论文部分内容阅读
从1981年财政部恢复发行国债,到今天,中国债券市场走过了30余年的风雨路程。在债券市场发展之初,我国的国债发行一度采取行政摊派的方式,但随着国债发行规模的扩大,行政摊派的发行方式难以为继。经过多年探索,中国在1996年实现国债市场化招标发行,截至目前,绝大部分券种的发行都实现了市场化。债券托管系统的建设为债市高效、有序的发展做出了不可磨灭的贡献,但效率的提升永无止境,与国际成熟市场的托管模式相比,我国的托管体系建设
From the Ministry of Finance in 1981 to restore the issuance of government bonds, to today, the Chinese bond market has gone through more than 30 years of wind and rain. At the beginning of the development of the bond market, China’s government bond issuance once took the administrative apportionment method. However, with the expansion of the issuance of treasury bonds, the issuance of the administrative apportionment is unsustainable. After years of exploration, China realized the market-oriented bidding and issuing of treasury bonds in 1996. As of now, the issuance of the vast majority of securities has been marketized. The construction of the bond custody system has made an indelible contribution to the efficient and orderly development of the bond market. However, the efficiency improvement is endless. Compared with the custody model of the international mature markets, the construction of China’s custody system