Construction And Development Of China's Bond Market

In our country, during the development of capital market, bond market is far behind of stock market. In 1999, a total of 3131.96 billion yuan was transacted in stock market, while a total of only 1828.412 billion yuan was transacted in bond market. If we say that the stock market has entered the initial stage of development, but the bond market is still at the stage of wait. So, in order to ensure the integrity and efficiency of capital market, also in order to debase the risk, we must attach more importance to bond market. So I make this thesis.There are four chapters in this thesis:Chapter one is panorama, composed of two sections. The first section is about the main function of bond market, and the second section is about the importance and indispendance of bond market.Chapter two is about some essential problems of bond market, composed of four sections. The first section analyzes problems of inter-bank bond market, the second section analyzes problems of bourse bond market, the third section discussed the interest rate system of bond market, which is the benchmark of the whole market, the forth section analyzes problems of bond market media.Chapter three is about American bond market, composed of two sections. The first section is a rough panorama of American bond market system, the second section is a introduction of American bond market experience, it is very significative.Chapter four is the emphases of this thesis, about layout of the whole bond market system, composed of five sections. The first section is about bond market structure, including inter-bank bond market, bourse bond market and over-count bond market. The second section is about bond issuance and bond transactions, which is very innovative now. The third section is about construction of bond market infrastructures, including bond dealt, bond settlement, and bond clearance. The forthsection relates to a very important item, that is bond market interest rate system, which will be the breakthrough of "interest rate marketlization". The final section is the end section, about the legislation and supervision of bond market, which is the basic guarantee of a efficiency bond market.That is the main content of my thesis. Whereas bond market is so important, but bond, as a debt security is very different with stock, so we have to find a different way to develop bond market, that is what I want to say.Restricted by the author's capability, there must be some defects in this thesis. If you have read my thesis, welcome to make your wise advice to me and thank you very much.