Bond Market Investors Structure Studies In China

Since China’s national debt, the investor structure of China’s bond market is also constantlychanging, from the only to allow individuals to buy treasury bonds to the involvement of financialinstitutions to join the non-financial institutions, investors team is towards diversification,mechanism, reasonable direction. The Treasury bond market and stable development is dependenton the continuous improvement of the structure of investors, So investors in mature to a certainextent, is related to proportion of the total number of investors and institutional investors, At thesame time, it is closely related to the composition of institutional investors. Investors are the mainparticipants in the national debt market, so investors structure reasonable or not directly related tothe sustainable development of national debt market. Structure not only affects the stability ofnational debt market and investors, but also to the issue of bond prices, market liquidity, theconduct of monetary policy has the vital role, therefore, studies our country bond market investorsstructure problem has certain practical significance.The article first introduces briefly the Treasury bond market development statusin China, then through to the statistical data, analyzes the structure change ofinstitutional investors; Subsequent articles was discussed from the perspective ofChinese and foreign contrast on mainly bank institutional investors to non-bankinvestors structure transformation; Then through the empirical research to our countrybond market investors structure and the bond market stable relations has carried onthe inspection. Through the inspection found that non-bank investors and marketvolatility, there exists a negative correlation relationship between non-bank investorsrate of change and there is positive correlation between the Treasury bond marketvolatility, therefore increasing proportion of non-bank investors is advantageous tothe bond market stable. Finally, according to China’s national conditions and Chineseand foreign contrast conclusion put forward the adjustment and the thinking andcountermeasures of optimizing the structure of China’s bond market investors.