| The 17th National Congress of CPC puts forwards, Promoting the reform of the financial system,developing various kinds of financial markets,And forming a variety of diversified forms of ownership, Rational structure, Perfect functions and efficiently security modern financial system. This shows that Nation has put a new strategic height of developing financial markets. And the development of bond market is an important Step in the development of the financial markets.Firstly, the development of bond market is conducive to the change of the situation which indirect financing Percentage is too high, Reducing the risk of the financial system, Promoting Long-term and stable development of the national economy. Secondly, the development of the bond market can broaden the investment channels, adjust the structure of financial assets. Thirdly, the development of the bond market is conducive to promoting the coordinated development of financial markets. as an important component of China's bond market, the inter-bank bond market develops rapidly. Its Market scale has been expanding Since June 1997. The inter-bank bond market has played an important role In all aspects. It is not only one important place where various financial institutions improve the asset structure, manage liquidity and Improve the risk-resistance capability of the assets. It is also an only place where open market operation of the pbc is operated. It is an important channel where China's fiscal policy is implemented. It Is an important platform where the Central Bank realizes the monetary policy transmission and Macro-financial control. However, during a long time after the inter-bank bond market's establishment, Its characteristics of the money market is obvious. Secondary market bond trading is more to adjust liquidity of the depository financial institutions and operate the open market of the central bank. Bond repurchase transactions have been far greater than the Spot transactions. However, With the continuous deepening of financial reforms, Inter-bank bond market must continue to improve the function, the function of its capital market must increase gradually. The liquidity is the prerequisite in Perfection of the Inter-bank bond market's financing functions. Along with the expansion of the market, secondary market liquidity shortage problems are more and more prominent, which has seriously affected the further development of bond market. "How to upgrade the bond market liquidity" has become a major issue of concern to all parties.This paper is to study the liquidity problems of China's inter-bank bond market. Starting from the bonds theory and the liquidity theory, the inter-bank bond market's rise, development, function and role as the background, the Use of various methods of analysis such as modern system of economics analysis, econometric analysis, comparative analysis.The study finds that inter-bank bond market liquidity is lower. This paper analyses the affecting factors on the inter-bank bond market's liquidity and Puts forward the countermeasures and suggestions of improving China's inter-bank bond market liquidity based on the successful developing experience of Developed bond market.In addition to the introduction, This Paper is divided into five chapters:The introduction is the background and significance on the inter-bank bond market, Research on the status quo at home and abroad, The frame structure and main contents, the writing methods and innovations and shortages.Chapter One is the theory and Literature Review. This paper's theories are the bond theory and the liquidity theory. Marx's theory of the credit system, the modern theory of capital structure, portfolio theory and asset pricing of the bonds are on the Treasury bond market system and the important role of the bond market. Capital cycle theory, theory of capital flow, interest-bearing capital theory and virtual capital theory, Western economics of the transaction cost theory, theory of liquidity premium, Cairns liquidity preference theory, the interest rate structure for the liquidity of the theory are the liquidity theories.Chapter Two is China's inter-bank bond market's overview presentation. This chapter is a brief summary of the history, evolution, status and the role of the inter-bank bond market, which is the background of the empirical analysis.Chapter Three is the demonstrational analysis of the liquidity of the Inter-bank bond market. 1 use the turnover ratio as the index of measurement. Using this index, I analyze the whole liquidity of the Inter-bank bond market, the liquidity of different kinds of bond and the different maturity bond in the Inter-bank bond market as well as the liquidity premium of the bond market. Analysis demonstrating that the liquidity of the inter-bank bond market is comparatively low.Chapter Four probes into the reasons of the liquidity problem of the Inter-bank bond market. In reality, the reasons include the transition of the enterprises'financing system and the transition of the Inter-bank Bond Market, which led to the less scale of bond market as to the whole economy and the three segmentations of china's bond market. The controlled interest rate and macro economy also influence the liquidity. Furthermore, the microstructure structure such as the trading way of bonds, the market participants, the make-market system also affect the liquidity of the Inter-bank bond market.Chapter Five puts forward some Countermeasures to improve the markets liquidity on the basis of former analyses. The Countermeasures include building an integral bond market, enlarging the bond market scale and enriching the variety of bond, ameliorating investor structure, innovating transaction variety, perfecting the make-market .This thesis has three aspect innovations. The first is theory innovation. This thesis is based on the bond theory and liquidity theory of Marxist Economics and Western Economics, which is different from the previous studies only on the securities market micro-structure theory. The second is angle innovation. This paper analyzes how the transition of China's corporate financing system and china's inter-bank bond market affects the inter-bank bond market's liquidity. This paper analyses the inter-bank bond market's overall liquidity, and different kinds of bonds and different deadlines liquidity, as well as the Liquidity premium. In addition, the paper also used the indicator of market concentration to analyze the impacting factors of the inter-bank bond market.
|
PDF Full Text Request