Study On The Function And Effects Of Chinese Government Bond

Government bond management, changing from 'financing paradigm' to 'functional paradigm', indicates the theoretical study on the government bond is progressing.Nowadays, the government bond has become the common policy instrument. The new situation and the new question during the government bond's functional utilization request new concept of government bond theory, and provide new function supplies. Therefore, to study government bond's function which is based on the perspective of government bond functional paradigm, it not only contributes to the fundamental theoretical research, but also provides practical guidance.To expand government bond's function and to increase government bond's supply, are the core contents of functional paradigm positioning. The disseration proposes a new theory framework of government bond function by using various research methods: theoretical and empirical, qualitative and quantitative, macro-and micro-research methods. It also analyzes the mechanism of government bond's function supply, the basic functional structure, function changes, functional positioning and functional effects, etc. The main contributions of the disseration are as follows:First, this research is conducted from a new perspective. This disseration studies the government bond function theory from the functional paradigm point of view for the first time, and it points out that ensuring the function supply of government bond is the core issue under the functional paradigm. The government bond reform should pay attention to functional coupling with the external environment, and promote the shifting of government bond positioning from the financial paradigm to the functional paradigm.Second, the ideas are creative. This disseration presents the concept of 'government bond rent'. The 'industry & farm price scissors' , which had been treated as the unified revenue and expenditure in the past, forced people to pay a 'government bond rent', which should be undertaken by the government. The government can issue special bond to solve the problem of social welfare for rural and urban medical insurance, pension insurance, and other historical problems.Third, the study of mechanism is unique. The two-dimensional function of the supply mechanism and the market mechanism for compensation under 'functional paradigm' have been presented in this disseration. Government bond function to multi-disciplinary, multi-field expansion process is a function of the supply of the expansion process of government bonds's function. For the external demand, the supply of bond is a function of horizontal and vertical structure, the horizontal supply is to become operational tools in different fields; and the vertical supply is an inherent feature of the innovation of government bond.The structure and number of government bond determine the supply function of government bond, based on the ability of supply function. The lack of variation in the term structure of government bond results in the short of bond supply function, while the market mechanism will result in compensation for the lack of novelty features, such as central bank bills and the black market.