| Although the academic articles about treasure bonds is fruitful, the focus of mainstream is on the discussion about the relation of treasure bonds and development of economy. The research from treasure market itself, which is a framework or mechanism to realize the trade, is not emphasized enough.At the same time, the reformation of China's treasure bonds market is boosted too slowly to meet the fierce demand of all actors to capital market including treasure bonds market as the development of market economy. Nowadays the most important issue that puzzle all economic principal part is the partition between exchange market and interbank market.As concern as this issue, what we see mostly is the discussion about detail operation. However, as a complicated systematic project, unification of market need actually the support of mature theory. This paper should combine the past twenty years practice, gasp the development direction of current economy and finance, and absorb the successful experience of developed market. Furthermore, we should do hard empirical work. As long as we do above work, we can understand more deeply and clearly to find out good answer and make correct conclusions.The topic of this paper is to analyze the linkage and make empirical research on inter-market arbitrage from the difference in pricing between interbank market and exchange market, and accordingly find out the characteristic and variety of market mechanism in the process of transformation of treasure market institution.This paper is composed of four chapters. The main content and conclusion is presented as follows. |
