Research On Government Regulation Arrangement Of China's Bond Market From The Perspective Of Efficiency Evaluation

In recent years,with the deepening of China's financial reform,the development of China's bond market has entered the fast lane.The depth and breadth of the market have been expanding year by year,and the influence and role of the market also have been increasing day by day.With the vigorous development of China's bond market,various problems in the actual operation of the bond market have gradually emerged.These problems hidden in various links and levels restrict the further development of China's bond market.Facts show that government regulation plays an important role in the development of China's bond market.Therefore,from the perspective of government regulation,it is very important to solve these explicit and implicit problems through regulatory adjustment to improve the efficiency of the bond market.In the research of this problem,first of all,this paper needs to conduct a comprehensive and systematic evaluation of the efficiency of the bond market in China,so as to explore and find out the links and causes of low efficiency,and then this paper can put forward the arrangement of regulatory adjustment.In view of this,based on the essential functions and related functions of the bond market,this paper adopts a more systematic and scientific evaluation method to study the bond market in China from a broader perspective.This paper attempts to apply the theory of financial market efficiency to the analysis.This paper makes a comprehensive empirical evaluation of the efficiency of China's bond market from the aspects of the transmission efficiency of macroeconomic policy,the linkage efficiency of the meso-level of capital market and the micro-supervision efficiency of the bond market,finds out the specific links and factors leading to the inefficiency of the bond market,and explores the crux hindering the development of China's bond market.Based on this,combined with the general trend of the development of international bond market,the adjustment of China's bond market regulatory system is thoroughly considered and demonstrated from the academic research perspective.It can provide practical policy recommendations for the adjustment of China's bond market regulatory system,and provide reference for the later guidance policies and implementation rules of the regulatory authorities.The research content and structure arrangement of this paper can be divided into four levels.The first level is Chapter 1 and Chapter 2,which put forward the core issues of this paper:how to improve the efficiency of bond market through the adjustment of government regulation,and the basic research ideas and logic.Then,the literature review of this research at home and abroad is carried out,and the research methods,materials and data sources of this paper are introduced.The second level is Chapter 3,this paper sorts out the development history and current situation of China's bond market,and analyzes the operation of the offshore bond markets.This paper divides the development stages of China's bond market since the founding of the People's Republic of China,and analyses the driving force of institutional changes behind the development of the bond market and the construction of relevant laws and regulations supporting the system.This paper reviews the main structure and object structure of China's bond market,and takes the offshore bond market in the US,Japan and Chinese Hong Kong as samples to analyze the construction of market structure,regulatory structure and legal system of the samples.The third level is Chapter 4,Chapter 5 and Chapter 6,through the combination of theoretical analysis and empirical test,this paper evaluates the efficiency of China's bond market from macro,meso and micro levels by combining theoretical analysis with empirical test.From the macro perspective,this paper analyses the relationship between bond market and transmission mechanism of macro-economic policy,and emphatically tests the transmission efficiency of bond market in monetary policy and fiscal policy.From the meso perspective,this paper makes an analysis of the linkage efficiency of the bond market in the capital market,and emphatically tests the linkage effects between the bond market,the commodity market and the stock market.From the micro perspective,this paper analyses the operation efficiency of the bond market under the realization of the regulatory objectives,and emphatically makes an empirical analysis of the regulatory efficiency of the bond primary and secondary markets in operation.Through the evaluation of efficiency at all levels,this paper attempts to find out the factors that lead to inefficiency of China's bond market.The fourth level is Chapter 7 and Chapter 8.Based on the results of efficiency evaluations in the previous chapters,and combined with the reality of China's regulatory system,this paper puts forward relevant suggestions for the adjustment of China's bond market,which can provide institutional guarantee for the improvement of bond market efficiency and healthy development.Finally,the research of this paper is summarized and prospected.The innovations of this paper are embodied in three aspects.First,a multi-level comprehensive evaluation of China's bond market is selected from the perspective of efficiency.The premise of the research on the regulatory adjustment of the bond market is that it must stand on an open level to discover problems,research problems and solve problems.Therefore,this paper grasps the essential functional attributes of the bond market,breaks through the micro perspective of traditional financial market efficiency evaluation and the single point of the bond market efficiency evaluation,adopts a more comprehensive new method of efficiency evaluation,and pioneeringly conducts efficiency evaluation of China's bond market from the macro,meso and micro levels.Second,this paper effectively combines theoretical analysis with practical operation.Different from pure academic research,in the writing process of this paper,through conducting field surveys and learning seminars with bond practitioners from banks,insurance companies and fund companies,etc.,a large amount of practical investment information was obtained,and the combination of theoretical analysis and bond investment practice has been realized.The combination not only lays a good foundation for the deep analysis of the relevant practical problems of China's bond market,but also ensures the maneuverability of the research results at the practical level.Third,this paper innovates the ideas and models of empirical test.On the basis of theoretical analysis,through the research on the new ideas and mechanisms of macroeconomic policy operation in recent years,this paper scientifically and creatively selects the relevant proxy variables,constructs VEC model of bond market in the process of monetary policy and fiscal policy transmission mechanism,and gets the conclusion with practical guiding significance for the actual operation.At the same time,on the basis of the narrow definition of capital market in academia,this paper uses the multi-level perspective of capital market,establishes the dual GARCH model,and comprehensively tests the volatility spillover effects of bond market,commodity market and stock market,so that the test results are more in line with the actual situation of our country,and more practical guidance.