我国债券市场的现状与发展分析.doc

PAGE PAGE I 摘 要 我国的债券市场自上世纪八十年代恢复以来，经过三十年的发展，成就显著。其体系已经相对完善，品种日益丰富，市场规模不断地扩大，现已成为国内资本市场的重要组成部分，是各类金融机构债券投资与资金短期融通的重要场所。债券市场法规和制度不断完善，分层有序的市场体系已形成，并向深度、广度不断拓展；债务市场的品种日渐丰富。2011年底，我国债券市场余额达21.33万亿元，按照国际清算银行统计，我国债券市场的规模已跃居世界第四，稳居亚洲首位。债券市场可以缓冲国际资本市场的经济危机。一个稳定的债券市场对宏观调控的传导机制中是一个最好的市场化工具，金融稳定和支持国家基础设施建设都会起到积极的作用。 本文在研究我国债券市场现状的基础上，分析了那些阻碍债券市场进一步发展的问题，如银行间债券市场游离于证券法之外；监管体系的的管理多头并重；品种结构不够丰富；债券评级机构缺乏独立性和公信力等。并且针对这些问题提出了相应的对策。发展我国的债券市场，就要完善债券市场的法律体系和制度建设；同时要丰富我国债券品种，优化投资者结构；且要完善债券市场的评级机构等观点。 关键词：债券市场；监管；法规；评级 Abstract 　　Since the 1980s recovery, the Chinese bond market has made a remarkable achievement through its thirty-year-old development. Thanks to its comparably perfect system and more diversified types and ever-growing market size, the Chinese bond market had been transformed into an integral part of the domestic capital market, it has been turned into a major venue for the bonds investment and short-term financing by the various financial institutions. In accordance with the statistics of the International Settlement Bank, the scale of the Chinese bond market is ranked respectively No.4 around the world and No.1 in Asia, in terms of its RMB 21.33 trillion balance by the end of 2011. As it is known to all, the economic crisis of the international capital market could be alleviated by the bonds market. As long as it is kept in a stable condition, the bonds market may serve as one of the best marketing tools for the transmission of the macro regulation, it is positive for the financial stability and the states infrastructure construction. 　 　　While looking into the current conditions, the author of the thesis makes efforts to analyze the problems hindering the further development of the Chinese bonds market. 1) The interbank bonds market is free from the Law of Securities. 2) There are excessive parallel regulations by the supervision system. 3) The structure of the bond types is far from being diversified. The author of the thesis is proud to present t