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市场微观结构理论认为交易制度的选择对债券市场质量存在重要的影响,随着银行间债券市场化程度不断加深,它日益成为商业银行等金融机构开展同业债券投资与交易的最主要市场,也是中央银行货币政策传导的重要载体。本文正是从此理论入手通过分析做市商制度引入对我国银行间债券市场质量的影响。
Market microstructure theory holds that the choice of trading system has an important impact on the quality of the bond market. As the degree of marketization of inter-bank bonds continues to deepen, it increasingly becomes the most important market for commercial banks and other financial institutions to engage in bond investment and trading with the industry, Bank of monetary policy conduction important carrier. This article starts from this theory and analyzes the influence of market maker system on the quality of China’s interbank bond market.