Researches In The Government Bond Yield Curve

This thesis expects to discuss how to determine the government bond yield curve and further study the determined government yield curve. There are four chapters in this thesis. Followings are the summary:In chapter one, I establish government bond yield calculation methods of various government bonds and emphasize the basic characteristics of the government yield curve.In chapter two, I analyze some factors that affect the government bond yield and the shape of government bond yield curve. The theory of the term structure of interest rates shows the primary factor. Some economic and systematic reasons determine the shape of the government yield curve. The chapter draws up three days?government yield curves that demonstrate the various factors?influence.In chapter three, this chapter focuses on how to obtain a yield curve that can accurately reflect the market. Different calculations of yield effect the shape of the yield curve, yield curve applying internal yield to maturity may be misleading. A reasonable selection of yield calculation is the spot rate. We give simple but scientific way to obtain the yield curve of spot rates with the belief that this method will display its superiority with the expansion of china抯 bond market.In chapter four, the chapter puts forward the government bond yield curve is the indictor of market. It reveals quite a lot in respects of bondmrates vs. bank rate, price determining for bond issuance, macro economic control. Because the government bond yield is not benchmark rate of capital market together with the deficiency of China抯 bond market, the government yield curve is not the efficient indictor of market; it is not equilibrium and integral. The chapter provides useful references for strengthening the construction of the government bond market and look into police choices in achieving reasonable and creditable government yield curve that can accurately reflect the market.Xu yehong (Finance)Directed by Huang xiaoguangk...