of the emerging bond markets and the USA Dual Supervision Model on OTC bond market. Considering the IBBM's functional improvements and its specialties and insisting on the principles of dominant OTC bond market, integrating market, market-oriented supervision and investor protection, the paper brings forward the related policy suggestions on how to improve the IBBM's performance.
Keywords/Search Tags:Inter-bank Bond Market, Structure-Conduct-Performance, Organizational Optimization
PDF Full Text Request
Related items