我国国债市场发展对策研究
摘要
随着我国社会主义市场经济体制的建立，我国国债市场得到了长足的发展，国债市场已经成为社会主义市场经济体系的重要组成部分，在国民经济的运行中发挥着越来越重要的作用。1981年，财政部恢复了国债发行，1988年建立了国债二级市场。1991年后，国债发行采用承购包销的方式，特别在1996年和1997年招标发行方式被引入国债的发行中，国债的商品属性得到很好的体现；2003年的国债发行方式做出了一定的调整，其中一个重要内容是记账式国债招标方式在原先单一价格的“荷兰式”招标的基础上增添多个价格的“美国式”招标方式，这个举措将对国债市场产生深远的影响。国债发行规模日益扩大，二级市场交易日趋火爆，投资者队伍日益壮大，国债市场作为社会主义市场经济体系的组成部分，在我国经济生活中扮演着重要的角色。
但是我们对国债市场在整个市场体系中的地位与作用应予以正确认识。2002年以来，我国债市场行情异常火爆，债券利率迅速走低，进入6月份后市场突然降温，中长期债券深幅调整，市场在短期内的巨幅波动令人深思，市场是否客观反映了我国债市场现状也值得研究。不能因为一时“火爆”而沸沸扬扬，夸大其作用，也不能因为其回调而认为国债市场不具理性。国债市场将向何处去?现有国债市场体系中还有哪些需要改进乃至改革的地方?这些都是本文试图解答的问题。
本文共分三个部分：一、国债市场的内涵；二、我国国债市场的现状分析；三、进一步发展我国国债市场的对策。文中通过对我国国债市场现实情况的分析，结合国债方面的理论，对今后我国国债市场发展提出了一些新的建议，以便对我国国债市场的建设有所裨益。
With the setup of socialism market economy system, our national debts market has gotten an enough development, and it has become one of the most important parts of the economic system of our socialism market economy, and played a more and more important role in national economy.
In 1981, the financial department recovered the distribution of national debts, and in 1988 set up the second-class national market. After 1991, the distribution of national debts took a measure of contract and being responsible to sell it, especially in 1996 and 1997 the method of public bidding is introduced into the issue of national debt, the commodity characteristics of national debts got an excellent reflection. In 2003 the way of national debts issue was adjusted, one of the important contents is based on the simple price " Holland bidding", several other prices system like "American bidding" was added to the measure of national debts bidding, this measure will have a deep influence on the national debts market. With the scale of national debts market expanding, the prospering of second market deal, the team of investors' growing stronger, the national debts market as a part of socialism market economy is playing a more and more important role in our economic life.
However, we should take a proper attitude to the status and functions of national market in the whole market system. From 2002, the bond market was very prosperous, and the interest of bond decreased rapidly, while when it came into June the market began to be calmed down, there was a deep change in the long and middle term bond, and the huge fluctuation of stock market in such a short time made us reconsider the situation of stock market. We should not exaggerate the use of stock market for its prosperity and debase it for the depression. Where is the national debts market going? What part of the national debts market should be modified or reformed? All these questions are the topics of this article.
The article can be divided into three parts: the first one is on the content of
national debts market. The second part is about the present situation of national debts market. And the third part is on the strategies of our national debts market. By the analysis of current situation of our national debts market and combining the theory of national debts, the author brings forward some new suggestions to the development of our national debts market with the aim of doing some benefits to the construction of our national debts market.
但是我们对国债市场在整个市场体系中的地位与作用应予以正确认识。2002年以来，我国债市场行情异常火爆，债券利率迅速走低，进入6月份后市场突然降温，中长期债券深幅调整，市场在短期内的巨幅波动令人深思，市场是否客观反映了我国债市场现状也值得研究。不能因为一时“火爆”而沸沸扬扬，夸大其作用，也不能因为其回调而认为国债市场不具理性。国债市场将向何处去?现有国债市场体系中还有哪些需要改进乃至改革的地方?这些都是本文试图解答的问题。
本文共分三个部分：一、国债市场的内涵；二、我国国债市场的现状分析；三、进一步发展我国国债市场的对策。文中通过对我国国债市场现实情况的分析，结合国债方面的理论，对今后我国国债市场发展提出了一些新的建议，以便对我国国债市场的建设有所裨益。
With the setup of socialism market economy system, our national debts market has gotten an enough development, and it has become one of the most important parts of the economic system of our socialism market economy, and played a more and more important role in national economy.
In 1981, the financial department recovered the distribution of national debts, and in 1988 set up the second-class national market. After 1991, the distribution of national debts took a measure of contract and being responsible to sell it, especially in 1996 and 1997 the method of public bidding is introduced into the issue of national debt, the commodity characteristics of national debts got an excellent reflection. In 2003 the way of national debts issue was adjusted, one of the important contents is based on the simple price " Holland bidding", several other prices system like "American bidding" was added to the measure of national debts bidding, this measure will have a deep influence on the national debts market. With the scale of national debts market expanding, the prospering of second market deal, the team of investors' growing stronger, the national debts market as a part of socialism market economy is playing a more and more important role in our economic life.
However, we should take a proper attitude to the status and functions of national market in the whole market system. From 2002, the bond market was very prosperous, and the interest of bond decreased rapidly, while when it came into June the market began to be calmed down, there was a deep change in the long and middle term bond, and the huge fluctuation of stock market in such a short time made us reconsider the situation of stock market. We should not exaggerate the use of stock market for its prosperity and debase it for the depression. Where is the national debts market going? What part of the national debts market should be modified or reformed? All these questions are the topics of this article.
The article can be divided into three parts: the first one is on the content of
national debts market. The second part is about the present situation of national debts market. And the third part is on the strategies of our national debts market. By the analysis of current situation of our national debts market and combining the theory of national debts, the author brings forward some new suggestions to the development of our national debts market with the aim of doing some benefits to the construction of our national debts market.
引文
1、陈共 主编：《财政学》中国人民大学出版社1998年版。
2、邓子基 等著：《公债经济学》中国财政经济出版社。
3、袁东著：《中国国债市场与投资》经济管理出版社1994年版。
4、袁东 著：《中国证券市场论》东方出版社1997年版。
5、高坚 著：《中国国债问题》中国财政经济出版社1993年版。
6、财政部国家管理局编：《国债政策法规选编》。
7、保罗·萨缪尔森 著：《经济学》(第12版)中国发展出版社1992年版。
8、范家骧 高天虹 著：《西方经济学》中国经济出版社1994年版。
9、于庆学 孙文学 主编：《财政与金融》东北财经大学出版社1994年版。
10、《中国证券报》、《上海证券报》、《证券时报》1996—2003年相关文章。
11、上海证券交易所编《上证统计月报》2000年—2003年9月相关数据。
12、上海证券交易所编《上海证券交易所统计年鉴》。
13、夏斌主编《中国深圳证券大全》上、下卷。
2、邓子基 等著：《公债经济学》中国财政经济出版社。
3、袁东著：《中国国债市场与投资》经济管理出版社1994年版。
4、袁东 著：《中国证券市场论》东方出版社1997年版。
5、高坚 著：《中国国债问题》中国财政经济出版社1993年版。
6、财政部国家管理局编：《国债政策法规选编》。
7、保罗·萨缪尔森 著：《经济学》(第12版)中国发展出版社1992年版。
8、范家骧 高天虹 著：《西方经济学》中国经济出版社1994年版。
9、于庆学 孙文学 主编：《财政与金融》东北财经大学出版社1994年版。
10、《中国证券报》、《上海证券报》、《证券时报》1996—2003年相关文章。
11、上海证券交易所编《上证统计月报》2000年—2003年9月相关数据。
12、上海证券交易所编《上海证券交易所统计年鉴》。
13、夏斌主编《中国深圳证券大全》上、下卷。