导　　师： 陈平炎

学科专业： 020208

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 1997年初，为了提高社会的融资效率和资本市场的运行效率，银行间债券市场由此而产生，并在十多年的发展之后成为债券市场当中最重要的交易场所。从宏观角度讲，是中央银行通过发行国债来实施财政政策的重要场所，也是人民银行通过发行央票等公开市场操作来实施货币政策的重要渠道；从微观角度讲，日益丰富的券种为机构和个人投资者进行筹资和资产配置等提供了重要场所。流动性的高低决定了银行间债市的运行水平和对金融市场的贡献程度。我国的银行间债券市场自成立以来，随着市场和制度和参与者等的不断改革、丰富和优化，其流动性已经得到了不断提高，但总体相比发达国家的债券市场流动性仍然偏低。 本文的核心结构内容包括如下几个部分： 一是流动性相关理论的阐述。主要围绕交易成本、资本循环、利率期限和流动性偏好理论阐述，为下文的开展做好理论铺垫。 二是我国银行间债券市场的阐释分析。通过对我国银行间债市发展历程的阐述，从中总结和比较出其发展的现状。 三是我国银行间债市流动性的指标论证和数据分析。结合具体的数据和指标（包括现券规模深度换手率等指标）通过描述性统计对债券市场现状加以分析解释。 四是分析银行间债券市场流动性总体发生改变的原因。结合现券相关指标的分析结果，详尽明细的阐述我国银行间债券市场自从成立到2013年间流动性得以普遍提升的根源。 五是提出政策性建议。结合银行间债市的现状，从不同角度对进一步提高我国银行间债市流动性提出了政策性建议。 Our inter-bank bond market was founded in1997and has gradually become themainstream market after16years development.At the same time,it has madeoutstanding contributions to our country’s economic and financial development. Froma macro perspect, it is an important place for the central bank to implement fiscalpolicies through the issuance of bonds, but also an important channel for the People'sBank to implement monetary policy through the issuance of central bank bills whichis such as open market operations; From a microscopic point of view, it has providedan important venue for institutional and individual investors. Liquidity is the mostimportant indicator to measure the operational efficiency of the inter-bank bondmarket. China's inter-bank bond market’s mobility has been constantly improved, butthe overall bond market liquidity is still low compared to the developed countries. The main contents of this paper includes the following sections： 1.Elaborated the theory of liquidity. The main focus on transaction costs, capitalcycle, interest rate duration and liquidity preference theory expounded well below thetheoretical groundwork for the launch。 2. Analyzing the current development of China's inter-bank bond market. Byelaborated on China's inter-bank bond market development process, summarize andcompare the current situation from its development. 3.China's inter-bank bond market liquidity empirical part. Collect relevant datafrom the bond market since the emergence, select the size and turnover of spot depthand average daily trading volume of spot, the percentage of trading turnover rate andother indicators to spot trading liquidity of the empirical analysis of the status quo ofChina's interbank bond market. 4. Analysis of the inter-bank bond market liquidity movements in the cause.Combination index analysis results, specifically addressed the inter-bank bond marketsince its establishment in general can be improved liquidity reasons. 5. Made policy recommendations. Inter-bank bond marke

关 键 词： 银行间债券市场 流动性 换手率 做市商

领　　域： [经济管理]