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我国国债市场走过了30多年的发展历程,带动利率市场化进程的不断推进,国债的发行和交易也不断发展,尤其是其期限结构也在不断完善。但是在我国国债市场发展期间,由于一些历史问题,我国国债是市场被人为分割为银行间和交易所两个市场,即场外和场内市场。两场的分割也就成了我国学者研究国债市场和国债利率期限结构的重要一环。这两个市场的分割是否还在对我国国债利率期限结构产生影响?本文将拟合我国两个国债市场利率期限结构并进行对比分析,研究两场期限结构差异,对我国国债市场的完善改进提出建议。
After more than 30 years of development, the treasury bond market in our country has driven the marketization of interest rates progressively. The issuance and trading of treasury bonds have also been continuously developed. In particular, the maturity structure of the treasury bonds is also constantly improving. However, during the development of the national debt market in our country, due to some historical problems, the national debt of our country is artificially divided into two markets: interbank and exchange, that is, off-market and intra-market. The split of the two fields has also become an important part of our country’s scholars studying the term structure of the bond market and the bond interest rates. Whether the segmentation of these two markets is still affecting the term structure of the interest rate of Chinese government bonds? This article will fit the two bond market interest rate term structure and comparative analysis of the two deadline for the structural differences, the improvement of China’s national debt market proposed Suggest.