| At present,China has become the world’s second largest bond market in terms of custody volume,but its lack of liquidity has always plagued government regulators and investors,which is not conducive to the development of the bond market.Since 2001,our country has been trying various methods to improve this situation.For example,in 2001,the click-to-trade method under the market maker system was launched in the inter-bank bond market,and further optimized on this basis.In2016 In 2008,it launched an anonymous click service(X-Bond)for cash coupons combined with the Internet.These measures hope to improve the liquidity of our country’s bond market through the optimization of transaction methods.Based on the reform of transaction methods in our country’s inter-bank bond market,this paper empirically tests the impact of click-to-trade and X-Bond transaction methods on the liquidity of the inter-bank bond market.Through the introduction of our country’s bond market,this paper introduces the problem of insufficient liquidity in our country’s bond market and the reform of transaction methods in our country to address this problem,and then uses empirical analysis to study the specific impact of transaction methods on the liquidity of the inter-bank bond market.,through the observation of the Amihud index and the Roll index,it is confirmed that the two transaction methods can effectively reduce the bond transaction cost and improve the liquidity of the bond market.The effect of click-to-trade and anonymous click(X-Bond)transactions under the market maker system to improve liquidity shows that the efforts made by our country’s bond market to improve liquidity have achieved initial results.In particular,X-Bond,which combines the characteristics of click-to-execute and auction-based transactions,as a further optimization and reform of bond trading methods,its policy effect has already emerged in just a few years.Therefore,this paper believes that: for the development of liquidity in our country’s bond market,optimizing transaction methods and establishing and improving an electronic trading platform that small and medium investors and large financial institutions can smoothly participate in should be the key work content in the future.The research content of this paper has important practical and theoretical significance on how to find and improve the liquidity of the bond market in our country,increase the proportion of direct financing,and better play the supporting role of finance in the real econoour. |
